MIRA INFORM REPORT
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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
EURO MARKETING PVT LTD |
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Registered Office : |
Ma Favourite Chandhanee, Magu, Male 20194 |
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Country : |
Maldives |
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Date of Incorporation : |
27.08.1997 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importer of Food Products |
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No. of Employees : |
40 |
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.
ECGC Country Risk Classification List – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
Tourism, Maldives' largest economic activity, accounts for nearly 30% 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. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other near-term challenges facing the government. 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.
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Source
: CIA |
REGISTERED
NAME & COMPANY SUMMARY
Company Details
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Organization Name |
: |
EURO MARKETING PVT LTD |
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Address |
: |
Ma Favourite Chandhanee, Magu, Male 20194 |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3316116 |
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Facsimile |
: |
[+960]-3312068 |
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Email |
: |
sales@euromarketingmaldives.com |
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Website |
: |
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Primary Business Activity |
: |
Importer |
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Key Industry |
: |
Food Products |
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Key Facts |
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Registered Legal Address |
: |
Ma Favourite Chandhanee, Magu, Male 20194 |
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Operational Address |
: |
Ma Favourite Chandhanee, Magu, Male 20194 |
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Trading Name |
: |
EURO STORE |
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Issuing Authority |
: |
Ministry of Economic Development - National |
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License Number |
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C-275/97 |
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License Status |
: |
License exists - Normal. |
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Legal Form - Category |
: |
Private Company with Limited Liability |
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Legal Form |
: |
Private Limited |
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Legal Form - Abbreviation |
: |
PVT LTD |
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Operational Status of Business |
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Normal |
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Date of Registration |
: |
27 Aug, 1997 |
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Employees |
: |
40 |
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Capital |
: |
n/a(1) |
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Note |
: |
(1) Not applicable. According to the corporate statutory laws for this type of Legal Form -
Category(Private Company with Limited Liability) in Maldives, there is no
requirement for Authorized Capital. |
DIRECTORS/MANAGEMENT
Key Person
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Legal Title |
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Managing Director |
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Name |
: |
Mr. Ismail Noordeen |
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Nationality |
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Maldivian |
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COMPANY
MANAGEMENT |
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Management Listings |
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COMPANY
DIRECTORS |
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NEGATIVE
INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing the EURO MARKETING
PVT LTD's reputation within the respective industry failed to reveal any
adverse information. |
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NEGA-SCAN - ADVERSE DATA MONITORING |
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SHARE
& SHARE CAPITAL INFORMATION
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SHAREHOLDERS |
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Not available - According to the corporate statutory laws for this
type of Legal Form - Category (Private Company with Limited Liability) in
Maldives, there is no public disclosure of Shareholders. |
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
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
N/a
ADDITIONAL
INFORMATION
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Report Details |
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Primary Products
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Products / Materials / Services Description |
Activity |
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Bakery products |
Importing, Trading |
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Beverages |
Importing, Trading |
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Biscuits |
Importing, Trading |
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Bottled mineral water |
Importing, Trading |
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Cheese |
Importing, 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 EURO MARKETING PVT LTD is Import agency
- Finished products. Bakery products Beverages Biscuits Bottled mineral water Cheese Chocolates Coffee Confectionery products Cookies Energy drinks Food products Gummi candies Juices Pasta Pastries Syrups Tea products
Distribution |
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Supplementary Business |
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In addition to the core business, EURO MARKETING PVT LTD also is
engaged in the following areas of business: Trading Trading - Finished products |
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IMPORT AGENCY LISTING
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INTERNATIONAL
TRADE - Activity & Markets |
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OFFICE &
FACILITIES |
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The following information relates to the Business Entity's office as
listed above: |
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NOTES
& COMMENTS
N/a
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.32 |
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1 |
Rs.100.04 |
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Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NNA |
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 |
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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.