MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	NALAHIYA TRADING PVT LTD

Registered Office :	8 Fl Faaroshige Orchid, Magu, Male 20189

Country :	Maldives

Date of Incorporation :	18.03.2002

Legal Form :	Private Limited

Line of Business :	Construction and Construction Materials.

No. of Employees :	400

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Maldives

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	:	NALAHIYA TRADING PVT LTD
Address	:	8Fl Faaroshige Orchid, Magu, Male 20189
Country	:	Maldives
Phone (S)	:	[+960]-3335930
Facsimile	:	[+960]-3337711
Email	:	info@nalahiyatrading.com
Website	:	http://www.nalahiyatrading.com/
Primary Business Activity	:	Trader
Key Industry	:	Construction & Construction Materials

Key Facts

Registered Legal Address	:	8Fl Faaroshige Orchid, Magu, Male 20189
Operational Address	:	8Fl Faaroshige Orchid, Magu, Male 20189
Issuing Authority	:	Ministry of Trade & Industries
License Number	:	C-85/2002
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	:	18 Mar, 2002
Employees	:	400
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	:	NALAHIYA TRADING PVT LTD
Primary Business Activity	:	Trader
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	8Fl Faaroshige Orchid, Magu, Male 20189
Tel	:	[+960]-3335930
	:	[+960]-3335931
Fax	:	[+960]-3337711
Email	:	info@nalahiyatrading.com construction@nalahiyatrading.com marketing@nalahiyatrading.com haleem@nalahiyatrading.com
Website Details
Website	:	http://www.nalahiyatrading.com/
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Ibrahim Waheed
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ibrahim Waheed	Maldivian	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI02482181
Name	:	Mr. Ibrahim Waheed

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02482181
Name	:	Mr. Ibrahim Waheed
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 NALAHIYA TRADING 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	:	1
Total number of shares	:	n/a

Currency

MVR - Maldives Rufiyaa

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (MVR)	%
1	Mr. Ibrahim Waheed	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 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.

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

Import

Letter of Credit (At-sight)

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

GROUP STRUCTURE & AFFILIATED COMPANIES

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

0.064977 USD
United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Black, granite	Importing, Trading
Building materials	Importing, Trading
Cement	Importing, Trading
Construction materials	Importing, Trading
Marble	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Building Materials and Garden	5200	Importing, Trading
Cement, hydraulic	3241	Importing, Trading
Construction Materials, NEC	5039	Importing, Trading
Construction sand & gravel	1442	Importing, Trading
Crushed/Broken Granite	1423	Importing, Trading
Heavy Construction, NEC	1629	Service
Sand, industrial	1446	Importing, Trading
Tile, Marble, Mosaic Work	1743	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of cement, concrete or artificial stone	6810	Importing, Trading
Building materials of asbestos fibers	6812900025	Importing, Trading
Granite	6802930000	Importing, Trading
Heavy construction	9818	Service
Marble, travertine etc. and alabaster, crude etc.	2515	Importing, Trading
Natural sands of all kinds, except metal-bearing	2505	Importing, Trading
Tile, marble, and mosaic work	9823	Importing, Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Polished granites	Primary	Importing, Trading
Sand	Primary	Importing, Trading
Tiles	Primary	Importing, Trading
Construction	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NALAHIYA TRADING PVT LTD is Trading - Finished products.

Key products include :

Black, granite

Building materials

Cement

Construction materials

Marble

Polished granites

Sand

Tiles

Supplementary Business

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

Importing

Importing - Finished products

Service

Specialized professional services, including:

Construction

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	70%
Imports	30%

LOCAL BRANCHES & MANAGEMENT

Branch	:	NALAHIYA TRADING PVT LTD - MAGU, MALE
Branch Address	:	G Hiyakuri Alikilegefaanu Magu, Magu, Male

Branch	:	NALAHIYA TRADING PVT LTD - MAGU, MALE
Branch Address	:	M Kurangi Shaheed Ali Magu, Magu, Male

Branch	:	NALAHIYA TRADING PVT LTD - MALE
Branch Address	:	M Rechafaru Kambaa Aisa Rani Hingun, Male
Branch Email	:	rentals@nalahiyatrading.com

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
China	Medium	Importing
India	Medium	Importing
Indonesia	Medium	Importing
Malaysia	Medium	Importing
Singapore	Medium	Importing
Sri Lanka	Medium	Importing

OFFICE & FACILITIES

Name	:	NALAHIYA TRADING PVT LTD - MAGU, MALE
Address	:	8Fl Faaroshige Orchid, Magu, Male 20189
Country	:	Maldives
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address

81 Boduthakurufaanu, Magu, Male

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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.