|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WATCO MALDIVES PVT LTD |
|
|
|
|
Registered Office : |
1Fl G Laamihiya, Male |
|
|
|
|
Country : |
Maldives |
|
|
|
|
Date of Incorporation : |
20.08.2008 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trader of Hardware & Tools |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Maldives |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALDIVES - ECONOMIC OVERVIEW
Tourism, Maldives' largest economic activity, accounts for
28% of GDP and more than 60% of foreign exchange receipts. 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. Lower than expected 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 temporarily
eased with a $79.3 million IMF Stand-By agreement. However, after the first two
disbursements, the IMF withheld subsequent disbursements due to concerns over
Maldives' growing budget deficit, and the government has been seeking other
sources of budgetary support ever since. A new Goods and Services Tax (GST) on
tourism introduced in January 2011, on general goods and services in October
2011, and a new Business Profit Tax introduced in July 2011 have provided a
boost to revenue. Economic growth slowed to 3.4% of GDP in 2012, compared to
7.0% in 2011 because of slower tourist arrivals and weak global conditions.
Diversifying the economy beyond tourism and fishing, reforming public finance,
increasing employment opportunities, and combating corruption, cronyism, and a
growing drug problem are major near-term challenges facing the government.
Gross foreign reserves at the end of November 2012 were approximately $356
million, compared with $326 million in 2011, and were sufficient to finance
only 2.6 months of imports. 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.
Source
: CIA
|
Company Details |
|
Organization Name |
: |
WATCO MALDIVES PVT LTD |
|
Address |
: |
1Fl G Laamihiya, Male |
|
Country |
: |
Maldives |
|
Phone (S) |
: |
[+960]-3335614 |
|
Facsimile |
: |
[+960]-3335615 |
|
Primary Business Activity |
: |
Trader |
|
Key Industry |
: |
Hardware & Tools |
|
Operating Status: Investigation can not confirm operational status of Subject Business Entity. Investigations confirm the legal registration of the WATCO MALDIVES
PVT LTD, but as a result of not being able to identify:
it has not been possible to conduct the normal due diligence process
and assessment of credit worthiness. |
Key Person
|
Legal Title |
: |
Managing
Director |
|
Name |
: |
Mr. Ali Fahmy |
|
Nationality |
: |
Maldivian |
|
COMPANY DIRECTORS |
||||||||||||
|
|
REPUTATION |
|
Reference checking for the purpose of establishing the WATCO MALDIVES PVT
LTD's reputation within the respective industry failed to reveal any adverse
information. |
|
NEGA-SCAN - ADVERSE DATA MONITORING |
|
|
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. |
|
Capital |
: |
n/a(2) |
N/a
N/a
|
FINANCIAL STATEMENT - DETAILED |
|
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. |
N/a
|
Key Facts |
|
Registered Legal Address |
: |
H Melon, Male |
|
Operational Address |
: |
1Fl G Laamihiya, Male |
|
Issuing Authority |
: |
Ministry of Economic Development - National |
|
License Number |
: |
0871/2008 |
|
License Status |
: |
License exists - But no trace of any Operational office. |
|
Legal Form - Category |
: |
Private Company with Limited Liability |
|
Legal Form |
: |
Private Limited |
|
Legal Form - Abbreviation |
: |
PVT LTD |
|
Operational Status of Business |
: |
It was NOT possible to confirm the operational status.(1) |
|
Date of Registration |
: |
20 Aug, 2008 |
|
Report Details |
|
Country |
: |
Maldives |
|
Business Entity Name |
: |
WATCO MALDIVES PVT LTD |
|
Primary Business Activity |
: |
Trader |
|
Primary Industry |
: |
Hardware & Tools |
|
Office Contact Details |
||
|
Operating Address |
: |
1Fl G Laamihiya, Male |
|
Tel |
: |
[+960]-3335614 |
|
|
: |
[+960]-3342822 |
|
Mobile |
: |
[+960]-7967012 |
|
Fax |
: |
[+960]-3335615 |
|
|
: |
[+960]-3342823 |
Primary Products
|
Products / Materials / Services Description |
Activity |
|
Antenna dishes |
Trading |
|
Binding machines |
Trading |
|
Forklift |
Trading |
|
Magnets |
Trading |
|
Particle board |
Trading |
|
SIC PRODUCT CLASSIFICATION & ACTIVITY |
||||||||||||||||||||||||
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|
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY |
||||||||||||||||||||||||||||||
|
|
DETAILED PRODUCT CLASSIFICATION & ACTIVITY |
|||||||||
|
|
CORE BUSINESS DESCRIPTION |
|
Core Business |
|
The primary business focus of WATCO MALDIVES PVT LTD is Trading -
Finished products.
|
|
Note |
: |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.