MIRA INFORM REPORT
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Report Date : |
22.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SECURE BAG ( |
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Registered Office : |
G Doores Villa Alikilegefaanu Magu, Male |
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Country : |
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Date of Incorporation : |
03.10.2004 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Trader of Metals & Metal Products |
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No. of Employees : |
60 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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SECURE BAG (MALDIVES) PVT LTD |
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Address |
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G Doores Villa Alikilegefaanu Magu, Male |
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Country |
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Maldives |
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Phone (S) |
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[+960]-3002000 |
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Facsimile |
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[+960]-3304950 |
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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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Metals & Metal Products |
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Key Facts |
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Registered Legal Address |
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G Doores Villa Alikilegefaanu Magu, Male |
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Operational Address |
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G Doores Villa Alikilegefaanu Magu, Male |
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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-547/2004 |
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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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3 Oct, 2004 |
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Employees |
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60 |
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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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DIRECTRS/MANAGEMENT
Key Person
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Legal Title |
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Managing Director |
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Name |
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Mr. Shareef Ibrahim |
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Nationality |
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Indian |
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COMPANY MANAGEMENT |
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Management Listings |
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COMPANY DIRECTORS |
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NEGATIVE 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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PAYMENT INFORMATION
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Supplementary Business |
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In addition to the core business, SECURE BAG (MALDIVES) PVT LTD also
is engaged in the following areas of business:
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DOMESTIC SALES & PURCHASES |
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PAYMENT TERMS |
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Selling |
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Purchasing |
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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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Recycled metals |
Trading |
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Scrap metals |
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 SECURE BAG
(MALDIVES) PVT LTD is Trading - General products. |
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REPUTATION |
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Reference checking for the purpose of establishing the SECURE BAG
(MALDIVES) PVT LTD's reputation within the respective industry failed to
reveal any adverse information. |
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BANK DETAILS |
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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.54.34 |
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UK Pound |
1 |
Rs.87.91 |
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Euro |
1 |
Rs.70.57 |
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.