3decades

MIRA INFORM REPORT

Report No. :	492334
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	LALAN RUBBERS (PVT) LTD

Registered Office :	# 95B, Zone A, Exports Processing Zone, Biyagama, Malwana,

Country :	Sri Lanka

Date of Incorporation :	23.09.1988

Com. Reg. No.:	PV 15121

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Manufacturers and Exporters of Rubber Products

No. of Employees :	7,500 Approximately in entire Lalan Group, 4000+ Approximately in company with workers

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

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	LALAN RUBBERS (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr Mr Lalith Prabash Hapangama
Primary Line of Business	Manufacturers and Exporters of Rubber Products
	# 18, Nawala Road, Nugegoda,
	Factory : 95B, Zone A. Export Processing Zone, Biyagama. Malwana
	Sri Lanka.
Principal Place of Business	Tel:+94 11 4311241 +94112806053/4 Fax :+94112806053 /4 e-mail :info@lalangroup.com Web Site: http://www.lalanrubber.com
Employees	7,500 Approximately in entire Lalan Group, 4000+ Approximately in company with workers

Company Details

Registration No	N(PVS)4877
Date of Registration	23^rd September 1988
Re-registration No	PV 15121
Date of Re-registration	12^th August 2009
Registered Office	# 95B, Zone A, Exports Processing Zone, Biyagama, Malwana, Sri Lanka.
Director Board / Ownership As At 14^th December 2015	Hapangama Lalith Prabash	Chairman
	Hapangama Janaka Prasad	Director
	Seneviratne Justin	Director
	Samarakone Geyashree Heman	Director
Stated Share Capital	LKR 150,000,000.00
No. of Shares	Ordinary Shares 1,500,000
Preferential Shares	NA
Nominal Value of Share	NA
Auditors	K P M G Ford Thornton & Company Chartered Accountants # 32 A, Sir Mohamed Macan Markar Mawatha, Colombo 03, Sri Lanka.
Company Secretaries	Supreme Management Services # 522 A, Nawal Road, Rajagiriya, Sri Lanka.
Main Bank/s	Commercial Bank of Ceylon PLC, HSBC, Sampath Bank PLC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Lalan Rubber Holdings (Pvt) Ltd	1,499,998
2.	Hapangama Janaka Prasad	01
3.	Hapangama David (Deceased)	01

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

Company Logo

• History.

The subject company was initially formed on 23^rd September 1988 under N(PVS) 4877 under the Companies Act of Sri Lanka. The subject company was subsequently Re-registered on 12^th August 2009 under PV 15121 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Mapa Lalan (Pvt) Ltd Amalgamated with Lalan Rubbers (Pvt) Ltd

Caption

Lalan is one of the very few companies in the world to provide a "hand protection solution" from its own tree. The company has a strong background integration by having its own plantation and centrifuging operations ensure the 'ut-most quality' in all stages of glove manufacturing operations until it reaches the final consumer.

• Operational Details.

General

The company, part of the Lalan Group, a group of companies with diverse interests in many segments is one of the leading Rubber product manufacturers in the Island. The company with small beginnings is a world recognized entity with its manufacturing and plantation portfolio.

Products & Services

Industrial & Surgical Gloves of Rubber, Gaskets, Washers, Seals etc. of Hard Rubber, Rubber Plates, Sheets Rods of Vulcanized or Unhardened Rubber

Employees

400+ Approximately

Export Countries

USA, UK, Malaysia, Singapore, European Countries

Import Countries

Associate / Subsidiary Companies

Lalan Tea (Pvt) Ltd

Lalan Plastic (Pvt) Ltd

Lalan Marketing Services

Lalan Fabrics (Pvt) Ltd

Lalan Energy Solutions (Pvt) Ltd

L N Poly Sacks (Pvt) Ltd

Lalan Rubber Holdings (Pvt) Ltd

Central Rubbers (Pvt) Ltd

Lalan Eco Latex (Pvt) Ltd

LR International Trading (Pvt) Ltd

Anglo Ceylon Tea Estates (Pvt) Ltd

Suriyakanda Plantations (Pvt) Ltd

Gannaduwa Plantations (Pvt) Ltd

Lalan Eco Fields (Pvt) Ltd

Lanka Serenites (Pvt) Ltd

Lalan CM (Pvt) Ltd

MOS Lanka Manufacturing (Pvt) Ltd

LSI Green Energy (Pvt) Ltd

Factory / Warehouse and Sales Outlets

Gloveman Supplies Ltd.

Trele»gh Industrial Estate,

Tel 0044 0845 519 3948 e-mail: info@gioveman co.uk

Mainman Supplies Limited.

Units 12-17, Charlton drive.

Comgreaves Trading Estate,

Tel 0044 01384411101 e-mail saies@mmsgroup co uk

Davem Workwear Limited.

Tel 0044 01354 602262 e-mail sales@davern.co uk

Malaysia Office

Sutte #200,

51G Jalan USJ 10/1, 4720 Subang Jaya, Selangor Darul Ehsan Malaysia

Tel .006012 287 3822

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Lalith Prabash Hapangama
ID Number	590173428V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th January 1959
Age	56 Years
Address	No 344, Grand Pass Road, Colombo 14, Sri Lanka

Director 2

ITEM	DETAIL
Name	Janaka Prasad Hapangama
ID Number	610880134V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th March 1961
Age	55 Years
Address	251/4, Dharmapala Mawatha, Colombo 07, Sri Lanka

Director 3

ITEM	DETAIL
Name	Seneviratne Justin
ID Number	462490496V
Nationality	Sri Lankan
Gender	Male
Date of Birth	05.09.1946
Age	71 Years
Address	# 121/4, PIO Mawatha, Kandana, Sri Lanka

Director 4

ITEM	DETAIL
Name	Samarakone Geyashree Heman
ID Number	502120573V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30.07.1950
Age	67 Years
Address	# 184A, Kanatta Road, Thalapathpitiya, Nugegoda, Sri Lanka

INFORMATION DENIED BY

Management non co-operative [+00094 11 4311241 +00094112806053]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SHW

Analysis Done by :	PRI

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)

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