MIRA INFORM REPORT
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Report Date : |
16th May 2006 |
IDENTIFICATION DETAILS
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Name : |
BODUHITHI
ISLAND RESORT |
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Registered Office : |
# 04-01 Sto Trade Centre Orchidmagu Pobox 20145 Male
Maldives |
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Date of Incorporation : |
25/03/2000 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
in the business of hotels and resort |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
BODUHITHI ISLAND RESORT
Address
# 04-01 STO TRADE CENTRE
ORCHIDMAGU POBOX 20145
MALE MALDIVES
Registered address
AT HEADING ADDRESS
Operating Address
AT HEADING ADDRESS
Head Quarter
AT HEADING ADDRESS
Branches
AT G.SUN SET, HUSNUHEENAA MAGU MALE
Factory
AT NORTH KAAFU ATOLL BODUHITHI ISLAND [RESORT]
Telephone 960 6643981 336611 3324658 6646464
Fax 960 326622 6646565 3325543
Telex NONE
Date, Established
25 03 2000
Incorporation No
C-180/2000 DATED 25 03 2000 [MAY BE CHANGED]
Legal Status
PRIVATE LIMITED COMPANY
Businesses
SUBJECT IS A HOTELS AND 4 STAR RESORT CONSISTING OF 103 ROOMS WITH ALL AVAILABLE AND LATEST FACILITIES OF HAVING 3 VILLAS RESTAURANT COFFEE SHOP BAR BANGLOWS SUITES MEETING ROOM WELL EQUIPPED WITH TV TELEPHONE IDD AIRCONDITIONERS INCLUDING SWIMMING POOL MUSIC DIVING SPORTS AND VARIETY OF OTHER RECREATIONAL FACILITIES AND PROVIDE TOUR TRAVELLING OPERATING SERVICES IMPORTERS OF HOTELS RESORTS SPAS TOURISTS AND TRAVELLERS REQUITES EQUIPMENT AND RELATED VARIETY OF
LUXARY AND FASHION GOODS
Board of Directors
SHABEER AHMED - MANAGING DIRECTOR
MS MOOMINA MOHAMED
HUSSAIN HILMY
AHMED SHIFAU
MOHAMED NAZEER
AHMED SHIYAM
Bankers
BANK OF MALDIVES LTD MALE
RELATION BETWEEN SUBJECT AND BANK ARE LEARNT TO BE GOOD
Payments
LEARNT TO BE PROMPT, NO PAYMENT TRACK HISTORY AVAILABLE
Financial Position
VERY GOOD. LEARNT, ADEQUATE RESOURCES AVAILABLE
Public
NOTHING HEARD DETRIMENTAL
Shareholders
SUNLAND GROUP OF COMPANIES 100% [DECLINED FURTHER DETAILS]
Associates
SUNLAND GROUP OF COMPANIES COMPRISING OF
SUNLAND TRAVEL PVT LTD / SUNLAND HOTELS PVT LTD / SUNLAND PVT LTD BLUECHIP PVT LTD / COCO PALM RESORT & SPA / KUDA HITHI A 7 VILLAS SUNLAND TRADING COMPANY
Imports from
WORLDWIDE SOURCES
Court, bad credit
NO COURT ARBITRATION, NON-PAYMENT OR DISPUTES ARE LEARNT
History
REPUTED CO, SUBJECT’S ALL FINANCES ARE CONTROLLED FROM H/O THAILAND
Buying/Selling term
PER 100% CONFIRMED L/C
AT SIGHT DRWAN BASIS
Credit Maximum [USD]
100000 CAN BE GRANTED ON
ANY MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE LEARNT
Trade Suppliers/Referees
NONE
Premises
OWNED BY SUBJECT
Employs
295 +
Member
OF A LOCAL CHAMBER OF COMMERCE AND OTHER TRADE ASSOCIATION
Sources
REPORT IS PRODUCED FROM COLLECTIVE RESULTS OF LOCAL INFORMANT.
Remarks
SUBJECT IS CONSIDERED TO BE GOOD FOR ANY NORMAL BUSINESS ENGAGEMENT
CAPITAL AS AT
31 12 2005 IN MVR / MILLION [PROVISIONAL & UNAUDITED]
LT ST INVESTMENTS
8.85
RECEIVABLE 15.38
INVENTORY 26.17
TOTAL CURRENT ASSETS 50.40
FIXED ASSETS 20.00
TOTAL ASSETS 70.40
CURRENT LIABILITIES 4.77
PAYABLE 13.52
LT LIABILITIES 7.80
TOTAL LIABILITIES 26.09
PAID UP 5.00
RESERVES/SURPLUS 39.31
TOTAL
LIABILTIES 70.40
TURNOVER APPROX 100.00
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |