MIRA
INFORM REPORT
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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ESSEN ENTERPRISES PVT LTD |
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Formerly Known As : |
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Registered Office : |
1Fl Alia Furniture Mart Boduthakurufaanu, Magu, Male 20252 |
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Country : |
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Date of Incorporation : |
08.07.2009 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Trader of Food products, Malt beverages, Toilet preparations |
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No. of Employees : |
10 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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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Company Details |
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Organization Name |
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ESSEN ENTERPRISES PVT LTD |
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Address |
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1Fl Alia Furniture Mart Boduthakurufaanu, Magu, Male 20252 |
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Country |
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Maldives |
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Phone (S) |
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[+960]-3340088 |
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Facsimile |
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[+960]-3303596 |
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Email |
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Website |
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Primary Business Activity |
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Trader |
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Key Industry |
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Consumer Products |
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Key Facts |
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Registered Legal Address |
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1Fl Alia Furniture Mart Boduthakurufaanu,
Magu, Male 20252 |
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Operational Address |
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1Fl Alia Furniture Mart Boduthakurufaanu,
Magu, Male 20252 |
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Name History |
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Business Entity Name Effective Date ESSEN GLOBAL COMMERCE PVT LTD 8 Jul, 2009 ESSEN ENTERPRISES PVT LTD 13 Dec, 2009 |
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Issuing Authority |
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Ministry of Trade & Industries |
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License Number |
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C-528/2009 |
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License Status |
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License exists - Normal. |
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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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Normal |
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Date of Registration |
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8 Jul, 2009 |
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Employees |
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10 |
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Capital |
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n/a(1) |
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Note |
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(1) Not
applicable. |
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Report Details |
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DIRECTORS/MANAGEMENT
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COMPANY MANAGEMENT |
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Management Listings |
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COMPANY
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NEGATIVE INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing the ESSEN
ENTERPRISES PVT LTD's reputation within the respective industry failed to
reveal any adverse information. |
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ADVERSE DATA MONITORING |
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SHARE & SHARE CAPITAL
INFORMATION
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SHAREHOLDERS |
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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
Primary Products
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Products / Materials / Services Description |
Activity |
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Beverages |
Importing, Trading |
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Deodorants |
Importing, Trading |
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Foam, bath |
Importing, Trading |
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Food products |
Importing, Trading |
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Hair conditioners |
Importing, Trading |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY |
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DETAILED PRODUCT CLASSIFICATION & ACTIVITY |
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CORE BUSINESS DESCRIPTION |
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Core Business |
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The primary business focus of ESSEN
ENTERPRISES PVT LTD is Trading - Finished products. |
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Supplementary Business |
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In addition to the core business, ESSEN ENTERPRISES PVT LTD also is engaged
in the following areas of business:
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DOMESTIC SALES & PURCHASES |
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LOCAL BRANCHES & MANAGEMENT |
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INTERNATIONAL TRADE : ACTIVITY & MARKETS |
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OFFICE & FACILITIES |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.44 |
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UK Pound |
1 |
Rs.89.31 |
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Euro |
1 |
Rs.71.62 |
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.