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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
PEARL TRAVEL SERVICE PVT LTD |
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Registered Office : |
1Fl H Hirifushi Asrafee, Magu, Male |
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Country : |
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Date of Incorporation : |
10.02.2013 |
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Legal Form : |
Private Company With Limited Liability |
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Line of Business : |
Providing Professional Services |
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No of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Maldives |
C1 |
B1 |
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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 nearly 30% 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. In recent years,
gross foreign reserves have hovered around $300 million, sufficient to finance
about two to three months of imports. Diversifying the economy beyond tourism
and fishing, reforming public finance, increasing employment opportunities, and
combating corruption, cronyism, and a growing drug problem are other near-term
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.
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Source
: CIA |
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Company Details |
||
|
Organization Name |
: |
PEARL TRAVEL SERVICE PVT LTD |
|
Address |
: |
1Fl H Hirifushi Asrafee, Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3340783 |
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Facsimile |
: |
[+960]-3341079 |
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Email |
: |
sales@pearltravelservice.com |
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Website |
: |
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Primary Business Activity |
: |
Service |
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Key Industry |
: |
Professional Services |
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Key Person
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COMPANY
DIRECTORS |
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REPUTATION |
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Due to the recent incorporation of the PEARL TRAVEL SERVICE PVT LTD,
and the relatively small nature of its business, no meaningful points of reference
in terms of reputation within the respective industry was possible. |
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NEGA-SCAN - ADVERSE DATA MONITORING |
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Capital |
: |
n/a(1) |
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SHAREHOLDERS |
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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 Shareholders. |
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DOMESTIC SALES & PURCHASES |
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ASSOCIATIONS |
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PEARL TRAVEL SERVICE PVT LTD are members of the following
associations: |
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Domestic Associations |
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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. |
N/a
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Key Facts |
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Registered Legal Address |
: |
H Hirifushi Asrafee, Magu, Male |
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Operational Address |
: |
1Fl H Hirifushi Asrafee, Magu, Male |
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Trading Name |
: |
PEARL TRAVEL SERVICE |
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Issuing Authority |
: |
MINISTRY OF ECONOMIC DEVELOPMENT - National |
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License Number |
: |
C-0089/2013 |
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License Status |
: |
License exists - Normal. |
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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 |
: |
10 Feb, 2013 |
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Employees |
: |
10 |
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Report Details |
||
|
Country |
: |
Maldives |
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Business Entity Name |
: |
PEARL TRAVEL SERVICE PVT LTD |
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Primary Business Activity |
: |
Service |
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Primary Industry |
: |
Professional Services |
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Office Contact Details |
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Operating Address |
: |
1Fl H Hirifushi Asrafee, Magu, Male |
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Tel |
: |
[+960]-3340783 |
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Fax |
: |
[+960]-3341079 |
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Email |
: |
sales@pearltravelservice.com |
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Website Details |
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Website |
: |
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Status |
: |
Normal - operational |
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Ownership Type |
: |
Registered ownership by Subject Business Entity |
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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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CORE BUSINESS DESCRIPTION |
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Core Business |
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The primary business focus of PEARL TRAVEL SERVICE PVT LTD is
Specialized professional services, including: Travel agency
Travel agency |
OFFICE & FACILITIES |
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The following information relates to the Business Entity's office as
listed above: |
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Note |
: |
(1) Not
applicable. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.27 |
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Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
-- |
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.