MIRA INFORM REPORT

 

 

Report No. :

318112

Report Date :

05.05.2015

 

IDENTIFICATION DETAILS

 

Name :

FRUIT BASKET (COUNTER)

 

 

Registered Office :

M Heenadige Maaveyo, Magu, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

25.06.2013

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Trader of Food Products.

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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.

 

 

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. In August 2014 the Maldives’ Parliament passed a bill to create special economic zones, a step aimed at attracting investment and diversifying the economy away from tourism and fishing. The Maldives’ took some steps to reduce the fiscal deficit in 2015, such as imposing a green tax on tourist establishments and raising import duties, but the deficit will grow because increasing public expenditure.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

FRUIT BASKET (COUNTER)

Address

:

M Heenadige Maaveyo, Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3336933

Email

:

hsumaldives@gmail.com

Primary Business Activity

:

Trader

Key Industry

:

Food Products

 

Key Facts

Registered Legal Address

:

M Heenadige Maaveyo, Magu, Male

Operational Address

:

M Heenadige Maaveyo, Magu, Male

Trading Name

:

FRUIT BASKET

Issuing Authority

:

MINISTRY OF ECONOMIC DEVELOPMENT - National

License Number

:

IG-3203/T10/2013

License Status

:

License exists - Normal.

Legal Form - Category

:

Sole-proprietorship

Legal Form

:

Not Applicable

Legal Form - Abbreviation

:

Not Applicable

Operational Status of Business

:

Normal

Date of Registration

:

25 Jun, 2013

Employees

:

2

Capital

:

n/a (1)

Note

:

(1) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Sole-proprietorship) in Maldives, there is no requirement for Authorized Capital.

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Proprietor / Owner

Name

:

Mr. Hussein Shisau

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Walyd Ali

Maldivian

Representative

Marketing

 

Management Details - 1

Personal Unique Identifier

:

MI03616176

Name

:

Mr. Walyd Ali

 

Mobile No.

:

960-9632382

 

 

NEGATIVE INFORMATION

 

REPUTATION

Due to the recent incorporation of the FRUIT BASKET (COUNTER), and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

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

 

N/a

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 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

Medium

Importing

Middle-East

Medium

Importing

Egypt

Medium

Importing

Thailand

Medium

Importing

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Maldives

Business Entity Name

:

FRUIT BASKET (COUNTER)

Primary Business Activity

:

Trader

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

M Heenadige Maaveyo, Magu, Male

Mobile

:

[+960]-9632382 (1)

 

:

[+960]-7770152 (1)

Fax

:

[+960]-3336933

Email

:

hsumaldives@gmail.com

 

Note:

(1) There exists no known land telephone line that is being used by the Subject Business Entity (SBE) in connection to their business, which is uncommon in normal / regular businesses. The SBE ONLY operates using a Mobile phone as the primary point of contact.
In such scenarios, there is no ability to legally associate any relationship between the SBE and the person/s answering the mobile phone.
Caution is advised.

 

Primary Products

Products / Materials / Services Description

Activity

Apples

Importing, Trading

Fruits

Importing, Trading

Pomegranates

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Food products, nspf

2099

Importing, Trading

Fresh Fruits & Vegetables

5148

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Food preparations

2106

Importing, Trading

Fruit nesoi, fresh

0810

Importing, Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of FRUIT BASKET (COUNTER) is Trading - Finished products.

Key products include :

Fruits

Apples

Pomegranates

 

Supplementary Business

In addition to the core business, FRUIT BASKET (COUNTER) also is engaged in the following areas of business:

Importing

Importing - Finished products

 

 

Office & facilities

 

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

Name

:

FRUIT BASKET (COUNTER) - MAGU, MALE

Primary Use

:

Office & Administration facilities

Address

:

M Heenadige Maaveyo, Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.