MIRA INFORM REPORT

 

 

Report Date :

27.07.2012

 

IDENTIFICATION DETAILS

 

Name :

HAPPY MARKET TRADING CO PTE LTD

 

 

Registered Office :

M Newplot Ameenee Magu, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

30.06.1992

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trader of Finished Food Products

 

 

No. of Employees :

700

 

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

HAPPY MARKET TRADING CO PTE LTD

Address

:

M Newplot Ameenee Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3313523

Facsimile

:

[+960]-3313522

Email

:

info@happymarket.com.mv

Website

:

http://www.happymarket.com.mv

Primary Business Activity

:

Trader

Key Industry

:

Food Products

 

Key Facts

 

Registered Legal Address

:

M Newplot Ameenee Magu, Male

Operational Address

:

M Newplot Ameenee Magu, Male

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C0012/1992

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PTE LTD

Operational Status of Business

:

Normal

Date of Registration

:

30 Jan, 1992

Employees

:

700

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

:

HAPPY MARKET TRADING CO PTE LTD

Primary Business Activity

:

Trader

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

M Newplot Ameenee Magu, Male

Tel

:

[+960]-3313523

Fax

:

[+960]-3313522

 

:

[+960]-3331091

Email

:

info@happymarket.com.mv

Website Details

Website

:

http://www.happymarket.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chief Executive Officer - CEO

Name

:

Mr. Mohamed Naeem

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ahmed Akram

Maldivian

Manager

Purchasing

2

Mr. Dhanushika

Maldivian

Accountant

Finance

3

Mr. Sohitha Girahagama

Maldivian

Finance Controller

-

4

Mr. Sunil Kumar

Maldivian

Analyst

Systems

5

Mr. Kushalnath

Maldivian

Manager

Marketing

6

Mr. Mohamed Naeem

Maldivian

Managing Director

-

7

Mr. Dinil Perera

Maldivian

Executive

Sales

8

Mr. Prabath Rathnayaka

Maldivian

Executive

Sales

 

Management Details - 1

Personal Unique Identifier

:

MI01951555

Name

:

Mr. Ahmed Akram

 

Email

:

akram@happymarket.com.mv

Management Details - 2

Personal Unique Identifier

:

MI01951556

Name

:

Mr. Dhanushika

 

Email

:

ar@happymarket.com.mv

Management Details - 3

Personal Unique Identifier

:

MI01951557

Name

:

Mr. Sohitha Girahagama

 

Management Details - 4

Personal Unique Identifier

:

MI01951558

Name

:

Mr. Sunil Kumar

 

Email

:

sunil@happymarket.com.mv

Management Details - 5

Personal Unique Identifier

:

MI01951559

Name

:

Mr. Kushalnath

 

Email

:

kushal@happymarket.com.mv

Management Details - 6

Personal Unique Identifier

:

MI01951561

Name

:

Mr. Mohamed Naeem

 

Management Details - 7

Personal Unique Identifier

:

MI01951562

Name

:

Mr. Dinil Perera

 

Email

:

dinil@happymarket.com.mv

Management Details - 8

Personal Unique Identifier

:

MI01951563

Name

:

Mr. Prabath Rathnayaka

 

Email

:

prabath@happymarket.com.mv

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI01951561

Name

:

Mr. Mohamed Naeem

Nationality

:

Maldivian

2

 

 

Personal Unique Identifier

:

MI03170263

Name

:

Mr. Shimla Hussain

Nationality

:

Maldivian

 

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

 

 

REPUTATION

 

Reference checking for the purpose of establishing the HAPPY MARKET TRADING CO PTE LTD's reputation within the respective industry failed to reveal any adverse 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

:

2

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Mohamed Naeem

Maldives

n/a

n/a

n/a

2

Mr. Shimla Hussain

Maldives

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

 

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

Local

Cash on delivery (COD)

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

Import

Letter of Credit (At-sight)

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

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

Business Entity Name

:

FAST & FRESH ENTERPRISES PVT LTD

Global Identifier

:

P1038646

Country

:

Maldives

Relationship

:

Affiliate

Primary Business Activity

:

Trader

Industry

:

Food Products

 

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

=

0.065660 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

 

Beverages

Importing, Trading

 

Bread

Importing, Trading

 

Canned foods

Importing, Trading

 

Canned fruits

Importing, Trading

 

Cereal

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Bottled and canned soft drinks and carbonated waters

2086

Importing, Trading

Bread and other bakery products, other than frozen

2051

Importing, Trading

Canned fruits, vegetables, preserves, jams, and jellies

2033

Importing, Trading

Creamery butter

2021

Importing, Trading

Dairy Products

5143

Importing, Trading

Fluid milk and cream, and related products

2026

Importing, Trading

Food products, nspf

2099

Importing, Trading

Fresh Fruits & Vegetables

5148

Importing, Trading

Fresh/Frozen Fish/Seafoods, NEC

2092

Importing, Trading

Frozen fruits, fruit juices, and vegetables

2037

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Articles of milk or cream

1901903090

Importing, Trading

Beverages, spirits & vinegar

2200

Importing, Trading

Bread

1905901070

Importing, Trading

Bread, biscuits and other similar baked products

1905901080

Importing, Trading

Butter and other fats and oils derived from milk

0405

Importing, Trading

Cereal grains, worked etc nesoi; cereal germs

1104

Importing, Trading

Cereals

1000

Importing, Trading

Cream or milk substitutes

2106906580

Importing, Trading

Dairy products

0405207000

Importing, Trading

Dairy, eggs, honey, & ed. products

0400

Importing, Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Cream products

Primary

Importing, Trading

Dairy products

Primary

Importing, Trading

Distilled water

Primary

Importing, Trading

Eggs

Primary

Importing, Trading

Food products

Primary

Importing, Trading

Frozen meat

Primary

Importing, Trading

Frozen products

Primary

Importing, Trading

Fruit cocktail

Primary

Importing, Trading

Fruits

Primary

Importing, Trading

Juice drinks

Primary

Importing, Trading

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of HAPPY MARKET TRADING CO PTE LTD is Trading - Finished products.

 

Supplementary Business

 

In addition to the core business, HAPPY MARKET TRADING CO PTE LTD also is engaged in the following areas of business:

  1. Importing
    • Importing - Finished products

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

HAPPY MARKET TRADING CO PTE LTD - MAGU, MALE

Branch Address

:

Ground Fl MTCC Bldg Boduthakurafaanu, Magu, Male

 

Branch

:

HAPPY MARKET TRADING CO PTE LTD - MAGU, MALE

Branch Address

:

Mafaannu Bluekiya, Magu, Male

 

Branch

:

HAPPY MARKET TRADING CO PTE LTD - ADDU ATOLL

Branch Address

:

S Feydhoo Ring Rd, Addu Atoll

 

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

 

 

OFFICE & FACILITIES

 

Name

:

HAPPY MARKET TRADING CO PTE LTD - MALE

Address

:

M Newplot Ameenee Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.95

UK Pound

1

Rs.86.56

Euro

1

Rs.67.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.