MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SECURE BAG (MALDIVES) PVT LTD

 

 

Registered Office :

G Doores Villa Alikilegefaanu Magu, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

03.10.2004

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trader of Metals & Metal Products

 

 

No. of Employees :

75

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit:

USD $15,000  

 

 

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

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

SECURE BAG (MALDIVES) PVT LTD

Address

:

G Doores Villa Alikilegefaanu Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3002000

Facsimile

:

[+960]-3304950

Email

:

import@securebag.com.mv

Website

:

http://www.securebag.com.mv

Primary Business Activity

:

Trader

Key Industry

:

Metals & Metal Products

 

Key Facts

 

Registered Legal Address

:

G Doores Villa Alikilegefaanu Magu, Male

Operational Address

:

G Doores Villa Alikilegefaanu Magu, Male

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-547/2004

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PVT LTD

Operational Status of Business

:

Normal

Date of Registration

:

3 Oct, 2004

Employees

:

75

Capital

:

n/a(1)

Note

:

(1) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Private Company with Limited Liability) in Maldives, there is no requirement for Authorized Capital.

 

Report Details

 

 

 

 

 

 

Country

:

Maldives

Business Entity Name

:

SECURE BAG (MALDIVES) PVT LTD

Primary Business Activity

:

Trader

Primary Industry

:

Metals & Metal Products

Office Contact Details

Operating Address

:

G Doores Villa Alikilegefaanu Magu, Male

Tel

:

[+960]-3002000

 

:

[+960]-3002002

Mobile

:

[+960]-9911911

 

:

[+960]-9722722

Fax

:

[+960]-3304950

Email

:

import@securebag.com.mv
info@securebag.com.mv

Website Details

Website

:

http://www.securebag.com.mv

Status

:

Registered but not operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

CREDIT recommendation

 

Current Credit Limit: USD $15,000  based on  90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Shareef Ibrahim

Nationality

:

Indian

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Sharmeela Ali

Maldivian

Officer

Administration

 

 

Management Details - 1

Personal Unique Identifier

:

MI03188656

Name

:

Ms. Sharmeela Ali

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02503015

Name

:

Mr. Mohammad Athif

Nationality

:

Indian

 

2

 

 

Personal Unique Identifier

:

MI02502961

Name

:

Mr. Shareef Ibrahim

Nationality

:

Indian

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Directors. In this case, the Directors information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

NEGATIVE INFORMATION

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

SHAREHOLDERS

 

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Shareef Ibrahim

India

n/a

n/a

67.00

2

Mr. Mohammad Athif

India

n/a

n/a

33.00

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.064977 USD
United States Dollars

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

 

PAYMENT INFORMATION

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

25%

International Sales (Export)

75%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

80%

Imports

20%

 

 

 

PAYMENT TERMS

 

 

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

 

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

 

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

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.064977 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Recycled metals

Trading

Scrap metals

Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Air, Water & Solid Waste Mgt

9511

Service

Equipment Rental/Leasing, NEC

7359

Service

Fabricated metal products, nspf

3499

Trading

Scrap & Waste Materials

5093

Trading

Secondary smelting and refining of nonferrous metals

3341

Service

Wrecking & Demolition Work

1795

Service

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Air, water & solid waste management services

9879

Service

Equipment rental and leasing, nec

9913

Service

Miscellaneous articles of base metal

8300

Trading

Other ferrous scrap

7204490080

Trading

Recycling

9881

Service

Stainless steel waste and scrap

7204210000

Trading

Waste & scrap of prec metal or metal clad with precious metal

7112

Trading

Wrecking and demolition work

9830

Service

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Demolition

Secondary

Service

Equipment leasing

Secondary

Service

Equipment rental

Secondary

Service

Recycling

Secondary

Service

Scrap materials recycling

Secondary

Service

Site clearance

Secondary

Service

Waste disposal

Secondary

Service

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of SECURE BAG (MALDIVES) PVT LTD is Trading - General products.

Key products include :

Recycled metals

Scrap metals

 

 

 

 

Supplementary Business

 

In addition to the core business, SECURE BAG (MALDIVES) PVT LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

Service

Specialized professional services, including:

Equipment leasing

Equipment rental

Recycling

 

 

REPUTATION

 

 

 

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.

 

 

BANK DETAILS

 

 

 

Bank Name

:

HONG KONG & SHANGHAI BANKING CORP LTD, THE

Global Identifier

:

P0324977

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

HSBCMVMV

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

SECURE BAG (MALDIVES) PVT LTD - MAGU, MALE

Branch Address

:

Viola Violet, Magu, Male

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

India

Medium

Importing, Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

SECURE BAG (MALDIVES) PVT LTD - MALE

Address

:

G Doores Villa Alikilegefaanu Magu, Male

Country

:

Maldives

Status

:

Operational

 

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

H Huvadhoo Ameenee, Magu, Male

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.59

UK Pound

1

Rs.101.56

Euro

1

Rs.85.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.