MIRA INFORM REPORT
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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
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Name : |
ADK CO PVT LTD |
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Registered Office : |
6Fl ADK Tower Amira Mahad, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
20.06.1995 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Trader of Medical Equipment & Pharmaceutical |
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No of Employees : |
110 |
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.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Maldives |
C1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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.
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Source
: CIA |
REGISTERED
NAME & COMPANY SUMMARY
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Company Details |
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Organization Name |
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ADK CO PVT LTD |
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Address |
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6Fl ADK Tower Amira Mahad, Magu, Male |
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Country |
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Maldives |
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Phone (S) |
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[+960]-3008559 |
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Facsimile |
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[+960]-3320437 |
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Email |
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hr@adkcompany.com |
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Website |
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Primary Business Activity |
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Trader |
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Key Industry |
: |
Medical Equipment & Pharmaceutical |
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Key Facts |
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Registered Legal Address |
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Silzer Leaf, Male |
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Operational Address |
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6Fl ADK Tower Amira Mahad, Magu, Male |
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Issuing Authority |
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MINISTRY OF TRADE & INDUSTRIES - National |
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License Number |
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C-0134/1995 |
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License Status |
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License exists - Normal. |
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Legal Form - Category |
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Private Company with Limited Liability |
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Legal Form |
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Private Limited |
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Legal Form - Abbreviation |
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PVT LTD |
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Operational Status of Business |
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Normal |
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Date of Registration |
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20 Jun, 1995 |
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Employees |
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110 |
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Capital |
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n/a(1) |
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Note |
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(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. |
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Report Details |
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DIRECTORS/MANAGEMENT
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COMPANY MANAGEMENT |
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Management Listings |
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COMPANY DIRECTORS |
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NEGATIVE
INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing ADK CO PVT LTD'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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SHARE
& SHARE CAPITAL INFORMATION
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SHAREHOLDERS |
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PAYMENT
INFORMATION
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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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STRATEGIC PARTNER/S & ALLIANCES |
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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
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
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Today's Exchange rate |
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ADDITIONAL
INFORMATION
Primary Products
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Products / Materials / Services Description |
Activity |
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Medical equipment |
Importing, Trading |
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Medical products |
Importing, Trading |
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Pharmaceutical products |
Importing, Trading |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED 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 ADK CO PVT LTD is Trading - General
products.
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Supplementary Business |
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In addition to the core business, ADK CO PVT LTD also is engaged in the
following areas of business: 1. Importing
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DOMESTIC SALES & PURCHASES |
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LOCAL BRANCHES & MANAGEMENT |
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INTERNATIONAL TRADE - Activity & Markets |
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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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NOTES
& COMMENTS
Na
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.39 |
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1 |
Rs.98.00 |
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Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SMN |
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 |
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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.