MIRA INFORM REPORT
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Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
O PLUS E HOLDINGS PVT LTD |
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Registered Office : |
8Fl H Thuniya Bldg Boduthakurufaanu Magu, Male |
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Country : |
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Date of Incorporation : |
10.06.2009 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Private Limited Company |
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Line of Business : |
professional services · Construction · Property development · Real estate development |
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No. of Employees : |
350 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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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 |
: |
O PLUS E
HOLDINGS PVT LTD |
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Address |
: |
8Fl H
Thuniya Bldg Boduthakurufaanu Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3005552 |
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Facsimile |
: |
[+960]-3005553 |
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Primary
Business Activity |
: |
Service |
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Key
Industry |
: |
Professional
Services |
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Key Facts |
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Registered
Legal Address |
: |
8Fl H
Thuniya Bldg Boduthakurufaanu Magu, Male |
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Operational
Address |
: |
8Fl H
Thuniya Bldg Boduthakurufaanu Magu, Male |
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Trading
Name |
: |
O+E
HOLDINGS PVT LTD |
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Issuing
Authority |
: |
Ministry
of Economic Development - National |
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License
Number |
: |
C-0470/2009 |
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License
Status |
: |
License
exists - Normal. |
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Legal
Form - Category |
: |
Private
Company with Limited Liability |
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Legal
Form |
: |
Private
Limited |
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Legal
Form - Abbreviation |
: |
PVT LTD |
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Operational
Status of Business |
: |
Normal |
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Date of
Registration |
: |
10 Jun,
2009 |
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Employees |
: |
350 |
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Capital |
: |
n/a(1) |
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Note |
: |
(1) Not applicable. |
DIRECTORS/MANAGEMENT
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COMPANY MANAGEMENT |
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Management
Listings |
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Management
Details - 1 |
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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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Capital |
: |
n/a(1) |
SHAREHOLDERS
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Total
number of shareholders |
: |
2 |
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Total
number of shares |
: |
n/a |
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No. |
Shareholders |
Country |
Shares |
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Number |
Amount |
% |
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1 |
Dr.
Ibrahim Umaru Maniku |
Maldives |
n/a |
n/a |
n/a |
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2 |
Mr.
Sanjay Maniku |
Maldives |
n/a |
n/a |
n/a |
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Total |
n/a |
n/a |
n/a |
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Based on
corporate statutory laws /regulations in Maldives, there is no requirement
for public disclosure of Shareholders. In this case, the Shareholder
information was supplied by the Subject Business Entity. |
PAYMENT INFORMATION
N/a
GROUP STRUCTURE & AFFILIATED COMPANIES
N/a
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. |
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
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Employees |
: |
350 |
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Report
Details |
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Primary Products
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Products
/ Materials / Services Description |
Activity |
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Construction
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Service |
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Property
development |
Service |
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Real
estate development |
Service |
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Resort
construction |
Service |
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Resort
development |
Service |
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SIC
PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED
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 O PLUS E HOLDINGS PVT LTD is Specialized
professional services, including: Construction
Property
development Real
estate development |
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DOMESTIC
SALES & PURCHASES |
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REPUTATION |
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Reference
checking for the purpose of establishing the O PLUS E HOLDINGS PVT LTD's
reputation within the respective industry failed to reveal any adverse
information. |
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LOCAL
BRANCHES & MANAGEMENT |
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OFFICE
& FACILITIES |
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PREVIOUS
CONTACT DETAILS |
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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.53.29 |
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UK Pound |
1 |
Rs.86.44 |
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Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
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.