MIRA INFORM REPORT

Report Date :

19.09.2014

IDENTIFICATION DETAILS

Name :	HI-BRITE ENTERPRISES PVT LTD
Registered Office :	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Country :	Maldives
Date of Incorporation :	17.04.2006
Legal Form :	Private Limited
Line of Business :	Importer of Food Products
No. of Employees	35

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.

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	:	HI-BRITE ENTERPRISES PVT LTD
Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Country	:	Maldives
Phone (S)	:	[+960]-3324281
Facsimile	:	[+960]-3323463
Email	:	admin@hi-brite.com.mv
Website	:	http://www.hi-brite.com.mv
Primary Business Activity	:	Importer
Key Industry	:	Food Products

Registered Legal Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Operational Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	C-265/2006
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	:	17 Apr, 2006
Employees	:	35
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	:	Managing Director
Name	:	Mr. Abdul Latheef Mohamed
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Mariyan Ali	Maldivian	Administrator	-

Management Details - 1

Personal Unique Identifier	:	MI03757561
Name	:	Ms. Mariyan Ali

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03757559
Name	:	Mr. Abdul Latheef Mohamed

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 HI-BRITE 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

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Shareholders.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Imports	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

IMPORT AGENCY LISTING

Supplier

:

TCL CORP

Global Identifier

:

P0243503

Country of Origin

:

China

Product Description

:

Electrical equipment

Brand/s

:

#1

TCL

Year

:

2010

Supplier

:

WUXI LITTLE SWAN CO LTD

Global Identifier

:

32126787

Country of Origin

:

China

Product Description

:

Washing machine

Brand/s

:

#1	Little Swan

Year

:

2010

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to HI-BRITE ENTERPRISES PVT LTD:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	-
Joint-Ventures	-
Minority shareholdings	-
Affiliates	2
Liaison / Representative Offices	-

Domestic

Business Entity Name	:	BESTBUY MALDIVES PVT LTD
Global Identifier	:	P2891629
Country	:	Maldives
Relationship	:	Affiliate
Operational Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Primary Business Activity	:	Trader
Industry	:	Consumer Products

Business Entity Name	:	KANANDHOO HOLDINGS PVT LTD
Global Identifier	:	P3083430
Country	:	Maldives
Relationship	:	Affiliate
Operational Address	:	Ma Never Cone Male Machchangoalhi 20-06, Magu, Male
Primary Business Activity	:	Trader
Industry	:	Consumer Products

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

Country	:	Maldives
Business Entity Name	:	HI-BRITE ENTERPRISES PVT LTD
Primary Business Activity	:	Importer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Tel	:	[+960]-3324281
Fax	:	[+960]-3323463
Email	:	admin@hi-brite.com.mv
Website Details
Website	:	http://www.hi-brite.com.mv
Status	:	Registered but not operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

Primary Products

Products / Materials / Services Description	Activity
Fruits	Importing
Ginger	Importing
Vegetables	Importing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Electrical Appliances	5064	Importing
Food products machinery, and parts, nspf	3556	Importing
Food products, nspf	2099	Importing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Ed. fruits & nuts, peel of citrus/melons	0800	Importing
Electric domestic food grinders and processors	8509400040	Importing
Electrical machines and apparatus	8543899090	Importing
Fruit nesoi, fresh	0810	Importing
Ginger	0910100000	Importing
Ginger, saffron, tumeric, thyme, bay leaves etc	0910	Importing
Vegetables nesoi, fresh or chilled	0709	Importing
Washing machines, household- or laundry-type, parts	8450	Importing

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Electrical equipment	Secondary	Importing
Food processing machineries	Secondary	Importing
Washing machine	Secondary	Importing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HI-BRITE ENTERPRISES PVT LTD is Importing - Finished products.

Key products include :

Ginger

Fruits

Vegetables

An integral part of the core business includes:

Distribution

Supplementary Business

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

Trading

Trading - Finished products

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	High	Importing
China	High	Importing
India	Medium	Importing
Malaysia	Medium	Importing
Singapore	Medium	Importing

OFFICE & FACILITIES

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

Name	:	HI-BRITE ENTERPRISES PVT LTD - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	02-04, 2Fl H Aage West Wing 12 Boduthakurufaanu, Magu, Male 20094
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.05
UK Pound	1	Rs.99.55
Euro	1	Rs.78.57

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.