MIRA
INFORM REPORT
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Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MULTI STORE |
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Registered Office : |
Bodu Magu, Hithadhoo, Addu |
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Country : |
Maldives |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is trading finished products. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Maldives |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
MALDIVES - ECONOMIC OVERVIEW
ourism, 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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Company Details |
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Organization Name |
: |
MULTI STORE |
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Address |
: |
Bodu Magu, Hithadhoo, Addu |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-6886701 |
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: |
customer@multi.com.mv |
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Website |
: |
http://www.multi.com.mv/ |
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Primary Business Activity |
: |
Trader |
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Key Industry |
: |
Hardware & Tools |
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Key Facts |
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Operational Address |
: |
Bodu Magu, Hithadhoo, Addu |
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License Number |
: |
n/a |
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License Status |
: |
No license exists. |
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Legal Form - Category |
: |
n/a |
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Legal Form |
: |
n/a |
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Legal Form - Abbreviation |
: |
n/a |
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Operational Status of Business |
: |
Office exists but not operating under a license issued to the Subject Business Entity |
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Employees |
: |
10 |
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Report Details |
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DIRECTORS/MANAGEMENT
Na
NEGATIVE INFORMATION
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NEGA-SCAN - ADVERSE
DATA MONITORING |
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SHARE & SHARE CAPITAL
INFORMATION
Na
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Na
FINANCIAL INFORMATION
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FINANCIAL STATEMENT
- DETAILED |
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Due to the nature of this entity, there are no financials available. |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Primary Products
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Products / Materials / Services Description |
Activity |
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Bolts |
Trading |
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Construction materials |
Trading |
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Electrical products |
Trading |
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Hardware |
Trading |
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Nuts |
Trading |
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SIC PRODUCT
CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY |
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DETAILED 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 MULTI STORE is Trading - Finished products. Bolts Construction materials Electrical products Hardware Nuts Paints Plumbing Spare parts Tiles Tools |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
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|
1 |
Rs.97.99 |
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Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
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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.