MIRA INFORM REPORT
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Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
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Name : |
APOLLO HOLDINGS PVT LTD |
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Registered Office : |
2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Country : |
Maldives |
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Date of Incorporation : |
03.07.1998 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importer of Consumer Products |
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No. of Employees : |
115 |
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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Maximum Credit Limit: |
USD $50,000 |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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. 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.
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Source
: CIA |
REGISTERED
NAME & COMPANY SUMMARY
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Company Details |
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Organization Name |
: |
APOLLO HOLDINGS PVT LTD |
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Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3320065 |
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Facsimile |
: |
[+960]-3329460 |
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Email |
: |
apohol@dhivehinet.net.mv |
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Primary Business Activity |
: |
Importer |
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Key Industry |
: |
Consumer Products |
CREDIT
RECOMENDATION
Current Credit
Limit: USD $50,000 based on 90 days
DIRECTORS/MANAGEMENT
Key Person
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Legal Title |
: |
Chairman |
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Name |
: |
Mr. Hamed Nasir |
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Nationality |
: |
Maldivian |
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COMPANY
MANAGEMENT |
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Management
Listings |
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COMPANY
DIRECTORS |
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NEGATIVE
INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing the APOLLO HOLDINGS
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
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Capital |
: |
n/a(1) |
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SHAREHOLDERS |
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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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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
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Today's Exchange rate |
: |
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ADDITIONAL
INFORMATION
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Key Facts |
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Registered Legal Address |
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2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Operational Address |
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2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Issuing Authority |
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Ministry of Trade & Industries |
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License Number |
: |
C-0129/1998 |
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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 |
: |
30 Jul, 1998 |
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Employees |
: |
115 |
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Report Details |
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Country |
: |
Maldives |
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Business Entity Name |
: |
APOLLO HOLDINGS PVT LTD |
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Primary Business Activity |
: |
Importer |
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Primary Industry |
: |
Consumer Products |
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Office Contact Details |
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Operating Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Tel |
: |
[+960]-3320065 |
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: |
[+960]-3314994 |
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: |
[+960]-3335699 |
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Fax |
: |
[+960]-3329460 |
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: |
[+960]-3335706 |
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Email |
: |
apohol@dhivehinet.net.mv |
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Primary Products
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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 APOLLO HOLDINGS PVT LTD is Importing -
General products . Boat building supplies Consumer items Building materials Eggs Fiberglass Furniture General merchandise Hardware Household items Onions Potatoes Toiletries |
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Supplementary Business |
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In addition to the core business, APOLLO HOLDINGS PVT LTD also is
engaged in the following areas of business: Trading Trading - Finished products |
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BANK DETAILS |
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INTERNATIONAL
TRADE - Activity & Markets |
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Country / Region |
Estimated level of importance |
Trading Activity |
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Asia / Pacific |
Medium |
Importing |
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Europe |
Medium |
Importing |
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China |
Medium |
Importing |
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India |
Medium |
Importing |
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Sri Lanka |
Medium |
Importing |
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Taiwan |
Medium |
Importing |
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Thailand |
Medium |
Importing |
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OFFICE &
FACILITIES |
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PREVIOUS CONTACT
DETAILS |
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NOTES
& COMMENTS
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Note |
: |
(1)
Not applicable. (2)
Legal Form
- Category(Private Company with Limited Liability) in Maldives, there is no
requirement for Authorized Capital. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.45 |
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|
1 |
Rs.101.17 |
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Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.