MIRA INFORM REPORT

 

 

Report No. :

316617

Report Date :

22.04.2015

           

IDENTIFICATION DETAILS

 

Name :

BODUM ENGINEERING SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

# 74,Baddagana Road, Kotte

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

17.03.2011

 

 

Com. Reg. No.:

PV 77842

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in Sales of Liaison Company Engineering equipments for principals and Indenting Agents

 

 

No. of Employee :

10

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth following the end of the 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 in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

 

Source : CIA

 

GENERAL

 

Basic information at a glance

     

a.

Name of Subject of Inquiry

:

BODUM ENGINEERING SOLUTIONS PRIVATE LIMITED

b.

Legal Form  & Status

:

Public Limited Liability Company (in operation)

c.

Managing Director

:

Frank Elbadore Miranda

d.

Primary Line of Business

:

Sales Liaison Company Engineering equipments for principals and Indenting Agents

e.

 

Head Office

 

:

 

# 74,Baddagana Road, Kotte

Sri Lanka

 

Tel. No: (00 94 11) 451 0719- 20

Fax No: (00 94 11) 205 4888

Contact Person : Ms. Caldera, Secretary

 

E Mail: bodum@sltnet.lk

 

f.

 

No. of Employees

:

:

Approximately 10

 

           

COMPANY DETAILS

 

Registration and Shareholder Details

 

a.

 

Registration No

:

PV 77842

Date of Registration

:

17th March 2011

b.

c.

Registered Office

:

# 74,Baddagana Road, Kotte

Sri Lanka.

d.

Board of Directors

As At

14th July 2014

:

Frank Elbadore Miranda

Managing Director

Isha Miranda

Director

Rajive Devindra Miranda

Director

f.

Issued Total No. of  Shares

:

20,003

Total shares value

:

Rs. 200, 030.00

g.

Nominal Value of Share

:

Not applicable in terms of Companies Act.#7 of 2007                 

 

 

Registration and Shareholder Details Cont…

 

h.

Share Holders

As At

14th July 2014

 

:

Share Holders

No of Shears

Frank Elbadore Miranda

20,001

Isha Miranda

01

Rajive Devindra Miranda

01

i.

Secretaries

:

Professional Assignments And Secretarial Services (Pvt) Ltd.

(# 45 A, Park Lane, Rajagiriya)

j.

Auditors

:

Wijeratne and Company (# 157/1, Kynsey Road, Colombo - 08)

k.

Bankers

:

Not disclosed

 

 

Directors’ details

 

             01)

Name

Frank Elbadore Miranda

ID Number

542512849V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

01th September 1954

Age

60 Years

Address

#51-17th Lane, Ananda Balika Mawatha, Pagoda, Pitakotte.

Sri Lanka

 

 

             02)

Name

Isha Miranda

ID Number

598300372V

Nationality

Sri Lankan

Gender

Female

Date Of Birth

25th November 1959

Age

55 Years

Address

#51-17th Lane, Ananda Balika Mawatha, Pagoda, Pitakotte.

Sri Lanka

 

 

              03)

Name

Rajive Devindra Miranda

ID Number

850981574V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

07th April 1985

Age

30 Years

Address

#51-17th Lane, Ananda Balika Mawatha, Pagoda, Pitakotte.

Sri Lanka

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

The company has declined to provide information on its finances without the identity of the end user.

 

Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity)

 

 

 CURRENT INVESTIGATION                          

 

·         History.

                  The Subject Company BODUM ENGINEERING SOLUTIONS (PRIVATE) LIMITED is a Private Limited   Liability Company incorporated on 17th March 2011 under registration number PV 77842.

 

·         Location.

                 The Subject Company’s Head Office is located at # 74, Baddagana Road, Kotte, Sri Lanka, an

                 area approx. 5 kilo meters from the south-eastern city limits of Colombo.

 

               

·         Operational Details.

 

General

The subject company’s primary line of business is of a Sales Liaison Company for engineering equipments of principals and Indenting Agent and after sales services

 

 

Products

Many kinds of machinery & equipments for poultry Industry, Packaging, Waste Water Treatment etc.

 

Import Country

World wide - depends on the client’s requirement and countries such as China, India etc.

 

No of Employees

Approximately 10

 

 

·         Trade references

Not disclosed                 

 

 

·         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.

 

 

ANALYSIS 

 

Appraisal of Subject Company

 

a) Business Scale         

NA

b) Business Trend

NA

c) Management Capability

Average

d) Commercial Morality

Average

e) Reputation

Average

f) Market Situation

Very Competitive

                                   

 

INFORMATION DENIED BY

 

Name :

Mr. Frank Miranda

Designation :

Director

Contact No.:

0009411-4510719

     

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.92

UK Pound

1

Rs.93.57

Euro

1

Rs.67.34

 

INFORMATION DETAILS

 

Information Gathered by :

NYN

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ASH

 

 

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.