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Report Date : |
09.08.2013 |
|
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|
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Tel. No.: |
+960 790 1790 |
|
Fax No.: |
+960 334 3841 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Trace |
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Payment Behaviour : |
-- |
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|
|
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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 – 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
Our investigation team has
used every source possible to identify and complete this report but
unfortunately have not been successful in their efforts for the following
reason/s:
Extensive investigations
were conducted to identify the Subject Business Entity, including:
Search of Government
Registry of Companies
Tax authorities
Our own commercial
database
Local telecom sources for
businesses
But no matches, or even
close matches of the Subject Business Entity were found to exist.
Important Note:
Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.