MIRA INFORM REPORT

Report No. :	506283
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	D R HOME APPLIANCES (PVT) LTD
Registered Office :	# 361, Kandy Road, Nittambuwa
Country :	Sri Lanka
Date of Incorporation :	03.05.2011
Com. Reg. No.:	PV 78613
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Importer, Manufacturer and Distributor of Furniture & Other Home Appliance
No. of Employees :	Approximately 600 (With Workforce in Factory)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Sri Lanka	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution of the government's 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.

Source : CIA

COMPANY profile

Name of Subject of Inquiry	D R HOME APPLIANCES (PVT) LTD
Legal Form & Status	Private Limited Liability Company (In Operation)
Chairman	Mr. R.P.Damitha Ramanayake
Primary Line of Business	Furniture & Other Home Appliance Importer, Manufacturer and Distributor
Principal Place of Business	# 361, Kandy Road, Nittambuwa, Sri Lanka. Sri Lanka. Tel. No: (00 94 11) 773865513 Fax. No: (00 94 11) 0372266017 E-Mail: subash@drfurni.com Web Site: NA
Employees	Approximately 600 (with workforce in factory)

Company details

Registration No	PV 78613
Date of Registration	03^rd May 2011
Re-registration No	NA
Date of Re-registration	NA
Registered Office	# 361, Kandy Road, Nittambuwa, Sri Lanka.
Board of Directors As At 14^th October 2017	Ramanayake Pathirennehelage Damitha Ramanayake	Director
	Ajith Nandaka Pathirawasam	Director
	Wijepala Abeysinghe Mudiyanselage Subash Hemantha Abeysinghe	Director
	Ramanayake Pathirennehelage Lahiru Ramanayake	Director
Issued Share Capital	LKR 3,090,050,000.00
No. of Shares	20,205,000
Preferential Shares	NA
Nominal Value of Share	NA
Auditors	B.R.De Silva & Company Chartered Accountants # 22/4, Wijeyakumaratunga Mawatha, Colombo 05, Sri Lanka.
Company Secretaries	Nexia Corporate Consultants (Pvt) Ltd # 181, Nawala Road, Narahenpita, Sri Lanka.
Main Bank/s	Sampath Bank PLC

Shareholders

NO.	NAME	NUMBER OF SHARES
1.	Piyestra Furniture (Pvt) Ltd	2,500
2.	Ramanayake Pathirennehelage Damitha Ramanayake	10,402,500
3.	Damro Holdings Pvt Ltd	9,800,000

No Of Share	Share Value LKR
5,000	50,000.00
5,000,000	50,000,000.00
675,000	135,000,000.00
1,510,000	302,000,000.00
1,600,000	320,000,000.00
5,400,000	1,080,000,000.00
3,000,000	600,000,000.00
3,015,000	603,000,000.00

Financial details

Most recent available Financial Information

NA

Current investigation

NA

COMPANY LOGO

History

The subject company was formed on 03rd May 2011 under PV 78613 under the Companies Act No 07, of 2007 in Sri Lanka. The subject company has no web presence and we have visited the location which is out of Colombo where we have received the contact information etc…

OPERATIONAL DETAILS

General

The company is into manufacturing and distribution of furniture and home appliances, some imported and mostly manufactured in Sri Lanka. The company is partly owned by Piyestra Furniture (Pvt) Ltd which is a very well reputed entity manufacturing furniture and related products including mattresses, baby cots, office furniture, sofas, tables etc..

http://www.piyestra.com

Products

Furniture and Home appliances

Employees

Approximately 600 with factory workforce

Import Countries

NA

Associate Companies

Piyestra Furniture (Pvt) Ltd

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Ramanayake Pathirennehelage Damitha Ramanayake
ID Number	620671088V
Nationality	Sri Lankan
Gender	Male
Date of Birth	07^th March 1962
Age	56
Address	# 184/27 A, Salgasthenna Watta, Kandy Road, Nittambuwa, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Ajith Nandaka Pathirawasam
ID Number	721493121V
Nationality	Sri Lankan
Gender	Male
Date of Birth	28^th May 1972
Age	45
Address	#143/1,Green Terrace, Passion Waththa, Kelaniya, Meerigama, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Wijepala Abeysinghe Mudiyanselage Subash Hemantha Abeysinghe
ID Number	751710135V
Nationality	Sri Lankan
Gender	Male
Date of Birth	19^th June 1975
Age	42
Address	2^nd Lane, Sampath Sevana, Pellandeniya, Maspotha, Kurunegala, Sri Lanka.

Director 4

ITEM	DETAIL
Name	Ramanayake Pathirennehelage Lahiru Ramanayake
ID Number	913523970V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17^th December 1991
Age	26
Address	# 184/27 A, Salgasthenna Watta, Kandy Road, Nittambuwa, Sri Lanka.

INFORMATION DENIED BY

Name :	Ajith Nandaka Pathirawasam
Designation :	Director
Contact No.:	0094-11-773865513
Date :	25.04.2018

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
LKR	1	INR 0.42

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SLA
Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.