MIRA INFORM REPORT
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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
D BLUE PVT LTD |
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Registered Office : |
2Fl G Kasthoorige Alikilegefaanu Magu, Male |
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Country : |
Maldives |
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Year of Incorporation : |
2003 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importer of Marine Products, Ships & Boats |
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No. of Employees : |
10 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
MALDIVES - 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.
Source
: CIA
REGISTERED NAME & COMPANY SUMMARY
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Organization
Name |
: |
D BLUE
PVT LTD |
|
Address |
: |
2Fl G
Kasthoorige Alikilegefaanu Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3312460 |
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Facsimile |
: |
[+960]-3318945 |
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Email |
: |
info@dblue.com.mv |
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Website |
: |
http://www.dblue.com.mv |
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Primary
Business Activity |
: |
Importer |
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Key
Industry |
: |
Marine
Products, Ships & Boats |
|
Registered
Legal Address |
: |
2Fl G
Kasthoorige Alikilegefaanu Magu, Male |
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Operational
Address |
: |
2Fl G
Kasthoorige Alikilegefaanu Magu, Male |
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Issuing
Authority |
: |
Ministry
of Economic Development - National |
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License
Number |
: |
C-194/2003 |
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License
Status |
: |
License
exists - Normal. |
|
Legal
Form - Category |
: |
Private
Company with Limited Liability |
|
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 |
: |
2003 |
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Employees |
: |
10 |
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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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Management
Details - 2 |
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COMPANY
DIRECTORS |
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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 Directors. |
NEGATIVE INFORMATION
|
REPUTATION |
|
Reference
checking for the purpose of establishing the D BLUE PVT LTD's reputation
within the respective industry failed to reveal any adverse information. |
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NEGA-SCAN
- ADVERSE DATA MONITORING |
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SHARE & SHARE CAPITAL INFORMATION
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.
PAYMENT INFORMATION
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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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IMPORT
AGENCY LISTING |
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GROUP STRUCTURE & AFFILIATED COMPANIES
N/a
FINANCIAL INFORMATION
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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. |
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
|
Country |
: |
Maldives |
|
Business
Entity Name |
: |
D BLUE
PVT LTD |
|
Primary
Business Activity |
: |
Importer |
|
Primary
Industry |
: |
Marine
Products, Ships & Boats |
|
Office
Contact Details |
||
|
Operating
Address |
: |
2Fl G
Kasthoorige Alikilegefaanu Magu, Male |
|
Tel |
: |
[+960]-3312460
|
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Mobile |
: |
[+960]-7775254
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Fax |
: |
[+960]-3318945
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|
Email |
: |
info@dblue.com.mv |
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Website
Details |
||
|
Website |
: |
http://www.dblue.com.mv |
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Status |
: |
Normal -
operational |
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Country
of Registration |
: |
Maldives |
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Ownership
Type |
: |
Registered
ownership by Subject Business Entity |
Primary
Products
|
Products
/ Materials / Services Description |
Activity |
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Anchors |
Importing,
Trading |
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Apparel |
Importing,
Trading |
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Bilge
pumps |
Importing,
Trading |
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Boat care
products |
Importing,
Trading |
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Boat
window |
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 D BLUE PVT LTD is Import agency - Finished
products. Anchors Apparel Bilge
pumps Boat care
products Boat
window Buoy Eyewear Filters Footwear Fresh
water pumps Fuel hose
Generators
Hatches Hose
clamps Impeller
pump Marine
accessories Marine
air conditioning Marine
batteries Marine
binoculars Marine
compass Marine
equipment Marine
lightings Marine
paints Marine
pumps Marine
refrigeration Membranes
Navigation
system Navigational
lights Propellers
Pumps Rope Steering
systems Surfing
suits Underwear
Distribution
|
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Supplementary
Business |
|
In
addition to the core business, D BLUE PVT LTD also is engaged in the
following areas of business: Service Specialized
professional services, including: Consultancy
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LOCAL
BRANCHES & MANAGEMENT |
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INTERNATIONAL
TRADE - Activity & Markets
|
Country /
Region |
Estimated
level of importance |
Trading
Activity |
|
Africa |
Medium |
Importing |
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Asia /
Pacific |
High |
Importing |
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Europe |
High |
Importing |
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North
America |
High |
Importing |
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China |
High |
Importing |
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Italy |
High |
Importing |
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Japan |
Medium |
Importing |
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Korea,
South (Republic of Korea) |
Medium |
Importing |
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New
Zealand |
Medium |
Importing |
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South
Africa |
Medium |
Importing |
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USA |
High |
Importing |
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OFFICE
& FACILITIES |
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NOTES & COMMENTS
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
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.