MIRA INFORM REPORT

 

 

Report Date :

08.08.2013

 

IDENTIFICATION DETAILS

 

Name :

MADIHAA CO PVT LTD

 

 

Registered Office :

1/40 Shaheed Ali Hingun (PO Box 20133), Male 2001

 

 

Country :

Maldives

 

 

Date of Incorporation :

17.02.1985

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Importing - General merchandise.

 

 

No. of Employees :

60

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. 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. Lower than expected 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 temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. Economic growth slowed to 3.4% of GDP in 2012, compared to 7.0% in 2011 because of slower tourist arrivals and weak global conditions. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are major near-term challenges facing the government. Gross foreign reserves at the end of November 2012 were approximately $356 million, compared with $326 million in 2011, and were sufficient to finance only 2.6 months of imports. 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

 

Company Details

 

Organization Name

:

MADIHAA CO PVT LTD

Address

:

1Fl M Dharavandhooge Uthuruge, Lainoofaru Magu, Male 20223

Country

:

Maldives

Phone (S)

:

[+960]-3328827

Facsimile

:

[+960]-3313936

Email

:

madicom@dhivehinet.net.mv

Website

:

http://www.madihaa.com

Primary Business Activity

:

Importer

Key Industry

:

Agricultural Products

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Moosa Ahmed

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ali Madeeh

Maldivian

Manager

Business Development

2

Mr. Ahmed Marzoog

Maldivian

Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03494594

Name

:

Mr. Ali Madeeh

 

Management Details - 2

Personal Unique Identifier

:

MI03494592

Name

:

Mr. Ahmed Marzoog

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03494592

Name

:

Mr. Ahmed Marzoog

Nationality

:

Maldivian

 

2

 

 

Personal Unique Identifier

:

MI02423017

Name

:

Mr. Moosa Ahmed

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 MADIHAA CO 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

:

n/a

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Moosa Ahmed

Maldives

n/a

n/a

n/a

2

Ms. Azeeza 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 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.

 

Capital

:

n/a(1)

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

Annual Purchases Analysis

Percentage

Local Purchases

0%

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

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Africa

Medium

Importing

Asia / Pacific

High

Importing

Europe

Medium

Importing

Middle-East

Medium

Importing

North America

Medium

Importing

South America

Medium

Importing

India

High

Importing

 

 

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

=

0.065274 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Key Facts

 

Registered Legal Address

:

1/40 Shaheed Ali Hingun (PO Box 20133), Male 2001

Operational Address

:

1Fl M Dharavandhooge Uthuruge, Lainoofaru Magu, Male 20223

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C14/85

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

:

17 Feb, 1985

Employees

:

60

 

Report Details

Country

:

Maldives

Business Entity Name

:

MADIHAA CO PVT LTD

Primary Business Activity

:

Importer

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

1Fl M Dharavandhooge Uthuruge, Lainoofaru Magu, Male 20223

Tel

:

[+960]-3328827

 

:

[+960]-3323628

Fax

:

[+960]-3313936

Email

:

madicom@dhivehinet.net.mv

Website Details

Website

:

http://www.madihaa.com

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Apples

Importing

Avocado

Importing

Banana

Importing

Beans

Importing

Beetroot, tortellini

Importing

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fresh Fruits & Vegetables

5148

Importing

Frozen fruits, fruit juices, and vegetables

2037

Importing

Fruits and tree nuts, nspf

0179

Importing

Grain & Field Beans

5153

Importing

Grapes

0172

Importing

Meats & Meat Products

5147

Importing

Vegetables and melons

0161

Importing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Animal meat, prepared, including preparations of blood of any animal, canned

1602909060

Importing

Apples, fresh

0808100000

Importing

Apples, pears and quinces, fresh

0808

Importing

Avocados, prepared or preserved nesoi

2008991000

Importing

Bananas and plantains, fresh or dried

0803

Importing

Bananas, fresh

0803002020

Importing

Beans (vigna spp., phaseolus spp.), fresh or chilled

0708209000

Importing

Bell peppers, fruits of the genus capsicum, dried, not ground

0904206010

Importing

Cabbage, fresh or chilled

0704902000

Importing

Cabbages, cauliflower, kale etc, fresh or chilled

0704

Importing

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Carrots

Primary

Importing

Cauliflowers

Primary

Importing

Chicken meat

Primary

Importing

Chili

Primary

Importing

Chili pepper

Primary

Importing

Chillies

Primary

Importing

Chinese cabbages

Primary

Importing

Concentrated red grapes

Primary

Importing

Dragon fruits

Primary

Importing

Fresh fruits

Primary

Importing

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MADIHAA CO PVT LTD is Importing - General merchandise.

Key products include :

Apples

Banana

Avocado

Beans

Beetroot, tortellini

Carrots

Cauliflowers

Chicken meat

Chillies

Chinese cabbages

Concentrated red grapes

Dragon fruits

Fresh fruits

Fresh, cucumber

Golden pears

Green bell pepper

Green leaf

Jackfruits

Leeks

Lemon grass

Mandarin oranges

Meat products

Nectarines

Oranges

Pineapples

Rambutan

Red bell pepper

Red onion

Strawberry

Vegetables


An integral part of the core business includes:

Distribution

Supplementary Business

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

Trading

Trading - General products

 

BANK DETAILS

Bank Name

:

BANK OF CEYLON

Global Identifier

:

P1047829

Branch

:

Male

Branch Address

:

BANK OF CEYLON - MALE

SWIFT Code

:

BCEYMVMV

 

 

 

 

OFFICE & FACILITIES

Name

:

MADIHAA CO PVT LTD - LAINOOFARU MAGU, MALE

Address

:

1Fl M Dharavandhooge Uthuruge, Lainoofaru Magu, Male 20223

Country

:

Maldives

Status

:

Operational

 

 

COMPANY HISTORY

Date

Details

1991

Started importing of all varieties of fresh fruits and vegetables.

 

 

 

 

 

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.61.39

UK Pound

1

Rs.94.17

Euro

1

Rs.81.70

 

 

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.