MIRA
INFORM REPORT
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Report Date : |
06.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARINE EXPORT & TRADING COMPANY |
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Registered Office : |
48 Boduthakurufaanu Magu M Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25 03 1981 |
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Legal Form : |
Sole
Proprietary |
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Line of Business : |
Importer Agent
Distributor and General Merchant of Building Materials Hardware Tools
Construction Machinery Equipment Decorative
Materials Consumers Goods Petroleum Products Chemicals Spices and
Cargo Handling and Freight Forwarding Agents Domestic and Foreignship
Chandlering, Shipping Agents and Suppliers to Ships, Exporters of Sea and
Marine Products |
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 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name and Address
MARINE EXPORT & TRADING COMPANY
48 BODUTHAKURUFAANU MAGU M
MALE MALDIVES
Registered address AT
HEADING ADDRESS
Operating Address AT
HEADING ADDRESS
Telephone 960
320378,
313892-93
Fax 960
313893
Telex 7707
PENTEX MF
Branches
AT 57 MARINE DRIVE
MALE
Factory
NONE
Date, Established
25 03 1981
Incorporation No
NOT REQUIRED
Legal Status
PROPRIETARY
COMPANY
Businesses
IMPORTER AGENT DISTRIBUTOR AND GENERAL MERCHANT OF BUILDING MATERIALS HARDWARE TOOLS COSNTRUCTION MACHINERY EQUIPMENT DECORATIVE MATERIALS CONSUMERS GOODS PETROLEUM PRODUCTS CHEMICALS SPICES AND CARGO HANDLING AND FREIGHT FORWARDING AGENTS DOMESTIC AND FOREIGNSHIP CHANDLERING, SHIPPING AGENTS AND SUPPLIERS TO SHIPS, EXPORTERS OF SEA AND MARINE PRODUCTS, SUBJECT IS ONE OF THE BIGGEST SUPPLIERS OF CONSTRUCTION MATERIALS, SUBJECT OWNS A VESSEL PLYING BETWEEN MALE COLOMBO AND SOUTH INDIAN PORTS. VESSEL NAME MV MAAFARU
Board of Directors
MR ABDUL QUDDOOS
IBRAHIM – PRESIDENT/OWNER
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
METCO LTD
History
SUBJECT IS IN SHIPPING AND IMPORT EXPORT TRADE SINCE 1958,
REPUTED
Buying/Selling term
PER 100% IRREVOCABLE AND CONFIRMED L/C AT SIGHT DRWAN
BASIS
Credit maximum[USD]
25000 CAN BE GRANTED
ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE
Trade Suppliers
NONE
Premises
[Office] SUBJECT OWNED, SIZE 2500
SQFT
[Factory] NONE
[Warehouse] NONE
Employs
205 +
Member
OF A LOCAL CHAMBER
OF COMMERCE AND OTHER TRADE ASSOCIATIONS
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 RUFIYA
[RF]
FIXED ASSETS 12 500 000
CURRENT ASSETS
Stocks 16 990 830
Trade debtors 5 255 450
Prepayments 2
090 475
Bank & cash 1 329 990
25 666 745
CURRENT LIABILTIES
Trade creditors 7 260 665
Accrued charges 460 905
ST LT loans Bank O/D 2 895 875
10
617 445
NET
CURRENT ASSETS [LIAB] 15 049 300
NET
TOTAL ASSETS 27 549 300
REPRESENTING BY
PROPRIETOR’S CAPITAL 5 000 000
PROPERTY AND
EQUIPMENTS 22 549 300
27 549 300
TURNOVER APPROX 100 000 000
Notes:
Sole traders and partnerships are not required by law to register.
Sole traders/partnerships are required to register as a tax payer under
TIN
As a Sole Trader/Partnership, there is no Share Capital or Shareholders
funds
Financial details of sole/partnership trading are private to the Owner
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%)