MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	HONEY CORNER MALDIVES PVT LTD
Registered Office :	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Country :	Maldives
Date of Incorporation :	16.10.2012
Legal Form :	Private Company with Limited Liability
Line of Business :	Importer of Food Items such as Banana, Chicken sausages, Fresh fruits, Fresh vegetables, Fresh carrots & Frozen foods
No of Employees :	50

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	:	HONEY CORNER MALDIVES PVT LTD
Address	:	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Country	:	Maldives
Phone (S)	:	[+960]-3000606
Facsimile	:	[+960]-3332692
Email	:	info@honeycorner.com
Website	:	http://www.honeycorner.com
Primary Business Activity	:	Importer
Key Industry	:	Food Products

DIRECTORS/MANAGEMENT

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03742277
Name	:	Mr. Ian Ibrahim
Email	:	ian@honeycorner.com
Mobile No.	:	960-7907857
2
Personal Unique Identifier	:	MI03742279
Name	:	Mr. Mohamed Ishan
Email	:	ishan@honeycorner.com
Mobile No.	:	960-7773226

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Directors. In this case, the Directors information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

NEGATIVE INFORMATION

REPUTATION

Due to the recent incorporation of the HONEY CORNER MALDIVES PVT LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

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

Capital

:

n/a^(1)

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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days

Purchasing

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

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.

ADDITIONAL INFORMATION

Key Facts
Registered Legal Address	:	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Operational Address	:	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Trading Name	:	HONEY CORNER
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	IG-0265/T10/2012
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	:	16 Oct, 2012
Employees	:	50

Report Details
Country	:	Maldives
Business Entity Name	:	HONEY CORNER MALDIVES PVT LTD
Primary Business Activity	:	Importer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Tel	:	[+960]-3000606
Fax	:	[+960]-3332692
Email	:	info@honeycorner.com sales@honeycorner.com marketing@honeycorner.com
Website Details
Website	:	http://www.honeycorner.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	:	1003772GST501

 Primary Products

Products / Materials / Services Description	Activity
Banana	Importing
Chicken sausages	Importing
Food items	Importing
Fresh fruits	Importing
Fresh vegetables	Importing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food and Kindred Products	2000	Importing
Food products, nspf	2099	Importing
Fresh Fruits & Vegetables	5148	Importing
Frozen fruits, fruit juices, and vegetables	2037	Importing
Sausages & prepared products	2013	Importing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Bananas and plantains, fresh or dried	0803	Importing
Carrots, fresh or chilled	0706103000	Importing
Ed. fruits & nuts, peel of citrus/melons	0800	Importing
Food preparations	2106	Importing
Fruits, fresh	0810905000	Importing
Sausages, similar prdt meat etc food prep of these	1601	Importing

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Fresh, carrots	Primary	Importing
Frozen foods	Primary	Importing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HONEY CORNER MALDIVES PVT LTD is Importing - Finished products.

Key products include:

• Banana
• Chicken sausages
• Food items
• Fresh fruits
• Fresh vegetables
• Fresh carrots
• Frozen foods

An integral part of the core business includes:

• Distribution

LOCAL BRANCHES & MANAGEMENT

Branch	:	HONEY CORNER MALDIVES PVT LTD - MALE
Branch Address	:	02 Maaveyo Magu, Male 20241
Primary use of location	:	#1. Retail outlet

INTERNATIONAL TRADE - Activity & Markets
Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Importing
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
Middle-East	Medium	Importing
North America	Medium	Importing
South America	Medium	Importing
Australia	Medium	Importing
Brazil	Medium	Importing
Chile	Medium	Importing
Egypt	Medium	Importing
France	Medium	Importing
India	Medium	Importing
Italy	Medium	Importing
Malaysia	Medium	Importing
New Zealand	Medium	Importing
Pakistan	Medium	Importing
Peru	Medium	Importing
Saudi Arabia	Medium	Importing
Singapore	Medium	Importing
South Africa	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

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

Name	:	HONEY CORNER MALDIVES PVT LTD - MALE
Primary Use	:	Office & Administration facilities
Address	:	Ground Fl Ma Evening Garden Dhevina Magu, Male 20232
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.102.86
Euro	1	Rs.81.44

INFORMATION DETAILS

Analysis Done by :	SUB
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.