MIRA INFORM REPORT

 

 

Report No. :

309546

Report Date :

10.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AIMA CONSTRUCTION COMPANY PVT LTD

 

 

Registered Office :

G Aima Banafsamagu 20-04, Male 20119

 

 

Country :

Maldives

 

 

Date of Incorporation :

22.04.1991

 

 

Legal Form :

Private Company With Limited Liability

 

 

Line of Business :

Trader of Construction & Construction Materials.

 

Key Products Include :

·         Breakers

·         Chemicals

·         Anchors

·         Construction chemicals

·         Construction materials

·         Direct fastening

·         Door lock

·         Epoxy

·         Equipment

·         Fire prevention products

·         Flooring materials

·         Hand tools

·         Hardware

·         Hinges

·         Houseware

·         Pipes, supports

·         Power tools

·         Submersible drainage pumps

·         Tools

·         Vinyls

 

 

No. of Employees :

1, 500

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD $800,000

Status :

Moderate

Payment Behaviour :

No Complaints

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Maldives

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

AIMA CONSTRUCTION COMPANY PVT LTD

Address

:

G Aima Banafsamagu 20-04, Male 20119

Country

:

Maldives

Phone (S)

:

[+960]-3318181

Facsimile

:

[+960]-3313366

Email

:

hr@aima.com.mv

Website

:

http://www.aima.com.mv

Primary Business Activity

:

Trader

Key Industry

:

Construction & Construction Materials

 

Key Facts

Registered Legal Address

:

G Aima Banafsamagu 20-04, Male 20119

Operational Address

:

G Aima Banafsamagu 20-04, Male 20119

Name History

:

Business Entity Name

Effective Date

AIMA WOODWORKS AND CONTRACTING COMPANY PVT LTD

22 Apr, 1991

AIMA WOODWORKS AND CONSTRUCTION COMPANY PVT LTD

15 Oct, 1991

AIMA CONSTRUCTION COMPANY PVT LTD

27 Jan, 1997

Issuing Authority

:

MINISTRY OF ECONOMIC DEVELOPMENT

License Number

:

C-0027/1991

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

:

22 Apr, 1991

Employees

:

1,500

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.

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: USD $800,000 based on 90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Ibrahim Abdul Azeez

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Muthu Krishnan

Maldivian

Controller

-

 

Management Details - 1

Personal Unique Identifier

:

MI03830068

Name

:

Mr. Muthu Krishnan

 

Email

:

materialcontrol@aima.com.mv

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI01837951

Name

:

Mr. Ahmed Abdul Azeez

Date of Appointment

:

5 Jan, 1997

2

 

 

Personal Unique Identifier

:

MI01837888

Name

:

Mr. Ibrahim Abdul Azeez

Email

:

ibrahim@aima.com.mv

Date of Appointment

:

5 Jan, 1997

3

 

 

Personal Unique Identifier

:

MI01837952

Name

:

Mr. Mohamed Abdul Azeez

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing AIMA CONSTRUCTION COMPANY 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

Currency: MVR - Maldives Rufiyaa

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Ahmed Abdul Azeez

Maldives

n/a

n/a

n/a

2

Mr. Ahmed Shahir

Maldives

n/a

n/a

n/a

3

Mr. Ibrahim Abdul Azeez

Maldives

n/a

n/a

n/a

4

Mr. Ismail Asif

Maldives

n/a

n/a

n/a

5

Mr. Mohamed Abdul Azeez

Maldives

n/a

n/a

n/a

6

Mrs. Sharmila Ragunathan

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 Shareholders 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.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

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 importance

Trading Activity

Asia / Pacific

High

Importing

Europe

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Liechtenstein

Medium

Importing

Malaysia

High

Importing

Singapore

Medium

Importing

Sri Lanka

Medium

Importing

OVERSEAS SUPPLIERS

 

Business Entity Name

Global Identifier

Country

EMPIRE MACHINERY (M) SDN BHD

30807303

Malaysia

FOSROC SDN BHD

30808635

Malaysia

HILTI AG

P0740707

Liechtenstein

 

 

DOMESTIC CUSTOMERS

 

Business Entity Name

Global Identifier

F & P WORLDS SPORTING & HOTEL PVT LTD

P3197043

MALDIVES INFLIGHT CATERING PVT LTD

P0298832

NAIADE RESORTS MALDIVES LTD

P3197038

REETHI RAH RESORT PVT LTD

P1968972

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

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

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065574 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Maldives

Business Entity Name

:

AIMA CONSTRUCTION COMPANY PVT LTD

Primary Business Activity

:

Trader

Primary Industry

:

Construction & Construction Materials

Office Contact Details

Operating Address

:

G Aima Banafsamagu 20-04, Male 20119

Tel

:

[+960]-3318181

 

:

[+960]-3325197

Mobile

:

[+960]-7776771

 

:

[+960]-7762214

Fax

:

[+960]-3313366

Email

:

hr@aima.com.mv
operations@aima.com.mv
admin@aima.com.mv
edminh@aima.com.mv
aima@dhivehinet.net.mv
aima@netlink.mv
eng@aima.com.mv

Website Details

Website

:

http://www.aima.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Anchors

Importing, Trading

Breakers

Importing, Trading

Chemicals

Importing, Trading

Construction chemicals

Importing, Trading

Construction materials

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Bldg Cleaning/Maint Svc, NEC

7349

Service

Chemical preparations, nspf

2899

Importing, Trading

Chemicals and Allied Products

2800

Importing, Trading

Construction Materials, NEC

5039

Importing, Trading

Construction machinery, and parts, nspf

3531

Trading, Importing

Equipment Rental/Leasing, NEC

7359

Service

Fabricated Pipe/Fittings

3498

Importing, Trading

Fluid power pumps and motors, and parts, nspf

3594

Importing, Trading

Hand and edge tools, except machine tools and hand saws

3423

Importing, Trading

Hardware, nspf

3429

Trading, Importing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Anchors, grapnels and parts thereof, of iron/steel

7316

Importing, Trading

Building materials of asbestos fibers

6812900025

Importing, Trading

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Chemical products and preparations of the chemical or allied industries

3823905050

Importing, Trading

Door locks, locksets and other base metal locks suitable for use with interior or exterior doors (exc garage, overhead or sliding doors)

8301406030

Importing, Trading

Electromehanical hand tools,nesoi

8508800095

Importing, Trading

Epoxides with a 3 memb ring & halog, sulfon etc

2910

Importing, Trading

Equipment rental and leasing, nec

9913

Service

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

Handtools nesoi; blow torches etc; anvils etc

8205

Importing, Trading

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

Products / Materials / Services Description

Ranking

Activity

Direct fastening

Primary

Importing, Trading

Door lock

Primary

Importing, Trading

Epoxy

Primary

Importing, Trading

Equipment

Primary

Importing, Trading

Fire prevention products

Primary

Importing, Trading

Flooring materials

Primary

Importing, Trading

Hand tools

Primary

Importing, Trading

Hardware

Primary

Importing, Trading

Hinges

Primary

Importing, Trading

Houseware

Primary

Importing, Trading

Building construction

Secondary

Service

Infrastructure management

Secondary

Service

Logistics

Secondary

Service

Machinery rentals

Secondary

Service

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of AIMA CONSTRUCTION COMPANY PVT LTD is Trading - Finished products.

Key products include :

Breakers

Chemicals

Anchors

Construction chemicals

Construction materials

Direct fastening

Door lock

Epoxy

Equipment

Fire prevention products

Flooring materials

Hand tools

Hardware

Hinges

Houseware

Pipes, supports

Power tools

Submersible drainage pumps

Tools

Vinyls

 

Supplementary Business

In addition to the core business, AIMA CONSTRUCTION COMPANY PVT LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Service

Specialized professional services, including:

Building construction

Infrastructure management

Logistics

Machinery rentals

 

OTHER LICENSES

Issuing Authority

:

MINISTRY OF ECONOMIC DEVELOPMENT

License Name

:

Import License

License Number

:

6330

 

OFFICE & FACILITIES

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

Name

:

AIMA CONSTRUCTION COMPANY PVT LTD - MALE

Primary Use

:

Office & Administration facilities

Address

:

G Aima Banafsamagu 20-04, Male 20119

Country

:

Maldives

Status

:

Operational

 

COMPANY HISTORY

Date

Details

1991 - Apr

Registered in the Ministry of Trade & Industries and the company was formerly known as GALHOLHU CARPENTRY and AIMA WOODWORKS.

 

 

AWARDS

 

#

Award Name

Awarded by

Awarded Date

1

Recognition of the company's role in its services to the public in the construction industry.

PRESIDENT OF MALDIVES H. E. MAUMOON ABDUL GAYOOM

n/a

 

DEAL MAKING

 

Deal (1)

 

Date of Deal

:

12 Apr, 2011

Nature of Deal

:

Construction

Deal Value

:

USD 3,254,394

Party involved #1

:

MINISTRY OF HOUSING & ENVIRONMENT

Details

:

Construction of harbour in Thaa Atoll Hirilandhoo and Gaafu Alif Atoll Dhevvadhoo.

 

 

ASSOCIATIONS

 

AIMA CONSTRUCTION COMPANY PVT LTD are members of the following associations:

Domestic Associations

Association Name

MALDIVES ASSOCIATION OF CONSTRUCTION INDUSTRY - MACI

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.62

UK Pound

1

Rs.94.39

Euro

1

Rs.67.96

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               


 

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.