MIRA INFORM REPORT

 

 

Report Date :

18.12.2013

 

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 :

Subject offers a wide array of products and services for households and businesses.

 

·         Hardware Supplies

Damas Paints Coatings and Lubricants

Construction & Fabrication Materials

Damas Food & Beverages

Home Perfection

Sanitary Ware, Bathroom fittings and Tiles

Furniture

Resort Equipment Supplies

Office Automation and Supplies

Medical Equipment & Supplies

Real Estate Development & Management

Logistics & Moving Services

IT Services

 

 

No. of Employees :

125

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

 

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

:

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

:

www.damas.com.mv

Primary Business Activity

:

Importer

Key Industry

:

Hardware & Tools

 

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

Director

Procurement

2

Mr. Abdulla Salih

Maldivian

Managing Director

-

3

Mr. Mohamed Shihab

Maldivian

Director

Sales

4

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

:

MI03593778

Name

:

Mr. Abdulla Salih

 

 

 

Management Details - 3

Personal Unique Identifier

:

MI02058550

Name

:

Mr. Mohamed Shihab

 

Mobile No.

:

960-77-75936

 

 

Management Details - 4

Personal Unique Identifier

:

MI03329649

Name

:

Ms. Fatima Shiuna

 

 

 

COMPANY DIRECTORS

 

 

1

 

 

Personal Unique Identifier

:

MI03593778

Name

:

Mr. Abdulla Salih

Nationality

:

Maldivian

 

2

 

 

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

 

Capital

:

n/a(1)

 

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Shareholders.

 

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

 

 

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

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

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

 

 

 

 

 

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.

 

ADDITIONAL INFORMATION

 

Key Facts

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

 

Report Details

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

Mobile

:

[+960]-7777208

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

Primary Products

Products / Materials / Services Description

Activity

Construction materials

Importing, Trading

Food products

Importing, Trading

Furniture

Importing, Trading

Lubricants

Importing, Trading

Paints

Importing, Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Ceramic wall and floor tile

3253

Importing, Trading

Chemicals and Allied Products

2800

Importing, Trading

Computer Related Svcs, NEC

7379

Service

Construction Materials, NEC

5039

Importing, Trading

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

2542

Importing, Trading

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

3621

Importing, Trading

Electrical Equip/Wiring

5063

Importing, Trading

Electrical equipment and supplies, nspf, and parts, nspf

3699

Importing, Trading

Enameled iron and metal sanitary ware

3431

Importing, Trading

Fabricated Pipe/Fittings

3498

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Bed linen, table linen, toilet linen & kitchen linen

6302

Importing, Trading

Bricks, blocks, tiles & other ceramic goods slcs earth

6901

Importing, Trading

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

Electric motors and generators (no sets)

8501

Importing, Trading

Furniture nesoi and parts thereof

9403

Importing, Trading

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

9400

Importing, Trading

Glass & glassware

7000

Importing, Trading

Greases, lubricating, with or w/out additives

2710003700

Importing, Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Plumbing accessories

Primary

Importing, Trading

Access control systems

Secondary

Importing, Trading

Aluminium cookware

Secondary

Importing, Trading

Anti-fouling paints

Secondary

Importing, Trading

Bathroom accessories

Secondary

Importing, Trading

Bathroom fittings

Secondary

Importing, Trading

Batteries

Secondary

Importing, Trading

Beach items

Secondary

Importing, Trading

Bedroom sets

Secondary

Importing, Trading

Bottled water

Secondary

Importing, Trading

Cast outdoor items

Secondary

Importing, Trading

Cement

Secondary

Importing, Trading

Chairs

Secondary

Importing, Trading

Chemicals

Secondary

Importing, Trading

Coffee

Secondary

Importing, Trading

 

Activity

 

Subject offers a wide array of products and services for households and businesses.

 

·         Hardware Supplies

Damas Paints Coatings and Lubricants

Construction & Fabrication Materials

Damas Food & Beverages

Home Perfection

Sanitary Ware, Bathroom fittings and Tiles

Furniture

Resort Equipment Supplies

Office Automation and Supplies

Medical Equipment & Supplies

Real Estate Development & Management

Logistics & Moving Services

IT Services

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

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

Key products include :

·                     Construction materials

·                     Furniture

·                     Lubricants

·                     Paints

·                     Plumbing accessories


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:

1.                  Exporting

·                     Exporting - Finished products

2.                  Service

·                     Specialized professional services, including:

§                     Equipment maintenance

§                     Equipment repairs

§                     Logistics

§                     Network maintenance

§                     Real estate development

§                     Real estate management

LOCAL BRANCHES & MANAGEMENT

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 - 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 - 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

 

 

 

 

OFFICE & FACILITIES

Name

:

DAMAS COMPANY PVT LTD - MALE

Address

:

5Fl M Dhaleena Bldg Orchid Magu, Male 20183

Country

:

Maldives

Status

:

Operational

 

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.61.96

UK Pound

1

Rs.101.14

Euro

1

Rs.85.33

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.