MIRA INFORM REPORT

 

 

Report Date :           

19.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

D. R. MANUFACTURING CO (PVT) LTD

 

 

Registered Office :

26th Mile Post, Kandy Road, Nittambuwa

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

13.02.2003

 

 

Com. Reg. No.:

PV 8512

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacture, export and distribute of all kind of furniture

 

 

No. of Employees :

6000 persons

 

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 :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

D. R. MANUFACTURING CO (PVT) LTD

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

Managing Director

:

R. P. Damitha Ramanayake

Primary Line of Business

:

Manufacture, export and distribute of all kind of furniture

Head office

&

Place of Business

 

:

 

# 361,

Kandy Road,

Nittambuwa,

Sri Lanka.

 

Tel. No: (00 94 33) 229 9000 / 228 5339

Fax No: (00 94 33) 228 5449

 

Email: marketing@damro.lk

           krishnan@damro.org

 

Location : owned

 

No. of Employees

:

6000 persons

           

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

N (PVS) 32948

Date of Registration

:

13th February 2003

Re-registration No

:

PV 8512

Date of Re-registration

:

24th October 2008

Registered Office

:

26th Mile Post, Kandy Road, Nittambuwa, Sri Lanka

Board of Directors

As At

14th October 2010

:

R.P. Damitha Ramanayake

Managing Director

W.A. Arosha Gamage

Director

Damayanthi Ramanayake

Director

Issued Share Capital

:

Rs. 100,000,000.00                   

Nominal Value of Share

:

Rs.                 10.00

 

Share Holders

As At

14th October 2010

:

Share Holders

No. of

Shares

R. P. Damitha Ramanayake

9,000,000

Damayanthi Ramanayake

1,000,000

Auditors

:

W. S. kiruparathnam and Company

Company Secretaries

:

Mansec Services (Pvt) Ltd

Bankers

:

Sampath Bank PLC, Nithambuwa Branch

Selan Bank PLC

DFCC Bank

Exporters

:

Products : Furniture

Country: India, Australia  

Importers

:

Products : raw Material

Country: India, China, Malaysia, Taiwan 

Trading Terms

:

Purchasing Terms: L/C, Cash, Credit (30 days)

Selling Terms : L/C, Cash, Credit (30 days)

 

Types of Customers

:

Wholesalers, Retailers, End Users

 

Information Parted By:

 

Name               : Mr. Krishnan

Designation     : Import Manager

Date                 : 16.12.2011

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

                  The Subject Company D. R. MANUFACTURING CO (PVT) LTD is a Private    Limited   liability Company incorporated on 13th February 2003 under registration number N (PVS) 32948 and then the company was re-registered on 24th October 2008 under registration number PV 8512.

 

·         Location.

 

The Subject Company is located at # 361, Kandy Road, Nittambuwa, Sri Lanka. The client given addres 26th Mile Post, Kandy Road, Nittambuwa, Sri Lanka is the registered address of the Subject Company.

 

·         Operational Details.

 

General

                     The subject company primary line of business is Manufacture, export and distribute of all kind of furniture.

 

Manufacturing Products

All kind of Furnitures such as Cup borads, Tables, Mattress, Sofas..etc

 

Export Countries

India, Australia and South east countries…

 

No of Employees

                    6000 persons

 

·         Directors Details

       

Name

R. P. Damitha Ramanayake

ID Number

620671088 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

07th March 1962

Age

49 Years

 

Name

W. A. Arosha Asanga

ID Number

712822171 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

8th October 1971

Age

39 Years

 

Name

Damayanthi Ramanayake

ID Number

636881058 V

Nationality

Sri Lankan

Gender

Male

Date Of Birth

6th July 1963

Age

48 Years

 

·         Financial Data

The company has declined to provide information on its finances

 

·         General Comments

The subject company when contacted provided basic Details to prepare this report.

 

·         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.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.