MIRA INFORM REPORT

 

 

Report Date :

11.05.2012

 

IDENTIFICATION DETAILS

 

Name :

MALDIVES PORTS LTD

 

 

Registered Office :

Boduthakurufannu Magu, Male 20250

 

 

Country :

Maldives

 

 

Date of Incorporation :

31.07.2008

 

 

Legal Form :

Limited

 

 

Line of Business :

Transportation Service

 

 

No. of Employees :

120

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

MALDIVES PORTS LTD

Address

:

Boduthakurufannu Magu, Male 20250

Country

:

Maldives

Phone (S)

:

[+960]-3329339

Facsimile

:

[+960]-3325293

Email

:

info@port.com.mv

Website

:

http://www.port.com.mv

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

 

Registered Legal Address

:

Boduthakurufannu Magu, Male 20250

Operational Address

:

Boduthakurufannu Magu, Male 20250

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-846/2008

License Status

:

License exists - Normal.

Legal Form - Category

:

Government-owned Enterprise

Legal Form

:

Limited

Legal Form - Abbreviation

:

LTD

Operational Status of Business

:

Normal

Date of Registration

:

31 Jul, 2008

Employees

:

120

Capital

:

n/a(1)

Note

:

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

Report Details

 

 

Country

:

Maldives

Business Entity Name

:

MALDIVES PORTS LTD

Acronym

:

MPL

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

Boduthakurufannu Magu, Male 20250

Tel

:

[+960]-3329339

 

:

[+960]-3327883

 

:

[+960]-3328624

Mobile

:

[+960]-7775397

Fax

:

[+960]-3325293

Email

:

info@port.com.mv
admin@port.com.mv

Website Details

Website

:

http://www.port.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Chief Executive Officer - CEO

Name

:

Mr. Mahdi Imad

Nationality

:

Maldivian

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ibrahim Afzal

Maldivian

Assist. General Manager

-

2

Mr. Ali Ahmed

Maldivian

General Manager

Operations

3

Mr. Azheel Ahmed

Maldivian

Assist. General Manager

-

4

Mr. Mohamed Hashim

Maldivian

General Manager

Corporate Services

5

Mr. Ahmed Inaan

Maldivian

Assist. Chief

-

6

Mr. Adam Shifan Ismail

Maldivian

Assist. General Manager

-

7

Ms. Aishath Neesha Khaleel

Maldivian

Senior Manager

-

8

Mr. Hassan Muzni Mohamed

Maldivian

Assist. General Manager

-

9

Mr. Hussain Naeem

Maldivian

Deputy Chief Executive Officer (CEO)

-

10

Mr. Ahmed Nazim

Maldivian

Chief Financial Officer - CFO

-

11

Mr. Ahmed Rasheed

Maldivian

Representative

-

12

Mr. Ibrahim Rasheed

Maldivian

General Manager

-

13

Mr. Mohamed Maseeh Abdul Sattar

Maldivian

Assist. General Manager

-

14

Ms. Aishath Shimla

Maldivian

Senior Manager

-

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the MALDIVES PORTS LTD's reputation within the respective industry failed to reveal any adverse information.

 

ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

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

:

1

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

REPUBLIC OF MALDIVES

Maldives

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

 

 

PAYMENT INFORMATION

 

Na

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

FINANCIAL INFORMATION

 

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Maldives, legal entities which are Government-owned Enterprise 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

=

0.065445 USD
United States Dollars

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

 

Port authorities

Service

 

Port operations

Service

 

Port services

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Airports/Terminal Svcs

4581

Service

Transportation Svcs, NEC

4789

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

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

9900

Service

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of MALDIVES PORTS LTD is Public services.

 

OFFICE & FACILITIES

Name

:

MALDIVES PORTS LTD - MALE

Address

:

Boduthakurufannu Magu, Male 20250

Country

:

Maldives

Status

:

Operational

 

COMPANY HISTORY

Date

Details

1986 - Sep

Established under a Presidential decree as, to manage and operate all ports within the country.

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.34

UK Pound

1

Rs.86.11

Euro

1

Rs.69.07

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.