MIRA INFORM REPORT

 

 

Report Date :

17.05.2012

 

IDENTIFICATION DETAILS

 

Name :

BARIK ENTERPRISES (PVT) LTD

 

 

Registered Office :

# 108/4, Ettampolawatte Road, Hendala, Wattala

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

09.02.2006

 

 

Com. Reg. No.:

PV 14570

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Importers distributors and exporters of food stuff

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GENERAL- Basic information at a glance

       

Name of Subject of Inquiry

:

BARIK ENTERPRISES (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Chairman 

 :

M.Cassim Bahardeen

Primary Line of Business

:

Importers distributors and exporters of food stuff

Head Office

:

 

# 108/4, Ettampolawatte Road,

Hendala,

Wattala,

Sri Lanka.

 

Tel. No: (00 94 11) 293 2699 / 293 6959

Fax No: (00 94 11) 293 6960 / 254 1631 / 233 1199

 

E-mail: barikentp@sltnet.lk

 

Sales

:

 

# 71, 4th Cross Street,

Colombo 11,

Sri Lanka.

 

Tel. No: (00 94 11) 242 1430 / 242 1447 / 242 1432

 

No. of  Employees

:

Approximately 30

           

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 44963

Date of Registration

:

09th February 2006

Re-registration No

:

PV 14570

Date of Re-registration

:

14th July 2009

Registered Office

:

# 108/4, Attampolawatte Road, Hendala, Wattala

Board of Directors

As At

14th October 2010

:

M. Cassim Bahardeen

Chairman 

Noor Sahiriya Bahardeen

Director

M. Basith Bahardeen

Director

Issued Share Capital

:

Rs.   1,000,000.00

 

Nominal Value of Share

:

Rs.               10.00

 

Share Holders

As at

14th October 2010

 

 

                       Share Holders

No. of Shares

 

M. Cassim Bahardeen

50,000

 

N. Sahiriya Bahardeen

25,000

 

M. Basith Bahardeen

25,000

 

Auditors

:

Stanley Associates

 

Company Secretaries

:

Stanley Associates (Pvt) Ltd

 

Bankers

:

·         HSBC, Bank of Ceylon

MCP Bank Limited

 

Terms of Purchase

:

Cash, Credit

 

 

Terms of Sale

:

Cash, Credit

 

 

Customer Types           

 

·         Retailers

Wholesalers

 

 

Information Parted By:

 

Name               : Mr. M . Basith Bahardeen

Designation     : Director

Mobile No.       : (00 94 11) 2421430

Date                 : 15.05.2012

 

CURRENT INVESTIGATION

                                   

·         History.

 

                  The Subject Company BARIK ENTERPRISES (PVT) LTD is a Private    Limited   liability Company incorporated on 09th February 2006 under registration number N (PVS) 44963 and then the company was re-registered on14th July 2009 under registration number PV 14570.

 

·         Location.

The Subject Company is located at the client given address # 108/4, Attampolawatte Road, Hendala, Wattala, Sri Lanka.

 

·         Operations Details.

 

General

The subject company primary line of business is Importers exporters and distributors of Food Stuff.

 

Products

Dhal, Potato, Garlic and Spices…..etc

 

Exporters of

Products                                                     Food stuff

Country                                                       Canada, USA, India, China, Turkey, Australia

 

Country

Canada, U.S.A, India, China, Turkey and Australia 

 

No of Employees

                   Approximately 30

 

 

Directors Details

 

01)

Name

M. Cassim Bahardeen

ID Number

573230205 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

18th November 1957

Age

54 Years

 

 

02)

Name

N. Sahiriya Bahardeen

ID Number

617093880 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

27th July 1961

Age

50 Years

 

03)

Name

M. Basith Bahardeen

ID Number

870960964 V

Nationality

Sri Lankan

Gender

Male

Date of Birth

05th April 1987

Age

24 Years

 

 Financial Data

 The company has declined to provide information on its finances

 

                    In Sri Lanka, Private Limited Liability/Proprietorship/Partnership Companies do not publish their Accounts for Public use, other than the Shareholders

 

·         Trade references

                  The subject company did not provide any trade reference referrals

 

·         Credit Recommendations

 

                  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 partners 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.86.61

Euro

1

Rs.68.87

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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.