MIRA INFORM REPORT

 

 

Report Date :

22.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

APOLLO HOLDINGS PVT LTD

 

 

 

 

Registered Office :

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

 

 

 

 

Country :

Maldives

 

 

 

 

Date of Incorporation :

30.07.1998

 

 

 

 

Legal Form :

Private Limited

 

 

 

 

Line of Business :

Trader and Importer of Consumer Products

 

 

 

 

No. of Employees :

100

 

 

 

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 :

Unknown

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

 

 

MALDIVES - 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 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

 

APOLLO HOLDINGS PVT LTD

 

Company Details

Organization Name

:

APOLLO HOLDINGS PVT LTD

Address

:

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3320065

Facsimile

:

[+960]-3335706

Email

:

apohol@dhivehinet.net.mv

Primary Business Activity

:

Importer

Key Industry

:

Consumer Products

 

Key Facts

Registered Legal Address

:

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

Operational Address

:

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-0129/1998

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

:

30 Jul, 1998

Employees

:

100

Capital

:

n/a(1)

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ahmed Habeer

Maldivian

Finance Controller

-

2

Mr. Mujey Mohamed

Maldivian

Manager

Procurement

3

Mr. Dharma Ponnampalam

Maldivian

Manager

Business

4

Mr. Mohamed Waheed

Maldivian

Chief Operating Officer - COO

-

Management Details - 1

Personal Unique Identifier

:

MI03191244

Name

:

Mr. Ahmed Habeer

 

Management Details - 2

Personal Unique Identifier

:

MI02987308

Name

:

Mr. Mujey Mohamed

 

Management Details - 3

Personal Unique Identifier

:

MI02481265

Name

:

Mr. Dharma Ponnampalam

 

Management Details - 4

Personal Unique Identifier

:

MI02481264

Name

:

Mr. Mohamed Waheed

 

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02481263

Name

:

Mr. Ahmed Arif

Nationality

:

Maldivian

2

 

 

Personal Unique Identifier

:

MI03191243

Name

:

Mr. Hamed Nasir

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 APOLLO HOLDINGS PVT 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

:

1

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Hamed Nasir

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Imports

100%

 

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

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

Open Account - Settlement by Telegraphic Transfer (T/T) - 90 days

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

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

 

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

:

30 Jul, 1998

Employees

:

100

 

Report Details

Country

:

Maldives

Business Entity Name

:

APOLLO HOLDINGS PVT LTD

Primary Business Activity

:

Importer

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

Tel

:

[+960]-3320065

 

:

[+960]-3314994

 

:

[+960]-3335699

Fax

:

[+960]-3335706

Email

:

apohol@dhivehinet.net.mv

 

Primary Products

Products / Materials / Services Description

Activity

Boat building supplies

Importing, Trading

Building materials

Importing, Trading

Consumer items

Importing, Trading

Eggs

Importing, Trading

Fiberglass

Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Construction Materials, NEC

5039

Trading

Electronic Parts/Equip, NEC

5065

Importing, Trading

Fresh Fruits & Vegetables

5148

Trading

Furniture and fixtures, nspf

2599

Trading

Hardware, nspf

3429

Importing, Trading

Manufactured articles, nspf

3999

Trading

Miscellaneous marine products, nspf

0919

Trading

Potatoes, white or irish

0134

Trading

Poultry and eggs, nspf

0259

Trading

Toilet preparations

2844

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Building materials of asbestos fibers

6812900025

Importing, Trading

Dairy, eggs, honey, & ed. products

0400

Importing, Trading

Depilatories and other perfumery, cosmetic or toilet preparations

3307900000

Importing, Trading

Food preparations

2106

Importing, Trading

Furniture nesoi and parts thereof

9403

Importing, Trading

Hardware, fixtures, castors etc & parts, base metal

8302

Importing, Trading

Miscellaneous manufactured articles

9600

Importing, Trading

Oils & resinoids, perfumery, cosmetic or toilet preparations

3300

Importing, Trading

Onions, shallots, garlic, leeks etc, fr or chilled

0703

Importing, Trading

Potatoes (except sweet potatoes), fresh or chilled

0701

Importing, Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Furniture

Primary

Importing, Trading

General merchandise

Primary

Importing, Trading

Hardware

Primary

Importing, Trading

Household items

Primary

Importing, Trading

Onions

Primary

Importing, Trading

Potatoes

Primary

Importing, Trading

Toiletries

Primary

Importing, Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of APOLLO HOLDINGS PVT LTD is Importing - General products .

Supplementary Business

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

1.                  Trading

·                     Trading - Finished products

 

BANK DETAILS

Bank Name

:

BANK OF MALDIVES PLC

Global Identifier

:

P0766836

Branch

:

Male

Branch Address

:

BML Bldg 11 Boduthakurufaanu Magu Male 200094 (Head Office)

SWIFT Code

:

MALBMVMV

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Sri Lanka

Medium

Importing

Taiwan

Medium

Importing

Thailand

Medium

Importing

 

OFFICE & FACILITIES

Name

:

APOLLO HOLDINGS PVT LTD - MAAFANNU, MALE

Address

:

2Fl Marine Villa Varudhee Hingun, Maafannu, Male

Country

:

Maldives

Status

:

Operational

 

PREVIOUS CONTACT DETAILS

Company Address

:

STO Trade Centre 01-07 Orchid, Magu, Male 20188

 

 

 

 

NOTES & COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.01

 

 

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.