MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	MED LAB DIAGNOSTICS
Registered Office :	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Country :	Maldives
Date of Incorporation :	22.02.2010
Legal Form :	Sole-proprietorship
Line of Business :	Subject is engaged in Service of medical equipment & pharmaceutical.
No. of Employees	10

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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Maldives	C1	C1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Source : CIA

Company name and address

Organization Name	:	MED LAB DIAGNOSTICS
Address	:	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Country	:	Maldives
Phone (S)	:	[+960]-3326262
Facsimile	:	[+960]-3313283
Email	:	info@medlabdiagnostics.com
Website	:	http://www.medlabdiagnostics.com
Primary Business Activity	:	Service
Key Industry	:	Medical Equipment & Pharmaceutical

Key Facts

Registered Legal Address	:	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Operational Address	:	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	T10/F/10/01131
License Status	:	License exists - Normal.
Legal Form - Category	:	Sole-proprietorship
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	Normal
Date of Registration	:	22 Feb, 2010
Employees	:	10
Capital	:	n/a^(1)
Note	:	^(1) 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	:	MED LAB DIAGNOSTICS
Primary Business Activity	:	Service
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Tel	:	[+960]-3326262
Fax	:	[+960]-3313283
Email	:	info@medlabdiagnostics.com
Website Details
Website	:	http://www.medlabdiagnostics.com
Status	:	Registered but not operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
Tax Issuing Authority	:	Maldives Inland Revenue Authority
Tax Number	:	41509GST01

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Proprietor / Owner
Name	:	Mr. Mohamed Mufeedh
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Thoiba Ahmad	Maldivian	Manager	Administration
2	Ms. Shiznee Shareef	Maldivian	Manager	Sales & Marketing
3	Mr. Abdulla Ziyam	Maldivian	Representative	-

Management Details - 1

Personal Unique Identifier	:	MI03739185
Name	:	Ms. Thoiba Ahmad

Management Details - 2

Personal Unique Identifier	:	MI03358917
Name	:	Ms. Shiznee Shareef
Email	:	shiznee@medlabdiagnostics.com
Mobile No.	:	960-7998208

Management Details - 3

Personal Unique Identifier	:	MI03738769
Name	:	Mr. Abdulla Ziyam
Email	:	ziyam@medlabdiagnostics.com
Mobile No.	:	960-7777486

NEGATIVE INFORMATION

REPUTATION

Due to the fact MED LAB DIAGNOSTICS is a sole-proprietorship, it has not been possible to identify any form of existing reputation within the respective industry sector.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to MED LAB DIAGNOSTICS:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	-
Joint-Ventures	-
Minority shareholdings	-
Affiliates	1
Liaison / Representative Offices	-

Domestic

Business Entity Name	:	MEDIQUIP MALDIVES PVT LTD
Global Identifier	:	P2471407
Country	:	Maldives
Relationship	:	Affiliate
Operational Address	:	2Fl STO Aifaanu Bldg - West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Primary Business Activity	:	Importer
Industry	:	Medical Equipment & Pharmaceutical

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.

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Laboratory services	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical Laboratories	8071	Service
Medical/Dental Equip/Supplies	5047	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical laboratories	9931	Service
Medical, surgical, dental or vet inst, no elec, part	9018	Importing, Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Medical equipment	Secondary	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MED LAB DIAGNOSTICS is Specialized professional services, including:

Laboratory services

Key service include :

Laboratory services

Supplementary Business

In addition to the core business, MED LAB DIAGNOSTICS also is engaged in the following areas of business:

Importing

Importing - Finished products

Trading

Trading - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

OTHER LICENSES

Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT
License Name	:	Business Name License
License Number	:	BN-2010/188

LOCAL BRANCHES & MANAGEMENT

Branch	:	MED LAB DIAGNOSTICS - MALE
Branch Address	:	SHE Bldg Izzudheen Magu, Male

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
China	Medium	Importing
India	Medium	Importing
United Kingdom	Medium	Importing

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	MED LAB DIAGNOSTICS - HENVEIRU, MALE
Primary Use	:	Office & Administration facilities
Address	:	2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026
Country	:	Maldives
Status	:	Operational

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Mohamed Mufeedh

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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.