MIRA INFORM REPORT

 

 

Report Date :           

02.01.2012

 

IDENTIFICATION DETAILS

 

Name :

BLUE CHIP PVT LTD

 

 

Registered Office :

1Fl Ma Picnic Majeedhee Magu, Male

 

 

Country :

Maldives

 

 

Year of Establishment :

2001

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Importer of Consumer Products

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 100,000.00

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Maldives

c1

c1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

BLUE CHIP PVT LTD

Address

:

1Fl Ma Picnic Majeedhee Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3337741

Facsimile

:

[+960]-3318863

Email

:

sales@bluechip.com.mv

Website

:

http://www.bluechip.com.mv

Primary Business Activity

:

Importer

 

Key Industry

:

Consumer Products

 

Registered Legal Address

:

1Fl Ma Picnic Majeedhee Magu, Male

 

Operational Address

:

1Fl Ma Picnic Majeedhee Magu, Male

 

Issuing Authority

:

Ministry of Trade & Industries

 

License Number

:

C-180/2001

 

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

:

2001

 

Employees

:

20

 

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.

 

 

Report Details

 

 

 

 

 

 

Country

:

Maldives

Business Entity Name

:

BLUE CHIP PVT LTD

Primary Business Activity

:

Importer

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

1Fl Ma Picnic Majeedhee Magu, Male

Tel

:

[+960]-3337741

Fax

:

[+960]-3318863

Email

:

sales@bluechip.com.mv

Website Details

Website

:

http://www.bluechip.com.mv

Status

:

Registered but not operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: USD 100,000.00  based on  90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

 

Name

:

Ms. Moomina Mohamed

 

Registered Address

:

Majeedheemagu, Male

 

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Panduka Rubesinghe

Maldivian

Manager

Marketing

 

 

Management Details - 1

Personal Unique Identifier

:

MI02829213

Name

:

Mr. Panduka Rubesinghe

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02373084

Name

:

Ms. Moomina Mohamed

Nationality

:

Maldivian

Registered Address

:

Majeedheemagu ,Male

Country of Residence

:

Maldives

 

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Director. In this case, the Director 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

 

 

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

:

1

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Ms. Moomina Mohamed

Maldives

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholder 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

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

 

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

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.

 

 

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2008

(*)

7,500,000

n/a

n/a

Note: (*)

Financials listed are the most recent available for this company.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065147 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Manufactured articles, nspf

3999

Importing

Toilet preparations

2844

Importing

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Miscellaneous manufactured articles

9600

Importing

Oils & resinoids, perfumery, cosmetic or toilet preparations

3300

Importing

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of BLUE CHIP PVT LTD is:

·                     Importing - Finished products


An integral part of the core business includes:

  • Distribution

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

0%

Imports

100%

 

 

REPUTATION

 

 

 

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

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

BLUE CHIP PVT LTD - MAGU, MALE

Branch Address

:

Ever Blue, Magu, Male, Maaveyo

Branch Email

:

bluechip@dhivehinet.net.mv

 

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Australia

Medium

Importing

India

Medium

Importing

Italy

Medium

Importing

Sri Lanka

Medium

Importing

 

 

OFFICE & FACILITIES

 

 

 

Name

:

BLUE CHIP PVT LTD - MALE

Address

:

1Fl Ma Picnic Majeedhee Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

 

 

STRATEGIC PARTNER/S & ALLIANCES

 

 

 

 

Group / Alliance name

:

SUNLAND GROUP

Recognition Status

:

Although SUNLAND GROUP is not a formally registered business entity name, it is widely recognized as the general collective business name allocated to companies owned and operating as listed in the Related Parties section of this report.

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.27

UK Pound

1

Rs.82.09

Euro

1

Rs.68.90

 

 

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.