MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAPPY MARKET TRADING CO PTE LTD |
|
|
|
|
Registered Office : |
M Newplot Ameenee Magu, Male |
|
|
|
|
Country : |
Maldives |
|
|
|
|
Date of Incorporation : |
30.01.1992 |
|
|
|
|
Legal Form : |
Private Company with Limited Liability |
|
|
|
|
Line of Business : |
Trader of Food Products such as :- Beverages
Bread
Canned
foods Canned
fruits Cereal
Cream
products Dairy
products Distilled
water Eggs
Frozen
meat Frozen
products Fruit
cocktail Fruits
Juice
drinks Juices
|
|
|
|
|
No. of Employees : |
700 |
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 |
: |
HAPPY
MARKET TRADING CO PTE LTD |
|
Address |
: |
M
Newplot Ameenee Magu, Male |
|
Country |
: |
Maldives |
|
Phone
(S) |
: |
[+960]-3313523 |
|
Facsimile |
: |
[+960]-3313522 |
|
Email |
: |
|
|
Website |
: |
|
|
Primary
Business Activity |
: |
Trader |
|
Key
Industry |
: |
Food
Products |
DIRECTORS/MANAGEMENT
Key Person
|
Legal
Title |
: |
Chief Executive Officer - CEO |
|
Name |
: |
Mr. Mohamed Naeem |
|
Nationality |
: |
Maldivian |
|
COMPANY MANAGEMENT
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Management Listings |
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
COMPANY
DIRECTORS |
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
NEGATIVE INFORMATION
|
REPUTATION |
|
Reference checking for the purpose of establishing the HAPPY MARKET TRADING
CO PTE LTD's reputation within the respective industry failed to reveal any
adverse information. |
|
NEGA-SCAN - ADVERSE DATA MONITORING |
|
SHARE & SHARE CAPITAL
INFORMATION
|
Capital |
: |
n/a(1) |
|||||||||||||||||||||||||||||||||||||||
|
SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
PAYMENT INFORMATION
|
DOMESTIC SALES
& PURCHASES |
||||||||||
|
|
||||||||||
|
||||||||||
|
||||||||||
|
PAYMENT TERMS |
||||||||||
|
Selling |
||||||||||
|
||||||||||
|
Purchasing |
||||||||||
|
GROUP STRUCTURE & AFFILIATED
COMPANIES
|
RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates) |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
The following provides a summary of the number of businesses that are
related to HAPPY MARKET TRADING CO PTE LTD: |
|
|||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Domestic |
|
|||||||||||||||||||||
|
|
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 |
: |
|
ADDITIONAL INFORMATION
|
Key Facts |
||||||
|
Registered Legal Address |
: |
M Newplot Ameenee Magu, Male |
||||
|
Operational Address |
: |
M Newplot Ameenee Magu, Male |
||||
|
Issuing
Authority |
: |
Ministry
of Trade & Industries |
||||
|
License
Number |
: |
C0012/1992 |
||||
|
License
Status |
: |
License
exists - Normal. |
||||
|
Legal
Form - Category |
: |
Private
Company with Limited Liability |
||||
|
Legal
Form |
: |
Private
Limited |
||||
|
Legal Form - Abbreviation |
: |
PTE
LTD |
||||
|
Operational Status of Business |
: |
Normal |
||||
|
Date of Registration |
: |
30
Jan, 1992 |
||||
|
Employees |
: |
700 |
||||
|
Report Details |
|
||||
|
Country |
: |
Maldives |
|
||
|
Business Entity Name |
: |
HAPPY MARKET TRADING CO PTE LTD |
|
||
|
Primary Business Activity |
: |
Trader |
|
||
|
Primary Industry |
: |
Food Products |
|
||
|
Office Contact Details |
|
||||
|
Operating Address |
: |
M Newplot Ameenee Magu, Male |
|
||
|
Tel |
: |
[+960]-3313523 |
|
||
|
Fax |
: |
[+960]-3313522 |
|
||
|
|
: |
[+960]-3331091 |
|
||
|
Email |
: |
info@happymarket.com.mv |
|
||
|
Website Details |
|
||||
|
Website |
: |
http://www.happymarket.com.mv |
|
||
|
Status |
: |
Normal - operational |
|
||
|
Country of Registration |
: |
Maldives |
|
||
|
Ownership Type |
: |
Registered ownership by Subject Business Entity |
|
||
|
Primary Products
|
|
SIC PRODUCT CLASSIFICATION & ACTIVITY |
|||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
|
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY |
|||||||||||||||||||||||||||||||||
|
|
DETAILED PRODUCT CLASSIFICATION & ACTIVITY |
|||||||||||||||||||||||||||||||||
|
|
CORE BUSINESS DESCRIPTION |
|
Core Business |
|
The primary business focus of HAPPY MARKET TRADING CO PTE LTD is
Trading - Finished products. ·
Beverages ·
Bread ·
Canned foods ·
Canned fruits ·
Cereal ·
Cream products ·
Dairy products ·
Distilled water ·
Eggs ·
Food products ·
Frozen meat ·
Frozen products ·
Fruit cocktail ·
Fruits ·
Juice drinks ·
Juices ·
Milk ·
Mixed vegetables ·
Pasta ·
Ready-to-drink juice ·
Sauce ·
Seasonings ·
Soy sauce ·
Tomato paste ·
Tomato sauces ·
Vegetables |
|
Supplementary Business |
|
In addition to the core business, HAPPY MARKET TRADING CO PTE LTD also
is engaged in the following areas of business: 1.
Importing
·
Importing - Finished products |
|
LOCAL BRANCHES & MANAGEMENT |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INTERNATIONAL TRADE - Activity & Markets |
||
|
Country / Region |
Estimated level of importance |
Trading Activity |
|
|
Asia / Pacific |
Medium |
Importing |
|
|
OFFICE & FACILITIES |
||||||||||||
|
|
||||||||||||
|
NOTES & COMMENTS
|
Note |
: |
(1) Not applicable. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.