MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	DIMO (PVT) LTD
Registered Office :	# 65, Jetawana Road, Colombo-14,
Country :	Sri Lanka
Date of Incorporation :	05.09.1972
Com. Reg. No.:	PVS 3575
Legal Form :	Private Limited Liability Company
Line of Business :	Importers and Distributors of Construction and Material handling machinery.
No. of Employees	200

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Company name and address

a.	Name of Subject of Inquiry	:	DIMO (PVT) LTD
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation).
c.	Chairman	:	Asoka Ranjith Pandithage
d.	Primary Line of Business	:	Importers and Distributors of Construction and Material handling machinery.
e.	Group Head Office	:	# 65, Jetawana Road, Colombo-14, Sri Lanka. Tel. No: (00 94 11) 244 9797 / 233 2809 / 233 8883 Fax. No: (00 94 11) 460 7240 E-Mail : dimo@dimolanka.com
	Place of Business		# 60/7, Horton Place, Colombo 07. Tel. No: (00 94 11) 460 7135 Fax. No: (00 94 11) 460 7136
f.	No. of Employees	:	Approximately 200

COMPANY DETAILS

Registration and Shareholder Details

a.	Registration No	:	PVS 3575
	Date of Registration	:	5^th September 1972
b.	Registration No	:	PV 2317
	Date of Registration	:	08^th February 2008
c.	Registered Office	:	# 65, Jetawana Road, Colombo-14, Sri Lanka.
d.	Board of Directors As At 31^st December 2013	:	Asoka Ranjith Pandithage	Managing Director
			A. Gahanath Pandithage	Director
			S. Chandrasiri Algama	Director
			R. Harindra Fernando	Director
			R. Channa Weerawardane	Director
			B. C. S. A. Perera Gooneratne	Director
			P. K. Wijith Mahendra	Director
			Chaminda Ranawana	Director
e.	Issued Share Capital	:	Rs. 250,000.00
	Number of Shares	:	25,000
f.	Nominal Value of Share	:	Rs. 10.00

Registration and Shareholder Details Cont…

h.	Share Holders As At 31^st December 2013	:	Share Holders	No. Of Shares
			Diesel & Motor Engineering Plc	24,999
			The estate of the late Pandithage Don Alexander	01
i.	Auditors	:	KPMG Ford Rhodes Thornton & Company
j.	Company Secretaries	:	Corporate Services (Pvt) Ltd
k.	Bankers	:	Bank of Ceylon Hatton National Bank Limited Commercial Bank of Ceylon Limited Citibank N.A. Nations Trust Bank Limited Hongkong & Shanghi Banking Corporation Limited Sampath Bank Limited Peoples Bank

Directors’ Details

01)

Name	Asoka Ranjith Pandithage
ID Number	472752235 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	1^st October 1947
Age	67 Years
Address	No.11/2, Sunandarama Road, Kalubowila, Dehiwala

02)

Name	A. Gahanath Pandithage
ID Number	630540500 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	23^rd February 1963
Age	51 Years
Address	No.136/3A, Dutugemunu Street, Kalubowila, Dehiwala

03)

Name	S. Chandrasiri Algama
ID Number	483031998 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th October 1948
Age	66 Years
Address	“Somaniwasa”, No.113, Gonawela, Kelaniya

04)

Name	R. Harindra Fernando
ID Number	600380117 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	7th February 1960
Age	54 Years
Address	No.9/6, Suranimala Place, Pamankada, Colombo - 06

05)

Name	R. Channa Weerawardane
ID Number	600102680 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10^th January 1960
Age	54 Years
Address	No.32/6/4, Suriya Uyana, Eldeniya, Kadawatha

06)

Name	B. C. S. A. Perera Gooneratne
ID Number	621990314 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th July 1962
Age	52 Years
Address	“The Nest”, No.14A, Uyana Lane, Uyana, Moratuwa

07)

Name	P. K. Wijith Mahendra
ID Number	661650044 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th June 1966
Age	48 Years
Address	No.22/5, Pelawatte Road, Nugegoda

08)

Name	Chaminda Ranawana
ID Number	623140296 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	9^th November 1962
Age	52 Years
Address	No.177/9, Koswatte Road, Kalapalanwana, Rajagiriya

FINANCIAL DETAILS

Most recent available Financial Information

Based on the corporate laws of Sri Lanka, legal entities which are Private with Limited

Liabilities are not required to make public disclosure of their annual financials. Therefore no

Financials are available for this entity

CURRENT INVESTIGATION

History.

The Subject Company DIMO (PVT) LTD is a Private Limited liability Company incorporated on 5^th September 1972 under registration number PVS 3575 and then the company was re-registered on 08th February 2008 under registration number PV 2317

The subject company DIMO (PVT) LTD is one of the subsidiary company of “Diesel & Motor Engineering Company PLC”.

The companies within the GROUP are:

Dimo (Pvt) Ltd.

Dimo Travels (Pvt) Ltd.

Dimo Industries (Pvt) Ltd.

Location.

The subject company group head office is located at the client # 65, Jetawana Road, Colombo-14.

Operational Details

General

The subject company primary line of business is importing and distributing of Construction and Material handling machineries.

Products

Earth moving machinery, Road construction machinery, Fork lifts Racking system, Tractors, Pumps and Dock levellers, Marine Engines, Industrial Engines & Spare parts.

Country

Germany, Japan, South Africa, India, Malaysia, China.

Employees

Approximately 200.

Financial Data

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 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.

Information denied

MANAGEMENT NON CO-OPERATIVE

Contact No.:

0009411 2449797

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.98.65
Euro	1	Rs.78.63

INFORMATION DETAILS

Information Gathered by :	GYR
Analysis Done by :	RAS
Report Prepared by :	NIS

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%)

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