MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KERZNER INTERNATIONAL HOLDINGS |
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Registered Office : |
Atlantis, Coral Towers, Paradise Island |
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Country : |
Bahamas |
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Date of Incorporation : |
1993 |
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Legal Form : |
Limited Company |
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Line of Business : |
Holding Company for Companies Operating in the Development and
Operation of Destination Resorts. |
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 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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BANK(S)
Name of the Bank
The Bank of New York
Name of the Bank
Fidelity Merchant Bank
Name of the Bank
Central Bank
BUSINESS
History:
The company was created in 1993 as Sun International Hotels Ltd.
In 2002, The Kerzner International name was adopted.
Solomon Kerzner opened a casino in South Africa in 1977. He operated Sun
International (South Africa) which opened the Lost City Casino and Resort at
Sun City. In 1993 divested his South African assets and shifted his interest to
The Bahamas where he acquired the former Resorts International Casino and
renamed it Atlantis and Paradise Island.
Activity:
KERZNER INTERNATIONAL HOLDINGS LIMITED, through its subsidiaries, is a leading
international developer and operator of destination resorts, casinos and luxury
hotels. Kerzners flagship brand is Atlantis, which includes Atlantis,
Paradise Island, a 2,900-room ocean-themed destination resort in The Bahamas.
This destination features a variety of accommodations, including the new resort
The Cove Atlantis, all built around a 100-acre waterscape with over 20 million
gallons of fresh and saltwater lagoons, pools and habitats, the world's largest
open-air marine habitat and some of the most beautiful beaches in the world.
Kerzner is extending its Atlantis brand globally with the development of
Atlantis, The Palm, Dubai, a 1,500-room, water-themed resort expected to open
in late 2008 on The Palm, Jumeirah.
Kerzner has also commenced construction of a 600-room, destination casino
resort in Morocco that will open in 2009, which will be operated by Kerzner
under a new brand that it will be introducing to the market.
Kerzner also manages six luxury resort hotels under the One&Only brand. The
resorts, featuring some of the top-rated properties in the world, are located
in The Bahamas, Mexico, Mauritius, the Maldives and Dubai.
An additional One&Only property is currently in the development stages in
South Africa.
The major competitors include:
Isle of Capri Casinos
Sandals Resorts
Caesars Entertainment, Inc.
Harrah's Entertainment, Inc.
Trump Hotels & Casinos, Inc.
Location:
The company owns and operates resorts in the Bahamas, Mexico, Mauritius, the
Maldives, Dubai and South Africa. The company is headquartered in Paradise
Island, the Bahamas.
SHAREHOLDERS
- MANAGERS - RELATED COMPANIES
Shareholders/Parent Companies:
In 2006 the company was acquired by an investor group led by Sol Kerzner, the company's
Chairman and including Istithmar PJSC, Whitehall Street Global Real Estate
Limited Partnership 2005, Colony Capital LLC, Providence Equity Partners, Inc.
and The Related Companies, L.P.
Management:
Chairman and CEO:
Solomon (Sol) Kerzner
COO and Director: Paul O'Neil
Related Companies:
Principal Subsidiaries:
Kerzner International Limited
Trading Cove Associates (50%)
Harborside at Atlantis (50%)
Sun Hotels International (Bermuda) Limited
Sun International Management (UK) Ltd.
Kerzner International Development Limited
FINANCIALS
- COMMERCIAL TRENDS AND FORECAST
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The Subject Company is registered as a
Private Limited Liability Company in The Bahamas and is therefore exempt from
filing and/or publishing Annual Audited Accounts at the Registrar of
Companies, under The Bahamas Law. In addition, due to the laws of privacy
governing disclosure of BANKING INFORMATION, we are unable to demand a copy
of the subject's Latest FINANCIAL STATEMENTS. |
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RATING
Local credit bureau gave a good credit rate.
The company is in
Good Standing. This means that all local and federal taxes were paid on due
date.
Payments are: made
on a 40 days basis - monitored over the last 12 months.
The cash flow is
correct.
Final opinion:
The company has been operating for 15 years.
It is a large sized company with more than 10,000 employees.
It is very well established.
A credit line may be considered.
SUMMARY
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ADVISED CREDIT 3,000,000 USD |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
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%)