MIRA
INFORM REPORT
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Report Date : |
20.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SEA HORSE PVT LTD |
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Registered Office : |
M Westside, Male |
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Country : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
--- |
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Line of Business : |
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No. of Employees : |
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RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Maldives |
C1 |
C1 |
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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 |
Maldvies - ECONOMIC OVERVIEW
Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. 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. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling 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 eased with a December 2009, $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during 2012. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major 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
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Organization Name |
: |
SEA HORSE PVT LTD |
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Address |
: |
M Westside, Male |
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Country |
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Maldives |
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Operating
Status: Investigation can not confirm operational status of Subject Business Entity. Investigations confirm the
legal registration of the SEA HORSE PVT LTD, but as a result of not being
able to identify: any operational offices any point of contact nor speak to any
representative of the firm it has not been possible
to conduct the normal due diligence process and assessment of credit
worthiness. |
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Registered Legal Address |
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M Westside, Male |
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Operational Address |
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M Westside, Male |
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Issuing Authority |
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Ministry of Economic
Development - National |
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License Number |
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C-202/2009 |
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License Status |
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License exists - But no
trace of any Operational office. |
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Legal Form - Category |
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Private Company with
Limited Liability |
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Legal Form |
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Private Limited |
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Legal Form -
Abbreviation |
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PVT LTD |
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Operational Status of Business |
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It was NOT possible to
confirm the operational status.(1) |
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Capital |
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n/a(2) |
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Note |
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DIRECTORS/MANAGEMENT
COMPANY DIRECTORS
Not available - According to
the corporate statutory laws for this type of Legal Form - Category (Private
Company with Limited Liability) in Maldives, there is no public disclosure of
Directors.
NEGATIVE INFORMATION
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NEGA-SCAN - ADVERSE DATA
MONITORING |
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SHARE & SHARE CAPITAL
INFORMATION
SHAREHOLDERS
Not available - According
to the corporate statutory laws for this type of Legal Form - Category (Private
Company with Limited Liability) in Maldives, there is no public disclosure of
Shareholders.
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. |
ADDITIONAL INFORMATION
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Country |
: |
Maldives |
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Business Entity Name |
: |
SEA HORSE PVT LTD |
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Office Contact Details |
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Operating Address |
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M Westside, Male |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.97 |
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UK Pound |
1 |
Rs.87.50 |
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Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.