MIRA INFORM REPORT

 

 

Report No. :

503239

Report Date :

14.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PLANT LIPIDS LANKA (PVT) LTD

 

 

Registered Office :

# 60, Dharmapala Mawatha, Colombo 03

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

27.02.2012

 

 

Com. Reg. No.:

PV 84530

 

 

Legal Form :

Private, Limited Liability Company (In Operation)

 

 

Line of Business :

Subject is producers of spice extracts, essential oils and natural food colours in the world

 

 

No. of Employees :

50 Approximately

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth.

 

Source : CIA

 

Company Profile

 

Basic Information

 

Name of Subject of Inquiry

PLANT LIPIDS LANKA (PVT) LTD

Legal Form & Status

Private, Limited Liability Company (In Operation)

Chairman

Mr John George Nechupadom

Primary Line of Business

Essential Oils, Oleoresins of Spices

Principal Place of Business

Mirigama Export Processing Zone, Mirigama Sri Lanka

Phone : (00 94 33) 2 274 939

Fax : (00 94 33) 2274939

Sepalika Jayawardena (Genaral Manager)

(94) 71-8467901

E-Mail: sepalika.i@plantlipidslanka.com Web Site: www.plantlipids.com

Employees

50 Approximately

 

 

Company Details

 

Registration No

PV 84530

Date of Registration

27th February 2012

Re-registration No

NA

Date of Re-registration

NA

Registered Office

# 60, Dharmapala Mawatha, Colombo 03, Sri Lanka.

Director Board / Ownership As At 09th February 2017

John George Nechupadom

Director

 

 

Mactil Sepalika Rathmini Raji Jayawardena

Director

Stated Share Capital

LKR 20.00

LKR 144,078,700.00

No. of Shares

02

14,407,870

Preferential Shares

NA

Nominal Value of Share

NA

Auditors

D A Abeywardena Associates Chartered Accountants

# 80/12, Rubberwatte Road, Gangodawila, Nugegoda, Sri Lanka.

Company Secretaries

Secretarial & Financial Services (Pvt) Ltd

# 60, Dharmapala Mawatha, Colombo 03, Sri Lanka

Main Bank/s

NA

 

 

Shareholders

 

NO.

NAME

NUMBER OF SHARES

1.

PLANT LIPIDS (PVT) LTD

02

14,407,870

 

 

FINANCIAL DETAILS     

Most recent available Financial Information

NA

 

 

CURRENT INVESTIGATION

 

 

 

Company Logo

 

• History.

 

The subject company was initially formed on 27th February 2012 under PV 84530 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

 

Caption

Since commencement of operations in 1979, the company’s passion and philosophy has helped the company to provide an unrivalled range of products and services that are innovative yet affordable. The company’s personal touch and attention to each transaction adds true value that brings about a positive impact on company customer's growth and prosperity. The company understands that each customer has a unique requirement. The company’s dynamic team of professionals with extensive experience, in-depth knowledge and strong understanding of the various applications across business domains enable the company to efficiently serve every diverse requirement the company come across.

 

Today, the company is one of the largest producers of spice extracts, essential oils and natural food colours in the world. With a product portfolio ranging from oleoresins, essential oils, natural food colours, specialty extracts, micro- encapsulated products, whole and ground sterilised spices, the company supplies more than 500 products to over 80 countries worldwide.

 

The company’s headquarters is strategically located in the spice growing foothills of Southern India. Plant Lipids has 16 processing plants across 3 Indian states and Sri Lanka. With close to 1000 committed employees we process 200 tons of raw materials each day. The company is proud owners of the World's largest pepper producing facility in Sri Lanka. The company has setup dedicated processing plants for Capsicum and Paprika in the growing area itself, thus enabling company to closely monitor and control the quality of the raw material at source. Plant Lipids is today the largest producer and exporter of Oleoresin Capsicum in the World.

 

The company’s manufacturing facilities comply with ISO 9001:2008, ISO 22000:2005, Spice House certification, Kosher, Halal etc. The state of the art lab is accredited by NABL (ISO 17025:2005). Strict adherence to quality across processes and consistent upgradation of technology makes Plant Lipids one of the most preferred names in the flavours and fragrance industry.

2013 has seen Plant Lipids receive yet another distinct honour as the Spices board award winner for being the topmost exporter of spice oils and oleoresins.

 

 

•   Operational Details.

 

General

The subject company a FDI from India under the BOI is a unique venture which is into extracting and producing Essential Oils and Oleo Resins. The subject company has its head office based in India and has its branch office in UK which is the main location the Items are shipped to.

 

Products & Services

Essential Oils, Oleoresins of Spices

 

Employees

50 Approximately

 

Export Countries

India, UK, USA

 

Import Countries

NA

 

Associate / Subsidiary Companies

Plant Lipids (Pvt) Ltd

 

Factory / Warehouse and Sales Outlets

Under BOI

 

 

Personal Details of Key Persons

 

Director 1

 

ITEM

DETAIL

Name

John George Nechupadom

ID Number

Z1933801

Nationality

Indian

Gender

Male

Date of Birth

NA

Age

NA

Address

# 60, Dharmapala Mawatha, Colombo 03, Sri Lanka.

Director 2

 

ITEM

DETAIL

Name

Mactil Sepalika Rathmini Raji Jayawardena

ID Number

566433648V

Nationality

Sri Lankan

Gender

Female

Date of Birth

22.05.1956

Age

61

Address

# 16/16B, Pio Mawatha, Kandana, Sri Lanka.

 

 

INFORMATION DENIED

 

(00 94 33) 2 274 939 [Continuously ringing]

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.22

UK Pound

1

INR 92.77

Euro

1

INR 80.34

LKR

1

INR 0.42 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information gathered by :

SVA

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.