MIRA
INFORM REPORT
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Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ASHA TEXTILES |
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Registered Office : |
14 Chaandhanee Machchangolhi, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
10.02.2010 |
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Legal Form : |
Sole-proprietorship |
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Line of Business : |
Trader of Giftware & Jewellery |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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.
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
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Organization Name |
: |
ASHA TEXTILES |
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Address |
: |
14 Chaandhanee Machchangolhi, Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3322782 |
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Fax |
: |
[+960]-3326666 |
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|
: |
asha-bhh@hotmail.com |
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Primary Business Activity |
: |
Trader |
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Key Industry |
: |
Giftware & Jewellery |
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Registered Legal Address |
: |
14 Chaandhanee Machchangolhi, Magu, Male |
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Issuing Authority |
: |
Ministry of Economic Development - National |
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License Number |
: |
T10/F/10/00244 |
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License Status |
: |
License exists - Normal. |
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Legal Form - Category |
: |
Sole-proprietorship |
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Legal Form |
: |
Not Applicable |
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Legal Form - Abbreviation |
: |
Not Applicable |
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Operational Status of Business |
: |
Normal |
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Date of Registration |
: |
10 Feb, 2010 |
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Employees |
: |
4 |
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Capital |
: |
n/a(1) |
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Note: |
: |
(1) Not applicable. |
DIRECTORS/MANAGEMENT
Key Person
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Legal Title |
: |
Proprietor / Owner |
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Name |
: |
Mr. Hassan Haleem |
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Registered Address |
: |
Happy Garden S. Hithaadhoo |
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Nationality |
: |
Maldivian |
NEGATIVE INFORMATION
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REPUTATION |
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Due to the fact ASHA TEXTILES is a sole-proprietorship, it has not been possible to identify any form of existing reputation within the respective industry sector. |
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NEGA-SCAN - ADVERSE
DATA MONITORING |
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SHARE & SHARE CAPITAL
INFORMATION
N/a
PAYMENT INFORMATION
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DOMESTIC SALES
& PURCHASES |
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PAYMENT TERMS |
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Selling |
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Purchasing |
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GROUP STRUCTURE & AFFILIATED
COMPANIES
N/a
FINANCIAL INFORMATION
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FINANCIAL STATEMENT - DETAILED |
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Based on the corporate laws of Maldives, legal entities which are Sole-proprietorship are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity. |
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
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Country |
: |
Maldives |
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Business Entity Name |
: |
ASHA TEXTILES |
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Primary Business Activity |
: |
Trader |
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Primary Industry |
: |
Giftware & Jewellery |
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Office Contact Details |
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Operating Address |
: |
14 Chaandhanee Machchangolhi, Magu, Male |
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Tel |
: |
[+960]-3322782 |
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: |
[+960]-3328888 |
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Fax |
: |
[+960]-3326666 |
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|
: |
asha-bhh@hotmail.com |
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SIC PRODUCT
CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY |
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CORE BUSINESS
DESCRIPTION |
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Core Business |
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The primary business
focus of ASHA TEXTILES is Trading - Finished products. Jewelries Bracelets Textiles Watch Wellness products |
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Supplementary Business |
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In addition to the core business, ASHA TEXTILES also is engaged in the following areas of business: Importing Importing - Finished products |
INTERNATIONAL TRADE -
Activity & Markets
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Country / Region |
Estimated level of importance |
Trading Activity |
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Asia / Pacific |
Medium |
Importing |
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Malaysia |
Medium |
Importing |
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Singapore |
Medium |
Importing |
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Sri Lanka |
Medium |
Importing |
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OFFICE & FACILITIES
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NOTES & COMMENTS
N/a
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
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|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.