MIRA INFORM REPORT

 

 

Report Date :

14.11.2013

 

IDENTIFICATION DETAILS

 

Name :

VIEW BUILDERS PVT LTD

 

 

Registered Office :

Ma Vaffaru Buruzu, Magu, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

12.02.2004

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Construction & Construction Materials

 

 

No. of Employees :

84

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit:

USD $30,000

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, 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

:

VIEW BUILDERS PVT LTD

Address

:

Ma Vaffaru Buruzu, Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3329467

Facsimile

:

[+960]-3329468

Email

:

projects@viewbuilders.com.mv

Website

:

http://www.viewbuilders.com.mv

Primary Business Activity

:

Service

Key Industry

:

Construction & Construction Materials

 

 

CREDIT recommendation

 

Current Credit Limit: USD $30,000 based on 90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Mohammad Aslam

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Abdul Ghani Ali

Maldivian

Manager

Human Resources

2

Mr. Ibrahim Fazeel

Maldivian

Manager

Sales & Marketing

3

Mr. Karthikeyan

Maldivian

Engineer

-

4

Mr. Nadeem Mohamed

Maldivian

Consultant

-

5

Mr. Ahmed Muslim

Maldivian

Manager

Construction

6

Mr. Abdulla Rasheed

Maldivian

Accountant

-

7

Ms. Fathmath Shiuna

Maldivian

Director

Administration

Management Details - 1

Personal Unique Identifier

:

MI03555907

Name

:

Mr. Abdul Ghani Ali

 

Management Details - 2

Personal Unique Identifier

:

MI03555906

Name

:

Mr. Ibrahim Fazeel

 

Management Details - 3

Personal Unique Identifier

:

MI03555885

Name

:

Mr. Karthikeyan

 

Management Details - 4

Personal Unique Identifier

:

MI03555886

Name

:

Mr. Nadeem Mohamed

 

Management Details - 5

Personal Unique Identifier

:

MI03555888

Name

:

Mr. Ahmed Muslim

 

Management Details - 6

Personal Unique Identifier

:

MI03555903

Name

:

Mr. Abdulla Rasheed

 

Management Details - 7

Personal Unique Identifier

:

MI03555909

Name

:

Ms. Fathmath Shiuna

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03555979

Name

:

Mr. Mohamed Ahmed

Nationality

:

Maldivian

 

2

 

 

Personal Unique Identifier

:

MI03555874

Name

:

Mr. Mohammad Aslam

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 VIEW BUILDERS PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 129,955

 

CAPITAL (Currency: MVR - Maldives Rufiyaa)

Authorized Capital

:

2,000,000

 

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. Mohammad Aslam

Maldives

n/a

n/a

99.00

2

Mr. Mohamed Ahmed

Maldives

n/a

n/a

1.00

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

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

 

 

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

=

0.064977 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

4Fl G Oakum, Male

Operational Address

:

Ma Vaffaru Buruzu, Magu, Male

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-63/2004

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

:

12 Feb, 2004

Employees

:

84

 

Report Details

 

Country

:

Maldives

Business Entity Name

:

VIEW BUILDERS PVT LTD

Primary Business Activity

:

Service

Primary Industry

:

Construction & Construction Materials

Office Contact Details

Operating Address

:

Ma Vaffaru Buruzu, Magu, Male

Tel

:

[+960]-3329467

Fax

:

[+960]-3329468

Email

:

projects@viewbuilders.com.mv

Website Details

Website

:

http://www.viewbuilders.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

 

 

Primary Products

Products / Materials / Services Description

Activity

Building maintenance

Service

Construction management

Service

Contracting

Service

Design-build services

Service

General constructions

Service

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Bldg Cleaning/Maint Svc, NEC

7349

Service

Construction Materials, NEC

5039

Importing

General Building Contractors

1500

Service

Heavy Construction, NEC

1629

Service

Management Services

8741

Service

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agric, construction, trans, electric/ gas/ sanitary, eng & mgmt & envir.quality

9800

Service

Building maintenance services

9910

Service

General contractor-residential

9813

Service

Management services

9874

Service

Refractory bricks & other refr ceramic const art

6902

Importing

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Logistics

Primary

Service

Pre-construction consultants

Primary

Service

Programme management

Primary

Service

Project management

Primary

Service

Construction materials

Secondary

Importing

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIEW BUILDERS PVT LTD is Specialized professional services, including:

Building maintenance

Construction management

Logistics

Project management


Key services include :

Building maintenance

Construction management

Contracting

Design-build services

General constructions

Logistics

Pre-construction consultants

Programme management

Project management

Supplementary Business

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

Importing

Importing - Finished products

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

 

 

 

OFFICE & FACILITIES

Name

:

VIEW BUILDERS PVT LTD - MAGU, MALE

Address

:

Ma Vaffaru Buruzu, Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

PREVIOUS CONTACT DETAILS

Company Address

:

H Happy Night Vaijehey, Magu, Male 20046

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.101.17

Euro

1

Rs.85.55

 

 

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.