MIRA INFORM REPORT
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Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MULTI STORE |
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Registered Office : |
Bodu Magu, Hithadhoo, Addu |
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Country : |
Maldives |
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Date of Incorporation : |
29.08.2012 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Engaged in Trading of
Finished Products such as Hardware, Spare Parts, Paints, Plumbing, Tiles, Construction Materials, Tools, Nuts and Bolts
&as well as Electricals Products |
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No of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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.
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Source : CIA |
REGISTERED
NAME & CONCERN SUMMARY
Concern Details
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Organization
Name |
: |
MULTI
STORE |
|
Address |
: |
Bodu
Magu, Hithadhoo, Addu |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-6886701 |
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Email |
: |
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Website |
: |
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Primary
Business Activity |
: |
Trader |
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Key
Industry |
: |
Finished Products such as Hardware, Spare Parts, Paints,
Plumbing, Tiles, Construction Materials, Tools, Nuts and Bolts &as
well as Electricals Products |
Key Facts
|
Registered
Legal Address |
: |
Bodu
Magu, Hithadhoo, Addu |
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Operational
Address |
: |
Bodu
Magu, Hithadhoo, Addu |
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Issuing
Authority |
: |
Ministry
of Economic Development - National |
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License
Number |
: |
IG-1289/S2-2012 |
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License
Status |
: |
License
exists - Normal. |
|
Legal
Form - Category |
: |
Sole-proprietorship |
|
Legal
Form |
: |
Not
Applicable |
|
Legal
Form - Abbreviation |
: |
Not
Applicable |
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Operational
Status of Business |
: |
Normal |
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Date of
Registration |
: |
29 Aug,
2012 |
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Employees |
: |
15 |
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Capital |
: |
n/a(1) |
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Note |
: |
(1) Not applicable. |
NEGATIVE
INFORMATION
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REPUTATION |
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Due to
the recent incorporation of the MULTI STORE, and the relatively small nature
of its business, no meaningful points of reference in terms of reputation
within the respective industry was possible. |
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NEGA-SCAN -
ADVERSE DATA MONITORING |
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PAYMENT
INFORMATION
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DOMESTIC
SALES & PURCHASES |
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PAYMENT
TERMS |
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Selling |
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Purchasing |
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GROUP
STRUCTURE & AFFILIATED COMPANIES
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RELATED
PARTIES (Subsidiaries , Joint-ventures & Affiliates) |
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The
following provides a summary of the number of businesses that are related to
MULTI STORE: |
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Domestic |
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FINANCIAL
INFORMATION
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FINANCIAL
STATEMENT - DETAILED |
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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. |
ADDITIONAL
INFORMATION
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Report Details |
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Primary Products
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Products
/ Materials / Services Description |
Activity |
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Bolts |
Trading |
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Construction
materials |
Trading |
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Electrical
products |
Trading |
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Hardware |
Trading |
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Nuts |
Trading |
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SIC PRODUCT
CLASSIFICATION & ACTIVITY |
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HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY |
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DETAILED PRODUCT
CLASSIFICATION & ACTIVITY |
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CORE BUSINESS
DESCRIPTION |
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Core
Business |
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The primary
business focus of MULTI STORE is Trading - Finished products. Bolts Construction
materials Electrical
products Hardware Nuts Paints Plumbing Spare
parts Tiles Tools |
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OFFICE &
FACILITIES |
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The following information
relates to the Business Entity's office as listed above: |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
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UK Pound |
1 |
Rs.102.28 |
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Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.