MIRA INFORM REPORT

 

 

Report Date :

16.09.2013

 

IDENTIFICATION DETAILS

 

Name :

KOSHAARU (COUNTER)

 

 

Registered Office :

G Light Rm, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

03.02.2013

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Trader of Consumer Products

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New business

 

 

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

:

KOSHAARU (COUNTER)

Address

:

G Light Rm, Male

Country

:

Maldives

Phone (S)

:

[+960]-3321169
Status: Telephone number working but answering party has no knowledge of SBE

Primary Business Activity

:

Trader

Key Industry

:

Consumer Products

 

Operating Status:

Investigation can not confirm operational status of Subject Business Entity.

Investigations confirm the legal registration of the KOSHAARU (COUNTER), but as a result of not being able to identify:

  • any operational offices
  • any point of contact
  • nor speak to any representative of the firm

it has not been possible to conduct the normal due diligence process and assessment of credit worthiness.

 

Key Facts

 

Registered Legal Address

:

G Light Rm, Male

Operational Address

:

G Light Rm, Male

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

IG-0174/T10/2013

License Status

:

License exists - But no trace of any Operational office.

Legal Form - Category

:

Sole-proprietorship

Legal Form

:

Not Applicable

Legal Form - Abbreviation

:

Not Applicable

Operational Status of Business

:

It was NOT possible to confirm the operational status.(1)

Date of Registration

:

3 Feb, 2013

Capital

:

n/a(2)

Note

:

(1) Due to the lack of SBE's operational status, and circumstances involved, the information as listed below is only historical / on-file data and as such it has not been possible to verify against any current sources.

 

(2) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Sole-proprietorship) in Maldives, there is no requirement for Authorized Capital.

 

Report Details

 

 

Country

:

Maldives

Business Entity Name

:

KOSHAARU (COUNTER)

Primary Business Activity

:

Trader

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

G Light Rm, Male

Tel

:

[+960]-3321169
Status: Telephone number working but answering party has no knowledge of SBE

 

:

[+960]-3347055
Status: Telephone number working but answering party has no knowledge of SBE

 

:

[+960]-3331732
Status: Telephone number working but no answer

 

:

[+960]-3300640
Status: Telephone disconnected

 

:

[+960]-3329266
Status: Telephone number working but answering party has no knowledge of SBE

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Proprietor / Owner

Name

:

Mr. Adham Shahid

Nationality

:

Maldivian

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Due to the lack of any third party references and the relatively small size of the KOSHAARU (COUNTER), it was not possible to establish any point of reference within the respective industry sector.

 

 

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

 

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

FINANCIAL INFORMATION

 

 

FINANCIAL STATEMENT - DETAILED

 

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.

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

 

Consumer products

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Manufactured articles, nspf

3999

Importing, Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Miscellaneous manufactured articles

9600

Importing, Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of KOSHAARU (COUNTER) is Trading - Finished products.

Key product include :

  • Consumer products

 

 

 

Supplementary Business

 

In addition to the core business, KOSHAARU (COUNTER) also is engaged in the following areas of business:

  1. Importing
    • Importing - Finished products

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.79

UK Pound

1

Rs.100.70

Euro

1

Rs.84.67

 

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%)

 

 

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.