MIRA INFORM REPORT

 

 

Report Date :

16th June, 2006.

 

IDENTIFICATION DETAILS

 

Name :

BIO GROW LANKA PRIVATE LIMITED

 

 

Registered Office :

St. Jude’s Rajapakse Estate, Kimbulapitiya Road, Negombo, Sri Lanka. 

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

16.11.1997

 

 

Com. Reg. No.:

N (PVS) 18421

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Processors and Exporters of Coir Base Products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

 

GENERAL - Basic information at a glance

     

 

Name of Subject of Inquiry

:

BIO GROW LANKA (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

Mr. Martin Carniel

Primary Line of Business

:

Processors and Exporters of Coir Base Products

Place of Business

&

Factory

 

:

 

 # Rajapakse Estate,

 Kimbulapitiya Road,

 

 

Tel. No: (00 94 31) 487 0988 

Fax No: (00 94 31) 487 0008

E-Mail: cocopronet@yahoo.com

 

Branch

:

Indogalawatte,

Wariyapola,

   

Tel. No / Fax No : (00 94 037) 469 8082

No. of Employees

:

Approximately 275 to 300

           


 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PVS) 18421

Date of Registration

:

16th November 1997

Registered Office

:

St. Jude’s Rajapakse Estate, Kimbulapitiya Road, Negombo, Sri Lanka. 

Board of Directors

As At

21st April 2006

:

Mr.Martin Carniel                             (French)

Managing Director

:

Mr.Bruno Villa                                   (French)

Director

:

Mr.Francis Villa                                 (French)

Director

:

Mr.N. Benoit Bourhis                         (French)

Director

:

Ms .M.A.W.Niroshan Fernando    (Sri Lanka)

Director

Authorised Share Capital

:

Rs.    1,000,000,000.00           

Issued Share Capital

:

Rs.           7,000,000.00                    

Nominal Value of Share

:

Rs.                     100.00

 

Share Holders

As At

31st Dec 2005

:

Share Holders

No. of

Shares

Mr.Martin Carniel

49,997

Mr. Bruno Villa

20,000

Mr. Francis Villa

01

Mr. N. Benoit Bourhis

01

M/s. M.A.W. Niroshan Fernando

01

Auditors

:

M/S Wijeyeratne  & Company

Company Secretaries

:

Professional Assignments & Secretarial Services (Pvt) Ltd

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

     THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES                                                                            

A

Revenue

:

 

 

B

 Cost of Sales

:

 

 

C

 Gross Profit

:

 

 

D

Other Income

:

 

 

E

Operating income / (Expenses)

:

 

 

F

Administration Cost

:

 

 

G

Distribution Cost

:

 

 

H

Finance & Other Cost

:

 

 

I

Net Profit / (Loss) before Tax

:

 

 

J

Taxation

:

 

 

 

Net Profit / (Loss) After Tax:

:

 

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

                                                                                                                                                       

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

 

a)

Non-current Assets

:

 

 

b)

Current Assets

:

 

 

c)

Non Current Liabilities

:

 

 

d)

Current Liabilities

:

 

 

e)

Total Liabilities

 

 

 

f)

Total Assets

:

 

 

g)

 

Net Worth

 

:

 

 

CURRENT INVESTIGATION

 

The Subject Company BIO GROW LANKA (PVT) LTD is a Private Limited Liability Company incorporated on 16th November 1997. The subject company’s Head Office and Factory is located at the client given address # St. Jude’s Rajapakse Estate, Kimbulapitiya Road, Negombo.

 

The subject company BIO GROW LANKA (PVT) LTD, primary line of business is Manufacturers and Exporters of Coir Base Products such as Coir fibre dust, slabs, Coco peace and Substrates and other dust products. The subject company’s main exports are to France and other countries.

 

The subject company’s Factory also located at # St. Jude’s Rajapakse Estate, Kimbulapitiya Road, Negombo, Sri Lanka, which is manned by approximately 100 employees. There is also a Branch office located at # Indogalawatte, Wariyapola, Sri Lanka.

 

The total employee strength of the subject company is approximately 275 to 300 employees.

 

The subject company when contacted refuse to provide any information to prepare this report and declined to disclose any operational or financial information, However all information received is from informal sources but clearly originating from the company.

 

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the promoters or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

The subject company provided no trade reference referrals either.

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

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