MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MALDIVES INFLIGHT CATERING PTE LTD |
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Registered Office : |
Po Box 2151 Male International
Airport |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19 12 1989 |
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Com. Reg. No.: |
MV (C-11/88) |
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Legal Form : |
Private Limited Joint Venture Company |
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Line of Business : |
Provides Airline Catering and Cabin
Cleaning Services |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
MALDIVES INFLIGHT CATERING PTE LTD
Address
PO BOX 2151 MALE INTERNATIONAL AIRPORT
MALE' MALDIVES
Registered address
AT HEADING ADDRESS
Operating Address
AT HEADING ADDRESS
Telephone 960
7787552
3325084 EXT (205) 3342733 3315669 3313753 3325094 3330888 7771917
Fax 960 3330777 3315803
Telex NONE
Branches
IN MALE AND KAAFU HULHULE
AND OTHER AREAS
Factory
NONE
Date, Estd
19 12 1989
Incorporation No
MV (C-11/88) DATED 19 12 1989
Legal Status
PRIVATE LIMITED JOINT
VENTURE COMPANY
Businesses
SUBJECT IS A COMPANY THAT PROVIDES AIRLINE
CATERING AND CABIN CLEANING SERVICES TO AIRLINES AT MALE' INTERNATIONAL AIRPORT
MALDIVES , IT OWNS AND OPERATES HOTEL AND RESORT
WITH ALL FACILITIES “HULHULE
ISLAND HOTEL” JOINTLY OWNED BY SUBJECT AND SIA [SINGAPORE AIRLINES] WHICH
COVERED 88 ROOMS ATTACHED WITH ALL
FACILITIES AND AMENITIES FOR SINGAPORE AIRLINES WITH INFLIGHT CATERING RELATED
SERVICES AND THIS IS A JV BETWEEN MALDIVES AIRPORTS CO LTD AND SINGAPORE
AIRPORT TERMINAL SERVICES LTD IMPORTERS OF ALL SORTS OF FOODSTUFF CATERING PRODUCTS HOTELS
AND RESORT REQUISTES AND EQUIPMENTS
Board of Directors
MR ISMAIL SHAFEEU – CHAIRMAN
MR ANBAREE ABDUL SATTAR
MR IBRAHIM ZUHAIR
MR ILYAS IBRAHIM
MR MOHAMED IBRAHIM
MR AHMED ZAHIR
MR JOSEPH CHEW
MR EDDIE O
Bankers
STATE BANK OF MALDIVES
MALE
Payments
PROMPT
Financial Position
VERY GOOD ADEQUATE
RESOURCES AVAILABLE
Shareholders
MALDIVES GOVERNMENT 65
SINGAPORE AIRPORT TERMINAL SERVICES LTD [SAT] 35%
Associates
HULHULE ISLAND HOTEL
History
REPUTED CO
Buying/Selling term
PER 100% IRREVOCABLE
AND CONFIRMED L/C AT SIGHT DRWAN BASIS
Credit Maximum [USD]
200000 CAN BE GRANTED
ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE
Trade Suppliers
NONE
Premises
OWNED BY SUBJECT
Employs
1250 +
Member
NONE
Sources
REPORT IS PRODUCED FROM
COLLECTIVE RESULTS OF LOCAL AGENTS
Remarks
SUBJECT IS CONSIDERED TO BE GOOD FOR ANY NORMAL BUSINESS ENGAGEMENT
CAPITAL AS AT
31 12 2007 IN RUFYIA [RF] / MILLION [UNAUDITED]
Property, plant & equipment 255.70
Investment 45.65
Trade receivables 69.25
NON-CURRENT ASSETS 370.60
Inventories 78.20
Receivables 95.60
Cash & cash equivalents 26.50
CURRENT ASSETS 200.30
TOTAL ASSETS 570.90
Paid up capital
50.00
General reserve 170.55
Capital reserve 182.05
Borrowings 79.55
Receivables 88.75
TOTAL LIABLITIES 570.90
TURNOVER APPROX 800.00
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)