MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
POST TSUNAMI RECOVERY & RECONSTRUCTION PROJECT |
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Registered Office : |
52
Bodthakurufaanu Magu Male |
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Country : |
Maldives |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.02.2005 |
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Com. Reg. No.: |
Project Id P094193 Dated 14 02 2005 |
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Legal Form : |
Post-Tsunami Reconstruction Project Under The Government of Maldives |
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Line of Business : |
Subject is a Post Tsunami Recovery Project undertaken by
the Maldives Government and International Development Association of WB IDA ADB and Foreign Governments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
USD 500000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Company Name
POST TSUNAMI RECOVERY & RECONSTRUCTION PROJECT
PROJECT MANAGEMENT & CO-ORDINATION SECTION
UNDER THE MINISTRY OF EDUCATION, MALDIVES
Address
C/O:
AMIN CONSTRUCTION PVT LTD
52 BODTHAKURUFAANU MAGU MALE MALDIVES
Registered address
AT HEADING ADDRESS
Operating Address
AT HEADING ADDRESS
Branches
ALL OVER THE
COUNTRY
Factory NONE
Telephone 960 3324369 3326740 3388884
Telex NONE
Fax 960 3328424
Telex NONE
Date, Established
14 02 2005
Incorporation No
PROJECT ID P094193 DATED 14 02 2005
Legal Status
POST-TSUNAMI RECONSTRUCTION PROJECT UNDER THE GOVERNMENT OF MALDIVES
Businesses
SUBJECT IS A POST TSUNAMI RECOVERY PROJECT UNDERTAKEN BY THE MALDIVES GOVERNMENT AND INTERNATIONAL DEVELOPMENT ASSOCIATION OF WB IDA ADB AND FOREIGN GOVERNMENTS [.] BJECTIVE OF THE PROJECT IS TO SUPPORT MALDIVES GOVERNMENT FOR REHABILITATION AND RECONSTRUCTION OF DAMAGES CAUSED BY TSUNAMI OF 26 DEC 2004 AND IT TO BE IMPLEMENTED WITHIN 3 YEARS, EXPECTED BY 2009, THIS PROJECT COVERED RELIEF REHABILITATION RECONSTRUCTION AND RESTORATION OF LIVELIHOODS SCHOOLS AND GENERAL EDUCATION SYSTEMS THAT ARE DISPLACED AND IMPLEMENTATION AS WELL[‘] UNDER CARE OF - ADDRESSED CO IS A REPUTED CONTRACTOR SINCE 1984 THAT ENLISTED WITH THE GOVERNMENT AND IS NOMINATED FOR CONSTRUCTION OF EDUCATIONAL INSTITUTIONS SCHOOLS COLLEGES VOCATIONAL TRAINING CENTRES THAT EFFECTED AND TO CONSTRUCT NEW SCHOOLS. THE PROJECT IS PLACED UNDER THE MINISTRY OF EDUCATION MALDIVES [.] PROJECT AMOUNT IS USD$ 214 MN
Board of Directors
M QAISER KHAN – CHAIRMAN [PROJECT]
ABDULLA MOHAMED - MANAGING DIRECTOR
USAMATH ISMAIL
MOHAMED SAEED
Bankers
BANK OF MALDIVES MALE /
HABIB BANK LTD MALE / BANK OF CEYLON
LTD MALE
Payments
LEARNT TO BE PROMPT, NO
PAYMENT TRACK HISTORY AVAILABLE
Financial Position
VERY GOOD. LEARNT, ADEQUATE RESOURCES AVAILABLE
Public
NOTHING HEARD DETRIMENTAL
Shareholders
MINISTRY
OF EDUCATION, GOVERNMENT OF MALDIVES 100%
Associates
NONE
Imports from
WORLDWIDE OR AS PER CONTRACTS SIGNED
History
REPUTED CO
Buying/Selling term
PER 100% IRREVOCABLE
AND CONFIRMED L/C AT SIGHT DRWAN BASIS
Credit Maximum [USD]
500000 CAN BE GRANTED
ON MUTUAL AGREED SECURED AND PROTECTED TERM
Agency
NONE
Trade Suppliers/Referees
NONE
Premises [Office]
SUBJECT OWNED [Factory]
OWNED [Warehouse] OWNED
Employs
500 +
Member
NONE
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 RUFIYAA
[RF]/000 [CONTRACTOR’S] [ABRIDGED & UNAUDITED]
PAIDUP 5 000
RESERVE/SURPLUS 106 925
DEFERRED LIABILITIES 88 995
200 920
CAPITAL SOURCES
FIXED ASSETS 55 000
INVESTMENTS 25 835
CURRENT ASSETS 140 315
221
150
LESS
CURRENT LIABILITIES 20 230
200
920
TURNOVER APPROX 450 000
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)