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Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AQ MART |
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Registered Office : |
Gula Laage S Maradhoo, Addu |
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Country : |
Maldives |
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Date of Incorporation : |
13.08.2009 |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Trader of Finished products such as · Foods · Fresh fruits · Fresh vegetables · Groceries · Hardware items |
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No. of Employees : |
13 |
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 28% 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. Economic growth slowed to 3.4% of GDP in 2012, compared to
7.0% in 2011 because of slower tourist arrivals and weak global conditions.
Diversifying the economy beyond tourism and fishing, reforming public finance,
increasing employment opportunities, and combating corruption, cronyism, and a
growing drug problem are major near-term challenges facing the government.
Gross foreign reserves at the end of November 2012 were approximately $356
million, compared with $326 million in 2011, and were sufficient to finance
only 2.6 months of imports. 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 |
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Company Details |
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Organization
Name |
: |
AQ
MART |
|
Address |
: |
Dhon
Badamaguseenu Maradhoo, Addu |
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Country |
: |
Maldives |
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Phone
(S) |
: |
[+960]-6890304 |
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Primary
Business Activity |
: |
Trader |
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Key
Industry |
: |
Food
Products |
Key Person
|
Legal Title |
: |
Proprietor
/ Owner |
|
Name |
: |
Mr. Abdulla Naseer |
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Nationality |
: |
Maldivian |
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REPUTATION |
|
Reference checking for the purpose of establishing the AQ MART's
reputation within the respective industry failed to reveal any adverse
information. |
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NEGA-SCAN - ADVERSE DATA MONITORING |
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Capital |
: |
n/a(1) |
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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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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. |
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Key Facts |
||||
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Registered Legal Address |
: |
Gula
Laage S Maradhoo, Addu |
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Operational Address |
: |
Dhon
Badamaguseenu Maradhoo, Addu |
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Issuing Authority |
: |
Ministry
of Economic Development - National |
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License
Number |
: |
IG-0045/S3/2009 |
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License
Status |
: |
License
exists - Normal. |
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Legal
Form - Category |
: |
Sole-proprietorship |
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|
Legal
Form |
: |
Not
Applicable |
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|
Legal
Form - Abbreviation |
: |
Not
Applicable |
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Operational
Status of Business |
: |
Normal |
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Date
of Registration |
: |
13
Aug, 2009 |
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Employees |
: |
13 |
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Report Details |
||||
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Country |
: |
Maldives |
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Business Entity Name |
: |
AQ MART |
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Primary Business Activity |
: |
Trader |
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Primary Industry |
: |
Food Products |
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Office Contact Details |
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Operating Address |
: |
Dhon Badamaguseenu Maradhoo, Addu |
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Tel |
: |
[+960]-6890304 |
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Mobile |
: |
[+960]-7720607 |
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Primary Products
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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 AQ MART is
Trading - Finished products.
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OFFICE & FACILITIES |
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Note |
: |
(1) Not applicable. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.