MIRA INFORM REPORT

 

 

Report No. :

309552

Report Date :

10.03.2015

 

IDENTIFICATION DETAILS

 

Name :

CORAL GATE MALDIVES PVT LTD

 

 

Registered Office :

1Fl G Elvio, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

24.07.2003

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Providing Construction and Construction Materials Services.

 

 

No. of Employees :

150

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exist

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Maldives

B1

B1

 

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 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.

 

Source : CIA

 

 

NOTE

 

In absence of financials, no credit limit could be recommended.

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

CORAL GATE MALDIVES PVT LTD

Address

:

1Fl G Elvio, Male

Country

:

Maldives

Email

:

coralgate@gmail.com

Website

:

http://www.coralgate.com.mv

Primary Business Activity

:

Service

Key Industry

:

Construction & Construction Materials

 

Key Facts

Registered Legal Address

:

1Fl G Elvio, Male

Operational Address

:

1Fl G Elvio, Male

Issuing Authority

:

MINISTRY OF TRADE & INDUSTRIES

License Number

:

C-0216/2003

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

:

24 Jul, 2003

Employees

:

150

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.

 

 

CREDIT recommendation

 

Current Credit Limit: No credit limit recommended.

 

Credit Rating / Limit additional comments:

Credit opinion

:

Credit can proceed ONLY on strict financing terms.

 

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Asim Abdulla

Maldivian

Representative

Finance

Management Details - 1

Personal Unique Identifier

:

MI03555726

Name

:

Mr. Asim Abdulla

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02482523

Name

:

Mr. Ahmed Shareef

 

2

 

 

Personal Unique Identifier

:

MI02481992

Name

:

Mr. Mohamed Shareef

 

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

 

REPUTATION

Due to the prevailing circumstances regarding the status of CORAL GATE MALDIVES PVT LTD, assessment of reputation is not relevant.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

1 Record Found

 

Civil Litigation ( 1 )

 

 

 

Position

:

Defendant

Other Parties Involved

:

Position

Country

Party's Name

Plaintiff

Maldives

MALDIVES INLAND REVENUE AUTHORITY

Case Issue

:

A petition to the court claiming non-payment of GST, late filing and late payment fines amounting to MVR 1,874,698.55 (filed under case no 1991/Cv-C/2014)

Court

:

Civil Court, Maldives

Date Commenced

:

29 Sep, 2014

Status

:

Pending

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

Mr. Ahmed Shareef

Maldives

n/a

n/a

n/a

2

Mr. Mohamed Shareef

Maldives

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

 

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

 

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

70%

International Sales (Export)

30%

Annual Purchases Analysis

Percentage

Local Purchases

80%

Imports

20%

 

 

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

=

0.065574 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Maldives

Business Entity Name

:

CORAL GATE MALDIVES PVT LTD

Primary Business Activity

:

Service

Primary Industry

:

Construction & Construction Materials

Office Contact Details

Operating Address

:

1Fl G Elvio, Male

Mobile

:

[+960]-7778780 (*)

Email

:

coralgate@gmail.com
info@coralgate.com.mv

Website Details

Website

:

http://www.coralgate.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

Note (*):

There exists no known land telephone line that is being used by the Subject Business Entity (SBE) in connection to their business, which is uncommon in normal / regular businesses. The SBE ONLY operates using a Mobile phone as the primary point of contact.


In such scenarios, there is no ability to legally associate any relationship between the SBE and the person/s answering the mobile phone.


Caution is advised.

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Mohamed Shareef

Nationality

:

Maldivian

 

Primary Products

Products / Materials / Services Description

Activity

Civil construction

Service

Construction

Service

Logistics

Service

Project management

Service

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Construction Materials, NEC

5039

Trading

Fish & Seafoods

5146

Trading

Food products, nspf

2099

Trading

Heavy Construction, NEC

1629

Service

Transportation Services

4700

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agric, construction, trans, electric/ gas/ sanitary, eng & mgmt & envir.quality

9800

Service

Cucumbers and gherkins, fresh or chilled

0707

Trading

Food preparations

2106

Trading

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

Hardware, fixtures, castors etc & parts, base metal

8302

Trading

Heavy construction

9818

Service

Nails, tacks, drawing pins, staples etc of iron or steel nesoi, not with smooth shank, galvanized, made of round wire, of one piece construction

7317005570

Trading

Prep or pres fish; caviar & caviar substitutes

1604

Trading

Tuna, albacore (thunnus alalunga) not in oil, in airthigh containers over 7 kg each

1604143020

Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Construction materials

Secondary

Trading

Food products

Secondary

Trading

Fresh tuna

Secondary

Trading

Frozen tuna

Secondary

Trading

Sea cucumber

Secondary

Trading

Tuna

Secondary

Trading

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CORAL GATE MALDIVES PVT LTD is Specialized professional services, including:

Civil construction

Construction


Key services include :

Logistics

Project management

 

Supplementary Business

In addition to the core business, CORAL GATE MALDIVES PVT LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Natural food items, Unprocessed (Meats, Produce or Seafood)

Importing - Raw materials

Trading

Trading - Finished products

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

North America

Medium

Exporting

China

Medium

Exporting

Hong Kong

Medium

Exporting

India

Medium

Importing

Japan

Medium

Exporting

Malaysia

Medium

Importing

Singapore

Medium

Importing

Sri Lanka

Medium

Exporting

USA

Medium

Exporting

 

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

CORAL GATE MALDIVES PVT LTD - MALE

Primary Use

:

Office & Administration facilities

Address

:

1Fl G Elvio, Male

Country

:

Maldives

Status

:

Operational

 

PREVIOUS CONTACT DETAILS

Company Address

:

M Kehekshaan, Male

Telephone Number

:

960-  -3336663

Fax Number

:

960-  -3336664

Company Address

:

Meerubahuruaage Ameeruahmed Boduthakurufaanu, Magu, Male

Telephone Number

:

960-  -3338780

Fax Number

:

960-  -3348780

Company Address

:

M Noohiri, Male

Company Address

:

H Maizandhoshuge Sosun Magu, Male 20360

 

ASSOCIATIONS

CORAL GATE MALDIVES PVT LTD are members of the following associations:

Domestic Associations

Association Name

MALDIVES ASSOCIATION OF CONSTRUCTION INDUSTRY - MACI

 

 

 

NOTES & COMMENTS

 

N/A

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.62

UK Pound

1

Rs.94.39

Euro

1

Rs.67.96

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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.