MIRA
INFORM REPORT
|
Report Date : |
29.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HI-BRITE ENTERPRISES PVT LTD |
|
|
|
|
Registered Office : |
02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
17.04.2006 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Importer of Electrical Equipment & Appliances |
|
|
|
|
No. of Employees |
35 |
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 : |
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.
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.
|
Source
: CIA |
REGISTERED NAME & COMPANY
SUMMARY
|
Company Details |
||
|
Organization Name |
: |
HI-BRITE ENTERPRISES PVT LTD |
|
Address |
: |
02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094 |
|
Country |
: |
Maldives |
|
Phone (S) |
: |
[+960]-3324281 |
|
Facsimile |
: |
[+960]-3323463 |
|
Email |
: |
admin@hi-brite.com.mv |
|
Website |
: |
|
|
Primary Business Activity |
: |
Importer |
|
Key Industry |
: |
Electrical Equipment & Appliances |
|
Key Facts |
|
||
|
Registered Legal Address |
: |
02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094 |
|
|
Operational Address |
: |
02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094 |
|
|
Issuing Authority |
: |
MINISTRY OF ECONOMIC DEVELOPMENT - National |
|
|
License Number |
: |
C-265/2006 |
|
|
License Status |
: |
License exists - Normal. |
|
|
Legal Form - Category |
: |
Private Company with Limited Liability |
|
|
Legal Form |
: |
Private Limited |
|
|
Legal Form - Abbreviation |
: |
PVT LTD |
|
|
Operational Status of Business |
: |
Normal |
|
|
Date of Registration |
: |
17 Apr, 2006 |
|
|
Employees |
: |
35 |
|
|
Capital |
: |
n/a(1) |
|
|
Note |
: |
(1) Not
applicable. |
|
|
Report Details |
|
|
|
||||||||||||||||||||||||||||||||||||||||||
DIRECTORS/MANAGEMENT
Key Person
|
Legal Title |
: |
Managing Director |
|
Name |
: |
Mr. Abdul Latheef Mohamed |
|
Nationality |
: |
Maldivian |
|
|
COMPANY
MANAGEMENT |
||||||||||
|
|
|
||||||||||
|
|
Management
Listings |
||||||||||
|
|
|
||||||||||
|
|
|||||||||||
|
|
|
||||||||||
|
|
COMPANY
DIRECTORS |
||||||||||
|
|
|
||||||||||
NEGATIVE INFORMATION
|
|
REPUTATION |
|
|
Reference checking for the purpose of establishing HI-BRITE ENTERPRISES
PVT LTD's reputation within the respective industry failed to reveal any
adverse information. |
|
|
NEGA-SCAN -
ADVERSE DATA MONITORING |
|
|
|
SHARE & SHARE CAPITAL
INFORMATION
|
|
SHAREHOLDERS |
|
|
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
|
|
PAYMENT TERMS |
||||||||||
|
|
Selling |
||||||||||
|
|
|
||||||||||
|
|
Purchasing |
||||||||||
|
|
|
|
|
IMPORT AGENCY
LISTING |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
GROUP STRUCTURE & AFFILIATED
COMPANIES
|
|
RELATED PARTIES
(Subsidiaries , Joint-ventures & Affiliates) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
The following provides a summary of the number of businesses that are
related to HI-BRITE ENTERPRISES PVT 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
Na
ADDITIONAL INFORMATION
Primary Products
|
Products / Materials / Services Description |
Activity |
|
Electrical equipment |
Importing |
|
Washing machine |
Importing |
|
|
SIC PRODUCT
CLASSIFICATION & ACTIVITY |
||||||||||||
|
|
|
||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
|
HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|||||||||
|
|
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY |
|||||||||
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
|
|
CORE BUSINESS
DESCRIPTION |
|||||||||
|
|
|
|||||||||
|
|
Core Business |
|||||||||
|
|
The primary business focus of HI-BRITE ENTERPRISES PVT LTD is
Importing - Finished products. Electrical equipment Washing machine
Distribution |
|||||||||
|
|
|
|||||||||
|
|
Supplementary Business |
|||||||||
|
|
In addition to the core business, HI-BRITE ENTERPRISES PVT LTD also is
engaged in the following areas of business: Trading Trading - Finished products |
|||||||||
|
|
|
|||||||||
|
|
DOMESTIC SALES
& PURCHASES |
|||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
|
|
|||||||||
|
|
INTERNATIONAL
TRADE - Activity & Markets |
|||||||||
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||||||||
|
|
OFFICE &
FACILITIES |
|||||||||||||||
|
|
The following information relates to the Business Entity's office as
listed above: |
|||||||||||||||
|
|
|
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
UK Pound |
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.