MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAREEMAN AREEF |
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Registered Office : |
Penzee Villa, Vaidheri Higun, Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21 03 2001 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
Importers and General Merchant of Consumer Goods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name and Address
NAREEMAN AREEF [T/A NAREEMAN AREEF]
MALE MALDIVES
Correct Address
PENZEE VILLA
VAIDHERI HIGUN
MALE MALDIVES
Registered address AT
HEADING ADDRESS
Operating Address AT
HEADING ADDRESS
Telephone 960 3317671
Fax 960
3317671
Telex NONE
Branches
AT G HUDHURUVAAGE K MALE MALDIVES
Factory
NONE
Date, Established
21 03 2001
Incorporation No
NOT REQUIRED
Legal Status
PROPRIETARY COMPANY [MV RC NO 7545]
Businesses
IMPORTERS AND GENERAL MERCHANT OF CONSUMER GOODS RICE TEA TEXTILES TOILETERIES ITEMS PERFUMES BABY FOODS MILO WATER SPORTS EQUIPMENT TOBACCO NUTS TIN FOODS BETEL NUTS SPICES GENERAL PURPOSE BATTERIES HARDWARE TOOLS ELECTRONIC APPLIANCES BUILDING AND CONSTRUCTION MATERIALS AND GENERAL MERCHANDISES
Board of Directors
NAREEMAN AREEF - PROPRIETOR
Bankers
HABIB BANK LTD MARINE DRIVE MALE
STATE BANK OF INDIA MALE
Payments
BELIEVED TO BE PROMPT. NO PAYMENT TRACK HISTORY DISCLOSED
Financial Position
VERY GOOD. LEARNT ADEQUATE RESOURCES AVAILABLE
Public
NOTHING HEARD DETRIMENTAL OR UNCOVERED
Shareholders
100% OWNERSHIP COMPANY
Associates
NONE
History
LEARNT THAT, NAREEMAN AREEF THE SUBJECT, IS THE DEPUTY DIRECTOR OF FOREIGN INVESTMENT SERVICES OF MALDIVES GOVERNMENT AND REPUTED
Buying/Selling term
PER 100%
IRREVOCABLE AND CONFIRMED L/C AT SIGHT DRWAN BASIS
Credit Maximum[USD]
50000 CAN BE
GRANTED ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE
Trade Suppliers
NONE
Premises
[Office] RENTED BASIS, SIZE 1100
SQFT
[Factory]
NONE
[Warehouse]
NONE
Employs
5 +
Member
NONE
Sources
REPORT IS PRODUCED
FROM COLLECTIVE RESULTS OF LOCAL AGENTS
Remarks
SUBJECT IS CONSIDERED
TO BE GOOD FOR ANY NORMAL BUSINESS ENGAGEMENT
Capital as at
31 12 2006 IN RUPEES
FIXED ASSETS 6 500 000
CURRENT ASSETS
Stocks 5 119 455
Trade debtors 458 670
Prepayments 1 222 686
Bank & cash 850 229
7 651 040
CURRENT LIABILTIES
Trade creditors 3 117 979
Accrued charges 205 550
ST LT loans Bank O/D 1 173 865
4 497 394
NET CURRENT ASSETS [LIAB] 3 153 646
NET TOTAL ASSETS 9 653 646
REPRESENTING BY
PROPRIETOR’S CAPITAL 1 000 000
PROPRIETORS’ F/D A/C 8 653 646
9 653 646
TURNOVER APPROX 15 000 000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)