MIRA INFORM REPORT

 

 

Report Date :

07.12.2012

 

IDENTIFICATION DETAILS

 

Name :

DAMAS COMPANY PVT LTD

 

 

Registered Office :

M Emerald Bldg Koli Umar Manik Goalhi, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

26.02.2001

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Importer of Hardware & Tools

 

 

No. of Employees :

125

 

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 :

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.

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Maldvies - ECONOMIC OVERVIEW

 

Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was eased with a December 2009, $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during 2012. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major challenges facing the government. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

DAMAS COMPANY PVT LTD

Address

:

5Fl M Dhaleena Bldg Orchid Magu, Male 20183

Country

:

Maldives

Phone (S)

:

[+960]-3333000

Facsimile

:

[+960]-3336739

Email

:

info@damas.com.mv

Website

:

http://www.damas.com.mv

Primary Business Activity

:

Importer

Key Industry

:

Hardware & Tools

 

Registered Legal Address

:

M Emerald Bldg Koli Umar Manik Goalhi, Male

Operational Address

:

5Fl M Dhaleena Bldg Orchid Magu, Male 20183

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-58/2001

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PVT LTD

Operational Status of Business

:

Normal

Date of Registration

:

26 Feb, 2001

Employees

:

125

Capital

:

n/a(1)

Note

:

(1) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Private Company with Limited Liability) in Maldives, there is no requirement for Authorized Capital.

 

Country

:

Maldives

Business Entity Name

:

DAMAS COMPANY PVT LTD

Primary Business Activity

:

Importer

Primary Industry

:

Hardware & Tools

 

Office Contact Details

Operating Address

:

5Fl M Dhaleena Bldg Orchid Magu, Male 20183

Tel

:

[+960]-3333000

Fax

:

[+960]-3336739

Email

:

info@damas.com.mv

 

Website Details

Website

:

http://www.damas.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Mohamed Salih

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ahmed Didi

Maldivian

Manager

-

2

Mr. Mohamed Shihab

Maldivian

Director

Sales

3

Ms. Fatima Shiuna

Maldivian

Executive

Administration

 

Management Details - 1

Personal Unique Identifier

:

MI03016734

Name

:

Mr. Ahmed Didi

 

Email

:

ahmed.didi@damas.com.mv

Mobile No.

:

960-77-77208

 

Management Details - 2

Personal Unique Identifier

:

MI02058550

Name

:

Mr. Mohamed Shihab

 

Mobile No.

:

960-77-75936

 

Management Details - 3

Personal Unique Identifier

:

MI03329649

Name

:

Ms. Fatima Shiuna

 

 

 

COMPANY DIRECTORS

 

 

1

 

 

Personal Unique Identifier

:

MI02058551

Name

:

Mr. Mohamed Salih

Nationality

:

Maldivian

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Directors. In this case, the Directors information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the DAMAS COMPANY PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

DEBT

 

No Record Found

LITIGATION

 

No Record Found

PERFORMANCE DEFAULTS

 

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Mohamed Salih

Maldives

n/a

n/a

90.00

2

Undisclosed Shareholders

n/a

n/a

n/a

10.00

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065104 USD
United States Dollars

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

80%

International Sales (Export)

20%

 

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

 

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~120 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~120 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

DAMAS COMPANY PVT LTD - MAAFANNU, MALE

Branch Address

:

Boduthakurufaanu Magu, Maafannu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - GALHOLHU, MALE

Branch Address

:

Mirihi Magu, Galholhu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MAAFANNU, MALE

Branch Address

:

Faamudheyri Magu, Maafannu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MAAFANNU, MALE

Branch Address

:

Koli Umar Maniku Goalhi, Maafannu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MAAFANNU, MALE

Branch Address

:

Ameenee Magu, Maafannu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MALE

Branch Address

:

Bodurasgefaanu Magu Henveiru, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MALE

Branch Address

:

Noovilu Handhuvaree Hingun, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MALE

Branch Address

:

Majeedhee Magu Magu Galolhu, Male

 

Branch

:

DAMAS COMPANY PVT LTD - MALE

Branch Address

:

Ameer Ahmed Magu Henveiru, Male

 

 

FINANCIAL INFORMATION

 

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Maldives, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065104 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

 

Products / Materials / Services Description

Activity

Access control systems

Importing, Trading, Exporting

Aluminium cookware

Importing, Trading, Exporting

Anti-fouling paints

Importing, Trading, Exporting

Bathroom accessories

Importing, Trading, Exporting

Bathroom fittings

Importing, Trading, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Ceramic wall and floor tile

3253

Importing, Trading, Exporting

Chemicals and Allied Products

2800

Importing, Trading, Exporting

Computer Related Svcs, NEC

7379

Service

Construction Materials, NEC

5039

Importing, Trading, Exporting

Counters, lockers, racks, display cases, shelves, partitions, and similar fixtures, of metal

2542

Importing, Trading, Exporting

Electric motors, generators, generator sets, rotating converters, and parts and accessories, nspf

3621

Importing, Trading, Exporting

Electrical Equip/Wiring

5063

Importing, Trading, Exporting

Electrical equipment and supplies, nspf, and parts, nspf

3699

Importing, Trading, Exporting

Enameled iron and metal sanitary ware

3431

Importing, Trading, Exporting

Fabricated Pipe/Fittings

3498

Importing, Trading, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Bed linen, table linen, toilet linen & kitchen linen

6302

Importing, Trading, Exporting

Bricks, blocks, tiles & other ceramic goods slcs earth

6901

Importing, Trading, Exporting

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Computer related services, nec

9923

Service

Counters, lockers, racks, display cases, shelves, partitions and similar fixtures of metal

9403200020

Importing, Trading, Exporting

Electric motors and generators (no sets)

8501

Importing, Trading, Exporting

Furniture nesoi and parts thereof

9403

Importing, Trading, Exporting

Furniture; bedding, cushions; lamps & lighting fittings nesoi; illuminated signs, nameplates & the like, prefabricated buildings

9400

Importing, Trading, Exporting

Glass & glassware

7000

Importing, Trading, Exporting

Greases, lubricating, with or w/out additives

2710003700

Trading, Exporting

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

Products / Materials / Services Description

Ranking

Activity

Batteries

Primary

Importing, Trading, Exporting

Beach items

Primary

Importing, Trading, Exporting

Bedroom sets

Primary

Importing, Trading, Exporting

Bottled water

Primary

Importing, Trading, Exporting

Cast outdoor items

Primary

Importing, Trading, Exporting

Cement

Primary

Importing, Trading, Exporting

Chairs

Primary

Importing, Trading, Exporting

Chemicals

Primary

Importing, Trading, Exporting

Coffee

Primary

Importing, Trading, Exporting

Computer rack

Primary

Importing, Trading, Exporting

Data Recovery Services

Secondary

Service

Equipment maintenance

Secondary

Service

Equipment repairs

Secondary

Service

Logistics

Secondary

Service

Network maintenance

Secondary

Service

Network repairing

Secondary

Service

Real estate development

Secondary

Service

Real estate management

Secondary

Service

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of DAMAS COMPANY PVT LTD is Import agency - Finished products.

An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, DAMAS COMPANY PVT LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Service

Specialized professional services, including:

Equipment maintenance

Equipment repairs

Logistics

Network maintenance

Real estate development

Real estate management

 

IMPORT AGENCY LISTING

 

Supplier

:

DUROFLEX PVT LTD

Global Identifier

:

P0638831

Country of Origin

:

India

Product Description

:

Mattress

Brand/s

:

#1

Duroflex

Year

:

2010

 

Supplier

:

KEYSTONE CABLE (S) PTE LTD

Global Identifier

:

31200932

Country of Origin

:

Singapore

Product Description

:

Electrical cables

Brand/s

:

#1

Keystone Cable

Year

:

2010

 

Supplier

:

KING TONY TOOLS CO LTD

Global Identifier

:

31519323

Country of Origin

:

Taiwan

Product Description

:

Hand tools

Power tools

Brand/s

:

#1

King Tony

Year

:

2010

 

Supplier

:

UNITED KAIPARA DAIRIES CO PSC

Global Identifier

:

P0242833

Country of Origin

:

United Arab Emirates

Product Description

:

Juices

Brand/s

:

#1

Unikai

Year

:

2010

 

Supplier

:

VERAFLEX DI CASSOTTI ANGELO

Global Identifier

:

P0829476

Country of Origin

:

Italy

Product Description

:

Mattress

Brand/s

:

#1

Veraflex

Year

:

2010

 

 

OFFICE & FACILITIES

 

Name

:

DAMAS COMPANY PVT LTD - MALE

Address

:

5Fl M Dhaleena Bldg Orchid Magu, Male 20183

Country

:

Maldives

Status

:

Operational

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Middle-East

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Italy

Medium

Importing

Singapore

Medium

Importing

South Africa

Medium

Importing

Taiwan

Medium

Importing

Turkey

Medium

Importing

United Arab Emirates

Medium

Importing

 

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.46

UK Pound

1

Rs.87.63

Euro

1

Rs.71.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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.