MIRA INFORM REPORT

 

 

Report Date :

23.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ESSEN ENTERPRISES PVT LTD

 

 

Registered Office :

1Fl Alia Furniture Mart Boduthakurufaanu, Magu, Male 20252

 

 

Country :

Maldives

 

 

Date of Incorporation :

08.07.2009

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

engaged in Trading Consumer Products such as Bar Blenders, Beverages, Caviar, Cheese, Chilled Food Stuffs, Coffee Urns, Deodorants, Dried Foodstuffs  Foam, Bath, Food Products, Fresh Fruits, Fresh Vegetables, Frozen Meat, Hair Conditioners, Olive Oil, Poultry Products, Shampoo, Shower Gel & Soaps

 

 

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

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

ESSEN ENTERPRISES PVT LTD

Address

:

5Fl M Filaa Bldg 1 Koli Umaru Maniku Goalhi, Male, Kaafu

Country

:

Maldives

Phone (S)

:

[+960]-3349004

Facsimile

:

[+960]-3303596

Email

:

sales@essenenterprise.com

Website

:

http://www.essenenterprise.com

Primary Business Activity

:

Trader

Key Industry

:

Consumer Products

 

Key Facts

Registered Legal Address

:

1Fl Alia Furniture Mart Boduthakurufaanu, Magu, Male 20252

Operational Address

:

5Fl M Filaa Bldg 1 Koli Umaru Maniku Goalhi, Male, Kaafu

Name History

:

Business Entity Name

Effective Date

ESSEN GLOBAL COMMERCE PVT LTD

8 Jul, 2009

ESSEN ENTERPRISES PVT LTD

13 Dec, 2009

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-528/2009

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

:

8 Jul, 2009

Employees

:

10

Capital

:

n/a(1)

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

Legal Title

:

Chairman

Name

:

Mr. Ismail Ahmed

Registered Address

:

Dorency Villa R Kandholhudhoo, Male

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Ahlaam

Maldivian

Representative

Marketing

2

Mr. Binu

Maldivian

Executive

Account

3

Ms. Damayanthi

Maldivian

Representative

Account

4

Mr. Magdhim

Maldivian

Manager

Sales & Marketing

5

Mr. Marina

Maldivian

Manager

Business Development

6

Ms. Mariyam

Maldivian

Representative

Sales

7

Mr. Shimaan

Maldivian

Manager

Sales

8

Ms. Anson R. Villamor

Maldivian

Administrator

-

Management Details - 1

Personal Unique Identifier

:

MI03722778

Name

:

Ms. Ahlaam

 

Email

:

marketing@essenenterprise.com

Mobile No.

:

960-7727204

Management Details - 2

Personal Unique Identifier

:

MI03186830

Name

:

Mr. Binu

 

Management Details - 3

Personal Unique Identifier

:

MI03722773

Name

:

Ms. Damayanthi

 

Email

:

accounts@essenenterprise.com

Management Details - 4

Personal Unique Identifier

:

MI03186826

Name

:

Mr. Magdhim

 

Management Details - 5

Personal Unique Identifier

:

MI03186829

Name

:

Mr. Marina

 

Email

:

marina.bussi@essenenterprise.com

Management Details - 6

Personal Unique Identifier

:

MI03722774

Name

:

Ms. Mariyam

 

Email

:

sales@essenenterprise.com

Management Details - 7

Personal Unique Identifier

:

MI03186827

Name

:

Mr. Shimaan

 

Management Details - 8

Personal Unique Identifier

:

MI03186845

Name

:

Ms. Anson R. Villamor

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03722959

Name

:

Mr. Ibrahim Ahmed

2

 

 

Personal Unique Identifier

:

MI03722955

Name

:

Mr. Ismail Ahmed

Registered Address

:

Dorency Villa R Kandholhudhoo ,Male

Country of Residence

:

Maldives

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Directors. In this case, the Subject Business Entity supplied the Directors information.
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 ESSEN ENTERPRISES 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

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

Mr. Ibrahim Ahmed

Maldives

n/a

n/a

n/a

2

Mr. Ismail Ahmed

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 Subject Business Entity supplied the Shareholders information.
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.

 

PAYMENT INFORMATION

 

Supplementary Business

In addition to the core business, ESSEN ENTERPRISES PVT LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

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

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

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importsance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing

Middle-East

Medium

Importing, Exporting

India

Medium

Importing

 

 

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

 

Report Details

Country

:

Maldives

Business Entity Name

:

ESSEN ENTERPRISES PVT LTD

Primary Business Activity

:

Trader

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

5Fl M Filaa Bldg 1 Koli Umaru Maniku Goalhi, Male, Kaafu

Tel

:

[+960]-3349004

 

:

[+960]-3340088

Fax

:

[+960]-3303596

Email

:

sales@essenenterprise.com
marketing@essenenterprise.com
telesales@essenenterprise.com
accounts@essenenterprise.com
info@essenenterprise.com

Website Details

Website

:

http://www.essenenterprise.com

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 Primary Products

Products / Materials / Services Description

Activity

Bar blenders

Trading

Beverages

Trading

Caviar

Trading

Cheese

Trading

Chilled food stuffs

Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cheese, natural and processed

2022

Trading

Electrical Appliances

5064

Trading

Food and Kindred Products

2000

Trading

Food products, nspf

2099

Trading

Fresh Fruits & Vegetables

5148

Trading

Frozen Specialties, NEC

2038

Trading

Malt beverages

2082

Trading

Manufactured articles, nspf

3999

Trading

Meats & Meat Products

5147

Trading

Packaged Frozen Foods

5142

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Beverages, spirits & vinegar

2200

Trading

Cheese and curd

0406

Trading

Electric domestic appliance parts

8509904050

Trading

Electromech domestic appliances; parts

8509

Trading

Food blenders,domestic

8509400015

Trading

Food preparations

2106

Trading

Meat and edible meat offal, fresh, chilled or frozen

0208904000

Trading

Meat of bovine animals, frozen

0202

Trading

Miscellaneous manufactured articles

9600

Trading

Oils & resinoids, perfumery, cosmetic or toilet preparations

3300

Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Coffee urns

Primary

Trading

Deodorants

Primary

Trading

Dried foodstuffs

Primary

Trading

Foam, bath

Primary

Trading

Food products

Primary

Trading

Fresh fruits

Primary

Trading

Fresh vegetables

Primary

Trading

Frozen meat

Primary

Trading

Hair conditioners

Primary

Trading

Olive oil

Primary

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ESSEN ENTERPRISES PVT LTD is Trading - Finished products.

Key products include :

Bar blenders

Beverages

Caviar

Cheese

Chilled food stuffs

Coffee urns

Deodorants

Dried foodstuffs

Foam, bath

Food products

Fresh fruits

Fresh vegetables

Frozen meat

Hair conditioners

Olive oil

Poultry products

Shampoo

Shower gel

Soaps

 

OFFICE & FACILITIES

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

Name

:

ESSEN ENTERPRISES PVT LTD - MALE, KAAFU

Primary Use

:

Office & Administration facilities

Address

:

5Fl M Filaa Bldg 1 Koli Umaru Maniku Goalhi, Male, Kaafu

Country

:

Maldives

Status

:

Operational

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.28

UK Pound

1

Rs.102.77

Euro

1

Rs.82.12

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.