MIRA INFORM REPORT

 

 

Report No. :

505665

Report Date :

28.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

APOLLO HOLDINGS PVT LTD

 

 

Registered Office :

2Fl M Marine Villa Varudhee Hingun Maafannu, Male 20282

 

 

Country :

Maldives

 

 

Date of Incorporation :

30.07.1998

 

 

Com. Reg. No.:

C-0129/1998

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of hardware, plumbing and heating equipment and supplies

 

 

No. of Employees :

203 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 1.034.000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Maldives

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

MALDIVES - ECONOMIC OVERVIEW

 

Maldives has quickly become a middle-income country, driven by the rapid growth of its tourism and fisheries sectors, but the country still contends with a large and growing fiscal deficit. Economic growth slowed to 2.8% in 2015, mainly because of a decline in tourists from China and Russia. Despite lower growth, tourism-related tax receipts increased by 13% in 2015 because of higher tax rates. This increase in tax receipts led to higher usable foreign exchange reserves that helped partially fund increases in construction related imports.

In 2015, Maldives’ Parliament passed a constitutional amendment legalizing foreign ownership of land; foreign land-buyers must reclaim at least 70% of the desired land from the ocean and invest at least $1 billion in a construction project approved by Parliament.

Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are 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 Summary

 

Business Name

APOLLO HOLDINGS PVT LTD

Country

MALDIVES

Company Registration Number

C-0129/1998

Main Activity Code

4674

Main Activity Description

Wholesale of hardware, plumbing and heating equipment and supplies

Company Status

Normal (Active)

Credit Limit

1.034.000 USD

 

 

Basic Information        

 

Business Name

APOLLO HOLDINGS PVT LTD

Registered Company Name

APOLLO HOLDINGS PVT LTD

Company Registration Number

C-0129/1998

Country

MALDIVES

Date of Company Registration

1998-07-30

Date of Starting Operations

1998-07-30

Legal Form

Private Limited

Type of Ownership

Registered ownership by Subject Business Entity

Company Status

Normal (Active)

Contact Telephone Number

[+960]-3335707; [+960]-3335699; [+960]-3332984

 

 

Main Address      

 

Address

Country

Telephone

2Fl M Marine Villa Varudhee Hingun Maafannu, Male 20282

MALDIVES

[+960]-3335707; [+960]-3335699; [+960]-3332984

 

 

Other Address                                                                                                

No other addresses for this company.

 

 

Previous Address         

 

Address

Country

STO Trade Centre 01-07 Orchid, Magu, Male 20188

MALDIVES

 

 

Activities  

 

Activity Code

Activity Description

4674

Wholesale of hardware, plumbing and heating equipment and supplies

 

 

Email Addresses 

 

info@apolloholdings.com.mv    

hr@apolloholdings.com.mv

sales@apolloholdings.com.mv

 

 

Web Pages  

 

http://www.apolloholdings.com.mv/         

http://www.theapollotowers.com

 

 

Employee Information 

 

Date Reported

Number of Employees

2018

203

 

 

Banker Information

 

Banker Name

Banker Address                                 

BANK OF MALDIVES PLC

P0766836

 

 

Advisors Information            

No advisor information for this company.

 

Miscellaneous Information  

 

Fax Number

[+960]-3329460; [+960]-3335706

Export Countries

 

Import Countries

Asia / Pacific; Europe; North America; China; Germany; India Japan; Sri Lanka; Taiwan; Thailand; USA; United Kingdom.

Additional Business Information

Core Business. The primary business focus of APOLLO HOLDINGS PVT LTD is Import agency - Finished products. Key products include: Aluminum tool cases; Air compressor; Angle grinders; Boat building

supplies; Building materials; Car jacks; Car wash equipment; Carpentry equipment; Cement; Circular saw;

Concrete vibrators; Construction materials; Demolition hammers; Drilling machines; Electric drill; Electric

inverters; Electric winch; Fiberglass; Fuel transfer pumps; Gardening equipment; General merchandise;

Generator; Hammer drill; Hardware; Hardware materials; Heating equipment; Home goods; Household items; Laser; Miter saw; Motorcycle lifts; Oil pumps; Paint sprayers; Plumbing equipment; Potatoes; Power tools;

Rotary hammer; Vacuum cleaners; Water pump; Water pumps; Welding machines; Welding unit; Wood lathe

machines; An integral part of the core business includes: Distribution Supplementary Business; In addition to the core business, APOLLO HOLDINGS PVT LTD also is engaged in the following areas of business: 1. Service; • Specialized professional services, including: Cargo handling; Delivery; Equipment rental; Financial

investments; Freight forwarding; Logistics; Stevedoring; Vessel chartering.

Additional Payment Information

Selling Type: Terms Local: Cash on delivery (COD); Credit - Unsecured 30~60 days Purchasing Type: Terms Import: Open Account - Settlement by Telegraphic Transfer (T/T) - 90 days; Letter of Credit (At-sight); Telegraphic Transfer (T/T) - Executed at time of transaction.

Additional Financial Information

Based on the corporate laws of Maldives, legal entities which are a Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available

for this entity.

Number of Employees at Address

203

 

 

Additional Miscellaneous Information

 

Primary Business Activity

Importer

Key Industry

Hardware & Tools

Registered Legal Address

2Fl M Marine Villa Varudhee Hingun Maafannu, Male 20282

Issuing Authority

MINISTRY OF TRADE & INDUSTRIES

Legal Form - Category

Private Company with Limited Liability

Legal Form - Abbreviation

PVT LTD

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.

Domestic Sales & Purchases (Annual Sales Analysis: Percentage)

Domestic Sales; 100%; International Sales (Export); 0%. (Annual Purchases Analysis: Percentage); Imports: 100%; Local Purchases: 0%.

Reputation

The APOLLO HOLDINGS PVT LTD maintains a good and well-established reputation in the local market.

Nega-Scan - Adverse Data Monitoring

Dishonored checks; Debt; Civil litigation; Performance defaults; Adverse local media coverage / adverse filing history: No record found.

Local Branches & Management

Branch: APOLLO HOLDINGS PVT LTD - MALE; Branch Address: Ground Fl M Marine Villa Varudhee Hingun Maafannu, Male 20282; Branch Tel: 960-3314994; Branch Fax: 960-3000036, Branch: APOLLO HOLDINGS PVT LTD - HULHUMALE; Branch Address: Ground Fl Lot 10384, Hulhumale; Branch Tel: 960-3354994; Branch Fax: 960-3350869; Branch Email: ashm@apolloholdings.com.mv; Primary use of location: #1. Retail outlet, Branch: APOLLO HOLDINGS PVT LTD - ADDU; Branch Address: Hithadhoo, Addu; Branch Tel: 960­6887054; Branch Fax: 960-6887053; Branch Email: ash@apolloholdings.com.mv, Branch: APOLLO HOLDINGS PVT LTD - THINADHOO; Branch Address: Thinadhoo; Branch Tel: 960-6842030; Branch Fax: 960-6842040; Branch Email: ast@apolloholdings.com.mv.

Import Agency Listing

Supplier: ASADA CORP; Global Identifier: P0019348; Country of Origin: Japan; Product Description: Car wash equipment; Brand/s: #1; Asada; Year: 2007, Supplier: EINHELL GERMANY AG Global Identifier: P1984071 Country of Origin: Germany Product Description: Power tools Welding unit Brand/s: #1; Einhill Year: 2007, Supplier: HITACHI LTD Global Identifier: T0001949 Country of Origin: Japan Product Description: Circular saw Electric inverters Demolition hammers Hammer drill Rotary hammer Brand/s: #1 Hitachi, Year: 2007 Supplier: KING TONY TOOLS CO LTD Global Identifier: 31519323 Country of Origin: Taiwan Product Description; Power tools Brand/s: #1 king Tony Year: 2007, Supplier: KUBOTA CORP Global Identifier: T0001857 Country of Origin: Japan Product Description: Generator Brand/s: #1 Kubota Year: 2007, Supplier: MIKASA SANGYO CO LTD Global Identifier: P0409853 Country of Origin: Japan Product Description: Concrete vibrators Brand/s: #1 Mikasa Year: 2008, Supplier: STANLEY BLACK & DECKER INC Global Identifier: P0018355 Country of Origin: USA Product Description: Power tools Brand/s: #1 Black &

Decker #2 Stanley Year: 2007.

Overseas Suppliers (Business Entity Name; Global Identifier: Country)

CLARKE INTERNATIONAL LTD: P3202410: United Kingdom, MITSUBISHI CORP; T0001950; Japan.

Office & Facilities

Name: APOLLO HOLDINGS PVT LTD - MALE; Primary Use: Office & Administration facilities; Address: 2Fl M Marine Villa Varudhee Hingun Maafannu, Male 20282; Country: Maldives; Status: Operational.

Strategic Partner/S & Alliances

Group / Alliance name: LILY GROUP; Recognition Status: The LILY GROUP is NOT a registered business entity name. It appears to be an unofficial name used to collectively identify several business entities

owned directly or indirectly the same owners. The only business entities found legally registered and

believed to be operating in association with this "Group" name, include the following: Business Entity Name: Location, 1 APOLLO HOLDINGS PVT LTD: Maldives, LILY MARINE SERVICES PTE LTD: Singapore; FALIM GROUP PVT LTD: Maldives, LILY SHIPPING & TRADING PVT LTD: MaldivesLILY HOTELS PTE LTD: Maldives, LILY INTERNATIONAL PVT LTD: Maldives, TURQUOISE PVT LTD: Maldives, FARI MALDIVES PVT LTD: Maldives. Holding : Company: LILY ENTERPRISES PVT LTD; Country: Maldives.

Deal Making

Date of Deal: 2 Jun, 2016; Nature of Deal: Memorandum of understanding (MOU); Party involved #1: HOUSING DEVELOPMENT CORPORATION LTD; Details: Develop Mixed-use Residential Units.

Previous Contact Details

E-mail: apohol@dhivehinet.net.mv.

Primary Products

 

Products / Materials / Services Description Activity

Air compressor

Importing

Aluminum tool cases

Importing

Angle grinders

Importing

Boat building supplies

Importing

Building materials

Importing

Financial Information

 

No financial information for this company.

 

 

 

Current Directors

 

Name

Gender

Position

Abdul Muhusin Hussain

Male

Managing Director

Ibrahim Fizaah

Male

Manager

Abdul Muhusin Hussain

Male

Managing Director

Mohamed Waheed

Male

Chief Operating Officer

Mohamed Zaneer

Male

Manager

Hamed Nasir

Male

Director

 

 

Previous Directors

No previous directors for this company.

 

 

Share Capital Structure

Nominal Share Capital

Issued Share Capital

Shareholders     

 

Shareholder

Address

% Shares Held

LILY ENTERPRISES PVT LTD

Maldives

100

 

 

Ultimate Holding Parent

 

Name                     

Status

Registration Number

  Address

 

 

 

 

LILY ENTERPRISES PVT LTD

Active

P1257296

Ahmedhee Bazaar Magu Male

 

 

Immediate Holding Parent

No Immediate Holding Parent for this company.

 

 

Subsidaries

No subsidaries for this company.                                               

 

 

Affiliates             

 

Name

Status

Registration Number

Address

FALIM GROUP PVT LTD

Active

P1854580

2Fl H Nereen Majeedhee, Magu, Male 20042

FARI MALDIVES PVT LTD

Active

P3530068

1 Orchid, Magu, Male

LILY HOTELS PTE LTD

Active

P1132535

2Fl H Fasmeeru Bldg Boduthakurufaanu, Magu, Male 20077

LILY INTERNATIONAL PVT LTD

Active

P0964594

2Fl H Coal Field Kalhuhuraa Magu, Male

LILY SHIPPING & TRADING PVT LTD

Active

P3153871

M Ahmadhee Baazaar Kandi Dhon Manik Goalhi, Male

TURQUOISE PVT LTD

Active

P1132537

2Fl Fasmeeru Bldg Boduthakurufaanu, Magu, Male 20077

2Fl Fasmeeru Bldg Boduthakurufaanu, Magu, Male 20077

Active

 

19 Keppel Rd 089058

LILY ENTERPRISES PVT LTD

Active

 

 

 

 

Negative Information

No negative information for this company

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

MVR

1

INR 4.31

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.