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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Lumbini Aquaria

Lumbini Aquaria

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21Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 9:44 am

Slstock


Director - Equity Analytics
Director - Equity Analytics
Yes pre 1950 ones a contain quality plates.
Other famous Zeylanica series include

Spolia Zeylanica
Epigraphia Zeylanica


If you are into orchids below two books are very good/collectible sources

Orchid Culture : In Ceylon and the East by F Price. Pub around late 1920s
Orchid Culture in Ceylon . A Symposium by Members of the Orchid Circle of Ceylon
by E Soysa 1943




@Chinwi wrote:
@slstock wrote:Good article and with some nice history.,


Do you have the Orchidologia Zeylania full set ( all vols and nos)  From 1934 to date ?
I have only the volumes Mr Prerera gave to me.
Those days OZ was a world famous publication with lot of information and he had collected some prints from 1934 to 1960.
During wold wars no prints. From 1953 to 1957 again nothing printed.
I bough 75th anniversary print in 2009. Thereafter I didn't see any new volume.

Usually they organize the annual show in August at Viharamahadevi park .
Now the authorities have shifted the plant selling place to Battaramulla, near waters edge and they do not allow such shows.

As they couldn't find any place before August I heard  they have almost cancelled the show.  

22Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 9:51 am

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thank you very much for sharing this Chinwi

23Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 10:00 am

K.Haputantri


Co-Admin
Thanks chinvi. Its a nice article.

24Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 11:45 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:Lumbini Aquaria

Lumbini Aquaria  - Page 2 LF0001-Red%20Guppy

In the topics related to CIFL , Kanrich , Maloney and Abbot the name of the above establishment was mentioned few times in this forum.

I would like to write few lines about the history of  Lumbini, the internationally famous ornamental fish exporter company of Sri Lanka.
Once famous and thriving with the visionary care of the founders, later went out of the control of the original owners due to lot of painful happenings.

I hope this writing will enhance  our young in someway .



Lumbini was a small backyard hobby - business started in 1952 by Mr. Lloyd Perera with the support of his close relative Gratian Peiris. They bred and sold fish to local hobbyists. They were high class rich people, never seen outside their empire, if not inside Mercedes.

Mr. Perera had acres of ancestors lands in Ratmalana/Mt,lavinia and a big land area about 5 acres in Chakkindarama Road where he lived was converted in to a fish farm with hundreds of tanks of various sizes, equipments and shelters.

Divers of the fishing folks living  along the beach from Wellawatta to  Wadduwa soon started supplying marine fish to them and in 1953 they started exporting live fish to Europe. Continuous oxygen needed for marine care was supplied by Oxygen Company.

The front area of the residence was a beautiful garden with lot of  trees, ponds , imported birds  and natural looking artificial features. Film makers and famous individuals like late Gamini Fonseka, Rukmani Devi were seen there as they used the location for films very often.

This great gentleman, Mr. Lloyd Perera work hard to make the company in to a world renowned ornamental fish breeder and supplier and hundreds of people were given employment.
Many new varieties of fishes were bread, some award winning internationally.

Lumbini Aquaria  - Page 2 Blue%20Diamond%20Guppy

Lumbini was famous for breeding high quality Guppies and many worlds famous varieties were developed crossbred there. The business brought million of foreign exchange to the country.  Lumbini became very famous and powerful, even the adjoining road was named as Lumbini Avenue .

Later they spread the breeding ponds  to Narammala, Giriulla  and to dry zone areas to increase the supply.
They were planning an IPO in 1990s.

Four decades of prosperity ended and the dark period of Lumbini started due to severe conflicts in the management and the control was taken over by descendants of the aging founder.

Due to heavy private spending in unknown affairs, the assets of  the company and  the prestigious land in Ratmalana (‘Mt Lavinia’ as they used) was mortgaged to a finance company by the new in power. Finally, after many years of deteriorating  they lost the ownership due to non payment of few millions.  This came into light when an unknown company placed a barrier with a banner in front of the premises saying “This is the property of CIFL” !

During  mid 2000 , the old buildings and fish breeding equipment were removed or demolished  and land was blocked out by the company to sell with the promise of building up market houses for the buyers.  

Few years later , we saw the individual buyers of land lots were going here and there complaining misdoings in the deed conversions, half way done construction and ownership transfers .

I do not know what exactly has happened but they blame that CIFL has sold those lands without having 100% ownership thus the buyers did not get the deeds or housed years after paying 19-22 million per  8 peach block and their rights are seriously jeopardized .

If you go there you can see many half build 2 storied houses sheltering stray dogs at the moment. This has been the situation for past many years.  The site looks like a ruined city and the people who paid their life savings are in fear of loosing entire investment.

By today’s valuation, the land is worth over half a billion (500 million.) and it is at a walking distance to  Galle Road , in the land side between Maliban Junction and Mt. lavinia. I do not think the original owners mortgaged it even for a fraction of that value.   Recently, another finance company , City Finance, came in to the land and CIFL is no more in the scene.
We have a link about it: (http://forum.srilankaequity.com/t18789-city-finance-seeking-to-convert-50-of-deposits-to-shares)

By the way, from the beginning, the local people of the area were not happy for the name given to a fish breeding business because Lumbini was the sacred birth place of Load Buddha. They predicted this as "Asubha" and curse would definitely bring harm to the owners of the establishment . පවුකාර වැඩ වලට දාගත්ත නම ! ලුම්බිනි නම නිසා වස් වදිනවා.

After realizing his business empire may fail and go out of hands from the family due to painful behavior and bad business decisions of his descendants Mr. Perera stayed away form the company and even from his residence in later years. Before that he gave away many houses built and rented by him to the tenants for nominal amounts and gifted some lands and money to the Buddhist temple.
He passed away few years ago.

Mr. Lloyd Perera was a horticulture enthusiast, an active member of Ceylon Orchid Circle, had many types of rare Orchids , a vast knowledge and related literature with him.

Lumbini Aquaria  - Page 2 Lloyd_10

When he realized no one would take care of his much loved books he presented some to the writer (chinwi) somewhere in late 80s or 1990s. He was very pleased to see my small collection of blooming orchids at that time.  I do not know what happened to his plants. The most precious of the literature , the inaugural edition of “Orchidologia Zeylanica” published in 1934, a very rate book is in my safe hands since then.

I am happy to learn; at least a miniature part of original Lumbini is with me, fortunately not related to fish breeding.
No fear of curse of course.  !


Some images from the books

Lumbini Aquaria  - Page 2 Oz_19310
Orchidologia Zeylanica 1936 cover


Lumbini Aquaria  - Page 2 1936_c10
Car Advertisement.


Lumbini Aquaria  - Page 2 1936_c11
Camera Ad.

Lumbini Aquaria  - Page 2 Oz_20010
Orchidologia Zeylanica 2009 Cover


Lumbini Aquaria  - Page 2 Dendro10
Present day Hybrid at my place. Actually it is White Dragon (not Gragon)


Current Owners :
http://www.lumbiniaquaria.lk/management.html
will it be possible for you to reveal how the current owners managed get the ownership of Lumbini? did they buy it?

25Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 2:40 pm

salt


Vice President - Equity Analytics
Vice President - Equity Analytics
Lumbini is the place where Queen Mayadevi gave birth to prince Siddhartha Gautama.

They use this name to sell fish.....pathetic!

26Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 4:01 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
More to Chinwi's story.

http://www.ceylontoday.lk/64-33401-news-detail-the-consummate-fish-producer.html

BTW the largest exporter of Angelfish in SL goes for daily walks on the beach in Mount. Interesting character...

27Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 4:31 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
csentha wrote:will it be possible for you to reveal how the current owners managed get the ownership of Lumbini? did they buy it?
Very difficult to disclose sensitive info.  
I will give a generalized reply.

p.s.
Fortunately my task seems to be easy because rainmaker's link tells you directly in  Mr Vibhu Perera's own words ! .

Vibhu Perera is the only son of Lloyd P. the name I did not disclose in my article.

It says,
"In 2005/6 Perera (Vibhu) was planning on disposing his ancestral property in Mt. Lavinia and have a debt-free company for the future. He wanted his existing employees and his only daughter Avanthi Perera to be share holders in the company. Unfortunately, due to his negligence and carelessness he lost his property and also the company to a much shrewder ‘investor’.


Perera was not given a single cent after the takeover of the company and the land of 250 perches, although much was promised.  "

I think now you can figure out how they lost over 1 billion ,( assets, company -Lumbini aquaria - ) and who was this "a much shrewder ‘investor’."

මෙවා කාට කාටත් හොඳ පාඩම්.


අපි ශෙයාස් වලින් ලක්ශ කිහිපයක් නැති කරගෙන ලත වෙනව . මේ මනුස්සයාගෙ ලක්ශ අඩුගානෙ 10,000 ක් අතුරු දහන්. පරම්පරාවෙ ඉඩම්, තමන් ගෙ පියා වසර 50 ක් තිස්සෙ ගොඩ නගපු ලොක ප්‍රසිද්ධ ආයතනය, කීර්ති නාමය , international ක්ලයන්ට්ස් ලා .....

@ rainmaker,

Thanks for the link.
Although we suspected some big conspiracy we never knew what has happened. I never expected to know this when I wrote the article.
They never disclosed it during last 10 years.
-chinwi



Last edited by Chinwi on Wed Aug 14, 2013 9:25 pm; edited 1 time in total

28Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 4:57 pm

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
Now again from last week Lumbini is taken over by D.Perera from Meloney.

29Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 10:43 pm

kas

kas
Manager - Equity Analytics
Manager - Equity Analytics
Grate article by Chinwi as usual, we are waiting to read your book Smile

30Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 10:59 pm

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:
csentha wrote:will it be possible for you to reveal how the current owners managed get the ownership of Lumbini? did they buy it?
Very difficult to disclose sensitive info.  
I will give a generalized reply.

p.s.
Fortunately my task seems to be easy because rainmaker's link tells you directly in  Mr Vibhu Perera's own words ! .

Vibhu Perera is the only son of Lloyd P. the name I did not disclose in my article.

It says,
"In 2005/6 Perera (Vibhu) was planning on disposing his ancestral property in Mt. Lavinia and have a debt-free company for the future. He wanted his existing employees and his only daughter Avanthi Perera to be share holders in the company. Unfortunately, due to his negligence and carelessness he lost his property and also the company to a much shrewder ‘investor’.


Perera was not given a single cent after the takeover of the company and the land of 250 perches, although much was promised.  "

I think now you can figure out how they lost over 1 billion ,( assets, company -Lumbini aquaria - ) and who was this "a much shrewder ‘investor’."

මෙවා කාට කාටත් හොඳ පාඩම්.


අපි ශෙයාස් වලින් ලක්ශ කිහිපයක් නැති කරගෙන ලත වෙනව . මේ මනුස්සයාගෙ ලක්ශ අඩුගානෙ 10,000 ක් අතුරු දහන්. පරම්පරාවෙ ඉඩම්, තමන් ගෙ පියා වසර 50 ක් තිස්සෙ ගොඩ නගපු ලොක ප්‍රසිද්ධ ආයතනය, කීර්ති නාමය , international ක්ලයන්ට්ස් ලා .....

@ rainmaker,

Thanks for the link.
Although we suspected some big conspiracy  we never knew what has happened.   I never expected to know this when I wrote the article.
They never disclosed it during last  10 years.
-chinwi
Thanks mate for all the answers and effort...

How can he loose the company to another investor if he didn't sell his stake? if he didn't have majority, then that investor could have bought the majority and gain control of the company, but still the old owner can sell his stake and get some money ne, how can he loose the company without being payed any amount of money?

31Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Wed Aug 14, 2013 11:22 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
How can he loose the company to another investor if he didn't sell his stake? if he didn't have majority, then that investor could have bought the majority and gain control of the company, but still the old owner can sell his stake and get some money ne, how can he loose the company without being payed any amount of money?
Didn't you see Abbot story ?

How about the people who lost more than they invested due to margin trading trap?

I may explain , not about this particular company due to obvious reasons.
Later.

32Lumbini Aquaria  - Page 2 Empty Re: Lumbini Aquaria Thu Aug 15, 2013 1:27 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:
How can he loose the company to another investor if he didn't sell his stake? if he didn't have majority, then that investor could have bought the majority and gain control of the company, but still the old owner can sell his stake and get some money ne, how can he loose the company without being payed any amount of money?
Didn't you see Abbot story ?

How about the people who lost more than they invested due to margin trading trap?

I may explain , not about this particular company due to obvious reasons.
Later.
i did go through that link....

can u explain via PM me pls?

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