MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

D.R. MANUFURING COMPANY (PVT) LTD

 

Registered Office :

 

# 26th Mile post , Kandy Road ,Nittambuwa

 

 

 

 

Country :

Sri Lanka

 

 

 

 

Date of Incorporation :

13.02.2003

 

 

 

 

Com. Reg. No.:

N (PVS) 32948

 

 

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

 

 

Line of Business :

Manufacture, export and distribute of all kind of furniture

 

 

 

 

No. of Employees :

Approximately 100

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL

- Basic information at a glance

       

a.

Name of Subject of Inquiry

:

 

D.R. MANUFURING COMPANY (PVT) LTD

 

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Managing Director

 :

Ramanayake Pathirennehelage Damith

d.

Primary Line of Business

:

Manufacture, export and distribute of all kind of furniture

e.

Place of Business & Factory

:

 

# 26th Mile post ,

Kandy Road ,

Nittambuwa,

Sri Lanka.

 

Tel. No: (00 94 33)  228  5449

Fax No: (00 94 33)  229  9000

 

 

E Mail: arasha@drmanufacturing.com

              marketing@damro.lk

 

f.

No. of  Employees

:

Approximately 100

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Old Registration No

:

N (PVS) 32948

Date of Registration

:

13th February 2003

b.

New Registration No

:

PV 8512

Date of Registration

:

24th Octomber 2008

c.

Registered Office

:

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

d.

Board of Directors

As At

14th Octomber 2011

:

R. P. Damitha Ramanayake

Managing

Director

W. A. Arosha Asanga

Director

R. P. Lahiru Ramanayake

Director

e.

Issued Share Capital

:

LKR.    100,000,000.00 

f.

Nominal Value of Share

:

LKR.                    10.00     

g.

Share Holders

As At

14th Octomber 2011

 

 

                       Share Holders

No. of Shares

R. P. Damayanthi Ramanayake

1,000,000

R. P. Damitha Ramanayake

9,000,000

h.

Auditors

:

 W.S. Kirupartanam Company

i.

Company Secretaries

:

Mansec Services (Pvt)

j.

Bankers

:

Sampath Bank PLC, Seylan Bank PLC, DFCC Bank

 

 

FINANCIAL DETAILS

 - Most recent available Financial Information

 

 

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

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

 

 

Information declined by

 

Name                            : Mr. Nuwan

Designation                  : Export and Import Department

Date                             : 03.10.2012

 

 

CURRENT INVESTIGATION

 

·         History.

 

                  The Subject Company D.R. MANUFURING COMPANY (PVT) LTD is a Private     

                  Limited liability   Company incorporated on13th February 2003 under registration number N

                 (PVS) 41431 and then the company was re-registered on 24th October 2008 under registration      

                  Number PV 8512.

 

·         Location.

 

The Subject Company is located at 26th ,Mile Post, Kandy Road Nittambuwa, Sri Lanka.

 

·         Operations Details.

 

General

 

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

 

Products

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

 

Export Country

India, Australia and South east countries…

 

No of Employees

                  Approximately 100

 

·         Directors Details

01)

Name

R.P. Damitha Ramanayake

Nationality

Sri Lankan

ID Number

620671088 V

Gender

Male

Date of Birth

07th March 1962

Age

50 Years

 

02)

Name

Weerapperumachchi Athukoralage Arosha Asanga

Nationality

Sri Lankan

ID Number

482843255 V

Gender

Male

Date of Birth

08th Octomber 1971

Age

41 Years

 

 

03)

Name

R. P. Lahiru Ramanayake

Nationality

Sri Lankan

ID Number

913523970 V

Gender

Male

Date of Birth

17th December 1991

Age

21 Years

 

·         Financial Data

The company has declined to provide information on its finances

 

                  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

 

                   

·         Trade references

                  The subject company did not provide any trade references

 

 

·         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.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.