MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORAL GATE MALDIVES PVT LTD |
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Registered Office : |
M Kehekshaan 1/F, Majeedhi Magu M, Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20 09 2003 |
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Com. Reg. No.: |
MV23101 DATED 20 09 2003 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Importers of Construction Equipment
Building Materials and General Merchandises Tourist and Travellers Requisites
Transport Equipment Logistic and Transportation Services and Exporters of
Frozen Yellow Fish Tuna and Other Fishes and Fishing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name and Address
CORAL GATE MALDIVES PVT LTD
M KEHEKSHAAN 1/F
MAJEEDHI MAGU M
MALE MALDIVES
Registered address AT
HEADING ADDRESS
Operating Address AT
HEADING ADDRESS
Telephone 960 3336663 3336665 3313307
Telex NONE
Branches
NONE
Factory
NONE
Date, Established
20 09 2003
Incorporation No
MV23101 DATED 20 09 2003
Legal Status
PRIVATE LIMITED COMPANY
Business
IMPORTERS OF CONSTRUCTION EQUIPMENT BUILDING MATERIALS AND GENERAL
MERCHANDISES TOURIST AND TRAVELLERS REQUISITES TRANSPORT EQUIPMENT LOGISTIC AND
TRANPORTATION SERVICES AND EXPORTERS OF FROZEN YELLOW FISH TUNA AND OTHER
FISHES AND FISHING
Board of Directors
AHMED SHAREEF - MANAGING
DIRECTOR
MOHAMED SHAREEF
AHMED HANEEF
DIDI M QUASEM
Bankers
BANK OF MALDIVES LTD MALE
MALDIVES
STATE BANK OF INDIA H B
MAGU MALE
Payments
BELIEVED TO BE PROMPT. NO PAYMENT TRACK HISTORY DISCLOSED
Financial Position
VERY GOOD. LEARNT
ADEQUATE RESOURCES AVAILABLE
Public
NOTHING HEARD DETRIMENTAL OR UNCOVERED
Shareholders
AHMED SHAREEF 50 MOHAMMED
SHAREE 25 M A IBRAHEEM 25%
Associates
CORAL GATE FISHES
MARINE CORAL MALDIVES PVT
LTD
History
REPUTED CO
Buying/Selling term
PER 100% IRREVOCABLE AND CONFIRMED L/C AT SIGHT
DRWAN BASIS
Credit Maximum [USD]
150000 CAN BE GRANTED
ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
PREMIUM LINE GERMANY
Trade Suppliers
NONE
Premises
RENTED BASIS
Employs
45 +
Member
OF A LOCAL CHAMBER OF COMMERCE AND OTHER TRADE ASSOCIATIONS
Sources
REPORT IS PRODUCED FROM
COLLECTIVE RESULTS OF LOCAL AGENTS
Remarks
SUBJECT IS CONSIDERED
TO BE GOOD FOR ANY NORMAL BUSINESS ENGAGEMENT
Capital as at
31 12 2006 IN RUPEES
[UNAUDITED]
Paid up 1 000 000
Reserves/Surplus 17 976 855
Deferred Expenditure 11 055 425
30 032 280
Capital sources
Fixed assets 10 000 000
Investments 2 500 000
Current assets 19 590 165
32 090 165
Less
Current liabilities 2 057 885
30 032 280
Turnover Approx 65 000 000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)