MIRA INFORM REPORT
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Report No. : |
309548 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
DHAFEENA PVT LTD |
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Registered Office : |
Shop 48 M Noama Boduthakurufaanu, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
21.11.2006 |
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Legal Form : |
Private Limited |
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Line of Business : |
Trader of Construction & Construction Materials |
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No. of Employees : |
50 |
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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Maximum Credit Limits : |
USD $50,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Maldives |
B1 |
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
Company Details
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Organization Name |
: |
DHAFEENA PVT LTD |
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Address |
: |
Shop 48 M Noama Boduthakurufaanu, Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3344099 |
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Facsimile |
: |
[+960]-3345707 |
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Email |
: |
info@dhafeena.com |
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Website |
: |
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Primary Business Activity |
: |
Trader |
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Key Industry |
: |
Construction & Construction Materials |
Key Facts
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Registered Legal Address |
: |
Shop 48 M Noama Boduthakurufaanu, Magu, Male |
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Operational Address |
: |
Shop 48 M Noama Boduthakurufaanu, Magu, Male |
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Issuing Authority |
: |
MINISTRY OF TRADE & INDUSTRIES |
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License Number |
: |
C-856/2006 |
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License Status |
: |
License exists - Normal. |
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Legal Form - Category |
: |
Private Company with Limited Liability |
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Legal Form |
: |
Private Limited |
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Legal Form - Abbreviation |
: |
PVT LTD |
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Operational Status of Business |
: |
Normal |
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Date of Registration |
: |
21 Nov, 2006 |
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Employees |
: |
50 |
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Capital |
: |
n/a(1) |
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Note |
: |
(1) Not applicable. |
CREDIT
RECOMMENDATION
Current Credit
Limit: USD $50,000 based on 90 days
DIRECTORS/MANAGEMENT
Key Person
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Legal Title |
: |
Chairman |
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Name |
: |
Mr. Adam Naseer |
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Nationality |
: |
Maldivian |
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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 DHAFEENA 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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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
N/A
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
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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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Aggregate |
Importing, Trading |
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Cement |
Importing, Trading |
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Construction materials |
Importing, Trading |
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Deformed bars |
Importing, Trading |
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Galvanized pipes |
Importing, 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 DHAFEENA PVT
LTD is Trading - Finished products. Aggregate Cement Construction materials Deformed bars Galvanized pipes PVC pipe fittings Plywoods Sand Steel pipes Timber |
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Supplementary
Business |
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In addition to the core business, DHAFEENA PVT LTD also is engaged in
the following areas of business: Importing Importing - Finished products Service Specialized professional services, including: Logistics Rentals |
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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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PREVIOUS CONTACT
DETAILS |
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NOTES
& COMMENTS
N/A
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.62 |
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1 |
Rs.94.39 |
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Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.