MIRA INFORM REPORT

 

 

Report Date :

25.07.2014

 

IDENTIFICATION DETAILS

 

Name :

MEDIQUIP MALDIVES PVT LTD

 

 

Registered Office :

2Fl STO Aifaanu Bldg - West Wing Boduthakurufaanu Magu, Henveiru, Male 20026

 

 

Country :

Maldives

 

 

Date of Incorporation :

01.09.2003

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Importer of medical equipment & pharmaceutical

 

 

No. of Employees

15

 

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

:

MEDIQUIP MALDIVES PVT LTD

Address

:

2Fl STO Aifaanu Bldg - West Wing Boduthakurufaanu Magu, Henveiru, Male 20026

Country

:

Maldives

Phone (S)

:

[+960]-3326262

Facsimile

:

[+960]-3313283

Email

:

info@mediquipmaldives.com

Website

:

http://www.mediquipmaldives.com

Primary Business Activity

:

Importer

Key Industry

:

Medical Equipment & Pharmaceutical

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Mr. Abdulla Ziyam

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Arufa Muhammadh

Maldivian

Manager

Import

Management Details - 1

Personal Unique Identifier

:

MI03281364

Name

:

Ms. Arufa Muhammadh

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03281368

Name

:

Mr. Abdulla Ziyam

 

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

Reference checking for the purpose of establishing MEDIQUIP MALDIVES PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

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

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

Mr. Abdulla Ziyam

Maldives

n/a

n/a

n/a

2

Undisclosed Shareholders

Maldives

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders 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.

 

Note:
Based on corporate statutory laws for limited liability companies in Maldives, such legal entities maintain the right to only disclose the key shareholder of the company, CONDITIONAL that person (shareholder) is ALSO nominated as the registered person responsible for the actions of the company. In this case, the person listed above, holds that position, and is also a key shareholder.
The remaining shareholders, which are classified under "Undisclosed Shareholders" are not legally required to be disclosed.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

Annual Purchases Analysis

Percentage

Local Purchases

0%

Imports

100%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

IMPORT AGENCY LISTING

Supplier

:

DIALAB GMBH

Global Identifier

:

P2478446

Country of Origin

:

Austria

Product Description

:

Laboratory equipment

Brand/s

:

#1

DIALAB

Year

:

2007

 

Supplier

:

HEMSONS INT'L PVT LTD

Global Identifier

:

P0379946

Country of Origin

:

Sri Lanka

Product Description

:

Medical equipment

Brand/s

:

#1

Hemsons International

Year

:

2007

 

Supplier

:

JOHNSON & JOHNSON

Global Identifier

:

T0000936

Country of Origin

:

USA

Product Description

:

Medical consumables

Brand/s

:

#1

Johnson & Johnson

Year

:

2007

 

Supplier

:

NOVARTIS INTERNATIONAL AG

Global Identifier

:

P0011802

Country of Origin

:

Switzerland

Product Description

:

Diagnostic reagents

Pharmaceutical

Brand/s

:

#1

NOVARTIS

Year

:

2007

 

Supplier

:

ORGENICS LTD

Global Identifier

:

P1129757

Country of Origin

:

Israel

Product Description

:

Medical equipment

Brand/s

:

#1

ORGENICS

Year

:

2007

 

Supplier

:

ORTHO-CLINICAL DIAGNOSTICS INC

Global Identifier

:

P0334215

Country of Origin

:

USA

Product Description

:

Medical equipment

Brand/s

:

#1

VITROS

#2

enGen

Year

:

2007

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to MEDIQUIP MALDIVES PVT LTD:

 

TYPE

DOMESTIC

TOTAL

Subsidiaries

-

Joint-Ventures

-

Minority shareholdings

-

Affiliates

1

Liaison / Representative Offices

-

 

Domestic

 

Business Entity Name

:

MED LAB DIAGNOSTICS

Global Identifier

:

P2584972

Country

:

Maldives

Relationship

:

Affiliate

Operational Address

:

2Fl STO Aifaanu Bldg West Wing Boduthakurufaanu Magu, Henveiru, Male 20026

Primary Business Activity

:

Service

Industry

:

Medical Equipment & Pharmaceutical

 

 

 

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

 

N/a

 

 

ADDITIONAL INFORMATION

 

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

:

C-251/2003

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

:

1 Sep, 2003

Employees

:

15

 

Report Details

Country

:

Maldives

Business Entity Name

:

MEDIQUIP MALDIVES PVT LTD

Primary Business Activity

:

Importer

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@mediquipmaldives.com

Website Details

Website

:

http://www.mediquipmaldives.com

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 Primary Products

Products / Materials / Services Description

Activity

Diagnostic machines

Importing

Diagnostic reagents

Importing

Laboratory chemicals

Importing

Laboratory equipment

Importing

Medical consumables

Importing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemicals and Allied Products

2800

Importing

Chemicals/Allied Prdts, NEC

5169

Importing

Laboratory analytical instruments, and parts and accessories, nspf

3826

Importing

Laboratory apparatus & furniture

3821

Importing

Medical/Dental Equip/Supplies

5047

Importing

Pharmaceutical preparations

2834

Importing

Surgical and medical instruments and apparatus, nspf

3841

Importing

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Medical, surgical, dental or vet inst, no elec, part

9018

Importing

Miscellaneous chemical products

3800

Importing

Pharmaceutical products

3000

Importing

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Medical devices

Primary

Importing

Medical equipment

Primary

Importing

Pharmaceutical

Primary

Importing

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MEDIQUIP MALDIVES PVT LTD is Import agency - Finished products.

Key products include:

Diagnostic machines

Diagnostic reagents

Laboratory chemicals

Laboratory equipment

Medical consumables

Medical devices

Medical equipment

Pharmaceutical


An integral part of the core business includes:

Distribution

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Middle-East

Medium

Importing

North America

Medium

Importing

Austria

Medium

Importing

China

Medium

Importing

Israel

Medium

Importing

Sri Lanka

Medium

Importing

Switzerland

Medium

Importing

USA

Medium

Importing

 

 

 

OFFICE & FACILITIES

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

Name

:

MEDIQUIP MALDIVES PVT LTD - HENVEIRU, MALE

Primary Use

:

Office & Administration facilities

Address

:

2Fl STO Aifaanu Bldg - West Wing Boduthakurufaanu Magu, Henveiru, Male 20026

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.60.00

UK Pound

1

Rs.102.19

Euro

1

Rs.80.68

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.