MIRA INFORM REPORT

Report No. :	493556
Report Date :	28.02.2018

IDENTIFICATION DETAILS

Name :	D R ENTERPRISES (PVT) LTD

Registered Office :	# 361, Kandy Road, Nittambuwa

Country :	Sri Lanka

Date of Incorporation :	06.07.2010

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Manufacturers and Importers of Furniture, Household Items, Office Items, Appliances for Imports and Local Sales

No. of Employees :	Approximately 500

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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.

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

note

In absence of company financials, no credit limit could be recommended.

Company profile

Name of Subject of Inquiry	D R ENTERPRISES (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr Ramanayake Pathirennehelage Damitha Ramanayake
Primary Line of Business	Manufacturers and Importers of Furniture, Household Items, Office Items, Appliances for Imports and Local Sales
Principal Place of Business	# 361, Kandy Road, Nittambuwa, Sri Lanka Phone : (00 94 33) 2299000, 334679200 Fax : (00 94 33 2285215, 2285681 E-Mail: dhammika.u@damro.org / manoj@damro.lk Web Site: www.damro.lk
Employees	Approximately 500

Company details

Registration No	PV 73051
Date of Registration	06^th July 2010
Re-registration No	NA
Date of Re-registration	NA
Registered Office	# 361, Kandy Road, Nittambuwa, Sri Lanka.
Director Board / Ownership As At 14^th October 2017	Ramanayake Pathirennehelage Damitha Ramanayake	Chairman
	Weerapperumachchi Athukoralage Arosha Asanga	Director
	Ramanayake Pathirennehelage Lahiru Ramanayake	Director
Stated Share Capital	LKR 100,000,100.00
No. of Shares	10,000,010
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	Jayasinghe & Company Chartered Accountants # 94/12, Kirulapone Avenue, Colombo 05, Sri Lanka.
Company Secretaries	Nexia Corporate Consultants (Pvt) Ltd #181, Nawala Road, Narahenpita, Sri Lanka.
Main Bank/s	Commercial Bank of Ceylon Plc, Sapath Bank Plc, Bank of Ceylon

Shareholders

NO.

NAME

NUMBER OF SHARES

Ramanayake Pathirennehelage Damitha Ramanayake

10,000,010

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

COMPANY LOGO

History

The subject company was initially formed on 06TH JULY 2010 under PV 73051 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

OPERATIONAL DETAILS

General

DAMRO is among the world’s largest furniture manufacturers offering a diverse range of modern and traditional furniture. Since Damro was established in 1986 it has achieved a rapid success and has expanded to over 240 showrooms globally, which now having 172 showrooms island wide. Damro’s success has grown from it’s ability to produce high quality furniture at affordable prices with outstanding customer service.

Products & Services

Household Furniture, Office Furniture, Appliances, PVC Items

Employees

500 Approximately

Export Countries

India Mainly

Import Countries

Thailand, Korea, China, India

Associate / Subsidiary Companies

Damro Group of Companies

Factory / Warehouse and Sales Outlets

- Urapola Road, Kirindiwela, Avissawella

- AB59, Loluwagoda

- Nitambuwa, Gampaha,

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	07.03.1962
Age	55
Address	# 57, Salgasthenna Road, Kandy Road, Nittambuwa, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Weerapperumachchi Athukoralage Arosha Asanga
ID Number	712822171V
Nationality	Sri Lankan
Gender	Male
Date of Birth	08.10.1971
Age	46
Address	# 166/1C, Ihala Imbulgoda, Imbulgoda, Sri Lanka.

Director 3

ITEM	DETAIL
Name	Ramanayake Pathirennehelage Lahiru Ramanayake
ID Number	913523970V
Nationality	Sri Lankan
Gender	Male
Date of Birth	17.12.1991
Age	26
Address	# 57, Salgasthenna Road, Kandy Road, Nittambuwa, Sri Lanka.

INFORMATION DENIED

Management non-co-operative [9433-2299000]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97
LKR	1	INR 0.42

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

INFORMATION DETAILS

Information Gathered by :	SVT

Analysis Done by :	PRI

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.