MIRA INFORM REPORT
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Report No. : |
309547 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SECURE BAG (MALDIVES) PVT LTD |
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Registered Office : |
G Doores Villa Alikilegefaanu Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
03.10.2004 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Engaged as exporter of
Scrap Materials ranging from different forms of metals like Bronze, Stainless Steel, Aluminium to plastics and papers which are bought locally Subject other
business ventures includes:- · Export of Maldivian Fish · Export and Supply of Construction Materials (Sand, Aggregates, Cement, Rock Boulder) · Civil Construction · Import/ Supply and Commissioning of Generators and Panels · Sea Transport - Passengers and Cargo ·
Aabaa Fihaara - A one of a kind shop in
Maldives which sells New and Used goods which are hard to get by like spare
parts |
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No of Employees : |
50 |
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 $30,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Maldives |
B1 |
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 |
REGISTERED
NAME & COMPANY SUMMARY
Company Details
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Organization Name |
: |
SECURE BAG (MALDIVES) PVT LTD |
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Address |
: |
G Doores Villa Alikilegefaanu Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3002000 |
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Facsimile |
: |
[+960]-3304950 |
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Email |
: |
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Website |
: |
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Primary Business Activity |
: |
Engaged as exporter of
Scrap Materials ranging from different forms of metals like Bronze, Stainless Steel, Aluminium to plastics and papers which are bought locally Subject other
business ventures includes:- · Export of Maldivian Fish · Export and Supply of Construction Materials (Sand, Aggregates, Cement, Rock Boulder) · Civil Construction · Import/ Supply and Commissioning of Generators and Panels · Sea Transport - Passengers and Cargo ·
Aabaa Fihaara - A one of a kind shop in
Maldives which sells New and Used goods which are hard to get by like spare
parts |
Key Facts
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Registered Legal Address |
: |
G Doores Villa Alikilegefaanu Magu, Male |
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Operational Address |
: |
G Doores Villa Alikilegefaanu Magu, Male |
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Issuing Authority |
: |
MINISTRY OF TRADE & INDUSTRIES |
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License Number |
: |
C-547/2004 |
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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 |
: |
3 Oct, 2004 |
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Employees |
: |
50 |
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Capital |
: |
n/a(1) |
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Note |
: |
(1) Not applicable. |
CREDIT
RECOMENDATION
Current Credit Limit:
USD $30,000 based on 90 days
DIRECTORS/MANAGEMENT
Key Person
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Legal Title |
: |
Managing Director |
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Name |
: |
Mr. Shareef Ibrahim |
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Nationality |
: |
Indian |
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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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NEGA-SCAN - ADVERSE DATA MONITORING |
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REPUTATION |
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Reference checking for the purpose of establishing SECURE BAG
(MALDIVES) PVT LTD's reputation within the respective industry failed to
reveal any adverse information. |
SHARE
& SHARE CAPITAL INFORMATION
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SHAREHOLDERS
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PAYMENT
INFORMATION
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DOMESTIC
SALES & PURCHASES |
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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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Report Details |
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Primary Products
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Products / Materials / Services Description |
Activity |
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Recycled metals |
Trading |
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Scrap metals |
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 SECURE BAG (MALDIVES) PVT
LTD is Trading - General products. Subject other
business ventures includes:- · Export of Maldivian Fish · Export and Supply of Construction Materials (Sand, Aggregates, Cement, Rock Boulder) · Civil Construction · Import/ Supply and Commissioning of Generators and Panels · Sea Transport - Passengers and Cargo ·
Aabaa Fihaara - A one of a kind shop in
Maldives which sells New and Used goods which are hard to get by like spare
parts Key
products include : Recycled
metals Scrap
metals |
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Supplementary
Business |
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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
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PAYMENT TERMS |
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Selling |
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Purchasing |
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BANK DETAILS |
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LOCAL BRANCHES & MANAGEMENT |
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INTERNATIONAL TRADE - Activity & Markets |
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OFFICE & FACILITIES |
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The following information relates to the Business Entity's
office as listed above: |
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PREVIOUS CONTACT DETAILS |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.62 |
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UK Pound |
1 |
Rs.94.39 |
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Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
MNL |
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.