MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE WATER FRONT (PVT) LTD |
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Registered Office : |
Boduthakurufaanu Magu, Halaveli 112 H Aage 2/F East Wing,
North Ari Atoll Male |
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Country : |
Maldives |
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Date of Incorporation : |
29.10.2000 |
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Com. Reg. No.: |
MV-3712 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Island Resort and Hotel |
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
THE WATER FRONT (PVT) LTD
HALAVELI RESORT [PVT] LTD
Correct address
BODUTHAKURUFAANU MAGU
HALAVELI 112 H AAGE 2/F EAST WING
NORTH ARI ATOLL MALE MALDIVES
Registered address
AT HEADING ADDRESS
Operating Address
AT HEADING ADDRESS
Branches
AT H AKIRI BODUTHAKURUFAANU MAGU MALE
Factory
NONE
Telephone 960 6660559
3343613 3334361 43343615 3322719
Fax 960 6660564
3343615 3323463 3323463
Telex NONE
Date, Established
29 10 2000
Incorporation No
MV-3712 DATED 29 10 2000 [MAY BE CHANGED]]
Legal Status
PRIVATE LIMITED COMPANY
Businesses
SUBJECT IS A 56 ROOMS ISLAND RESORT AND HOTEL INCLUDE RESTAURANT WITH FACILITIES OF SCUBA DIVING WINDSURFING CATAMARAN SAILING PARASAILING CANOEING WATER SKIING RINGO RIDING BUNGALOWS MINI BAR A/C ROOMS HAIR DRYER DISCOTHEQUE HOT AND COLD WATER IDD TELEPHONE BANANA RIDING BEACH VOLLEY BUNGALOWS OVERWATER TV SWIMMING POOL SAUNA BADMINTON TENNIS VOLLEY EXCURSIONS BIG GAME FISHING ETC SERVICES IMPORTERS OF RESORTS TOURISTS TRAVELLERS REQUITES EQUIPMENT AND MEDICINES WINE ALCOHOL DRINKS LUXARY GOODS. SUBJECT TO BE IN OPEN AND IN COMMERCIAL OPERATION FROM 2009 AND YET IS UNDER COMPLETION.
Board of Directors
MR GEORGE DUMBELL – CHAIRMAN [GROUP]
MR PATRICE BINET DECAMPS – MANAGAING DIRECTOR
MR ABDUL RAUF
MR M SNOW ROSE
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
ESATINVEST PVT LTD 35 CONSTANCE HOTEL UK ITALY 45 OTHER 20%
Associates
CONSTANCE HOTEL GROUP UK AND ITALY
EASTINVEST PVT LTD
HALAVELI HOLIDAY VILLAGE
Imports from
MOSTLY FROM ITALY AND WORLDWIDE SOURCES
Financial Information
BEING PVT LTD COY FINANCIAL STATEMENT NEED NOT BE FILED
History
REPUTED CO
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 [Italian Agent]
NONE LEARNT
Trade Suppliers/Referees
NONE
Premises
OWNED BY SUBJECT
Employs
250 +
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]
NO FINANCIAL STATEMENT IS CURRENTLY AVAILABLE FOR QUOTE SINCE IT IS IN
YET UNDER IMPLEMENTATION.
ESTIMATED CAPITAL LEARNT TO BE INVESTED MVR 300.00 MILLION IN PHASEWISE
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%)