MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
THULHAGIRI ISLAND RESORT [PVT] LTD |
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Registered Office : |
H Jazeera Boduthakurufaanu Magu Kaafu North Male Atoll Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.09.1980 |
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Com. Reg. No.: |
MV-139 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Island Resort |
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 100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
THULHAGIRI ISLAND RESORT [PVT] LTD
MALDIVES [WITHOUT ADDRESS]
Correct Address
H JAZEERA BODUTHAKURUFAANU MAGU
KAAFU NORTH MALE' ATOLL MALÉ MALDIVES
Registered address
AT HEADING ADDRESS
Operating Address
AT HEADING ADDRESS
Branches
AT HAPPY MARKET MTCC
BLDG 3/F MALE MALDIVES
Factory
NONE
Telephone 960 6645930 6645939
322844 321026
Fax 960
445939
Telex NONE
Date, Established
20 09 1980 [REVISED IN
1980]
Incorporation No
MV-139 DATED 20 09 1980
Legal Status
PRIVATE LIMITED COMPANY
Business
SUBJECT IS A 72 ROOMS ISLAND RESORT OF 3 STAR INTERNATIONAL STANDRD HOTEL COMPRISNG 17 WATER 55 BEACH BUNGALOWS 1 RESTAURANT AND 1 BAR WITH FACILITIES OF
OVERWATER BUNGALOWS DELUXE SUITES A/C ROOMS HOT/COLD WATER HAIR DRYER MINI
BAR IDD PHONE SATELLITE TV SWIMMING POOL SAUNA JACUZZI DISCO SCUBA DIVING WINDSURFING CATAMARAN SAILING PARASAILING CANOEING SKIING WAKE BOARDING RINGO BANANA RIDING JET SKIING AEROBICS BADMINTON TENNIS VOLLEY EXCURSIONS BIG GAME FISHING AND PROVIDE TOUR OPERATING SERVICES IMPORTERS OF RESORTS TOURISTS TRAVELLERS REQUITES EQUIPMENT AND MEDICINES WINE ALCOHOL DRINKS LUXARY GOODS
Board of Directors
IBRAHIM ZUHAIR – PRESIDENT
ABDULLA MIFTHAH
ABDULLA ZUHAIR
M H NAEEM
Bankers
BANK OF MALDIVES LTD MALE
HABIB BANK 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
IBRAHIM ZUHAIR 40 ABDULLA MIFTHAH 30 ABDULLA ZUHAIR 30%
Associates
NONE
Imports from
MOSTLY FROM ITALY AND WORLDWIDE SOURCES
Financial Information
BEING PVT LTD COY FINANCIAL STATEMENT NEED NOT BE FILED
History
SUBJECT EMPLOYS ITALIAN AND OTHER FOREIGN PERSONS, REPUTED
Buying/Selling term
PER 100% IRREVOCABLE
AND CONFIRMED L/C AT SIGHT DRWAN BASIS
Credit Maximum [USD]
100000 CAN BE GRANTED
ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE LEARNT
Trade Suppliers/Referees
NONE
Premises
OWNED BY SUBJECT
Employs
450 +
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 2007 IN MVR
/ MILLION [PROVISIONAL & UNAUDITED]
LT ST INVESTMENTS 11.50
RECEIVABLE 25.90
INVENTORY 41.75
DEFERRED ASSETS 16.35
TOTAL CURRENT ASSETS 95.50
FIXED ASSETS 75.00
TOTAL ASSETS 170.50
CURRENT LIABILITIES 10.75
PAYABLE 33.80
LT FINANCIAL
LIABILITIES 28.45
PAID UP 5.00
RESERVES/SURPLUS 43.75
DEFERRED LIABILITIES 48.75
TOTAL
LIABILTIES 17050
TURNOVER APPROX 200.00
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%)