MIRA INFORM REPORT
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Report No. : |
311520 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE TRAVEL MALDIVES PVT LTD |
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Registered Office : |
G Shafag/6B Rahdebai, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is engaged in Travel Agencies
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
: |
ADVANCE
TRAVEL MALDIVES PVT LTD |
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Address |
: |
9Fl
H Shady Yard Sosun, Magu, Male |
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Country |
: |
Maldives |
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Email |
: |
xoha81@gmail.com |
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Primary
Business Activity |
: |
Service |
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Key
Industry |
: |
Professional
Services |
Key Facts
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Registered
Legal Address |
: |
G
Shafag/6B Rahdebai, Magu, Male |
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Operational
Address |
: |
9Fl
H Shady Yard Sosun, Magu, Male |
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Issuing
Authority |
: |
MINISTRY
OF ECONOMIC DEVELOPMENT - National |
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License
Number |
: |
Not
Available(1) |
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License
Status |
: |
License
exists - But no trace of any Operational office. |
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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 |
: |
It
was NOT possible to confirm the operational status.(2) |
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Capital |
: |
n/a(3) |
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Note
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: |
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DIRECTORS/MANAGEMENT
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COMPANY DIRECTORS |
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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 Directors. |
NEGATIVE
INFORMATION
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REPUTATION |
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Due to the lack of any third party references and the relatively small
size of the ADVANCE TRAVEL MALDIVES PVT LTD, it was not possible to establish
any point of reference within the respective industry sector. |
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NEGA-SCAN - ADVERSE DATA MONITORING |
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SHARE
& SHARE CAPITAL INFORMATION
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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. |
PAYMENT
INFORMATION
N/a
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 a
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
N/a
ADDITIONAL
INFORMATION
Operating Status:
Investigation
can not confirm operational status of Subject Business Entity.
Investigations
confirm the legal registration of the ADVANCE TRAVEL MALDIVES PVT LTD, but as a
result of not being able to identify:
any operational offices
any point of contact
nor speak to any representative of the firm
Thus it has
not been possible to conduct the normal due diligence process and assessment of
credit worthiness.
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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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Travel agency |
Service |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY |
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NOTES
& COMMENTS
N/a
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.67 |
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|
1 |
Rs. 92.46 |
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Euro |
1 |
Rs. 66.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.