MIRA INFORM REPORT

 

 

Report Date :           

07.06.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

DHIVEHI RAAJJEYGE GULHUN PVT LTD

 

 

Registered Office :

19 Medhuziaraaly Magu, Male 2002

 

 

Country :

Maldives

 

 

Date of Incorporation :

16.05.1988

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Broadband Internet

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 600,000.00

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Maldives

c1

c1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company Details

 

Organization Name

:

DHIVEHI RAAJJEYGE GULHUN PVT LTD

Address

:

19 Medhuziaraaly Magu, Male 2002

Country

:

Maldives

Phone (S)

:

[+960]-3322802

Facsimile

:

[+960]-3322800

Email

 

123@dhiraagu.com.mv

Website

 

www.dhiraagu.com.mv

Primary Business Activity

 

Service

Key Industry

 

Telecommunications

 

 

Key Facts

 

Registered Legal Address

:

19 Medhuziaraaly Magu, Male 2002

Operational Address

:

19 Medhuziaraaly Magu, Male 2002

License Number

:

C24/28

Legal Form

:

Private Limited

Operational Status of Business

:

Normal.

Date of Registration

 

16 May, 1988

Employees

 

550

 

 

Report Details

 

 

 

Country

:

Maldives

Business Entity Name

:

DHIVEHI RAAJJEYGE GULHUN PVT LTD

Acronym

:

DHIRAAGU

Primary Business Activity

:

Service

Primary Industry

:

Telecommunications

Office Contact Details

Operating Address

:

19 Medhuziaraaly Magu, Male 2002

Tel

:

[+960]-3322802

 

:

[+960]-3338887

 

:

[+960]-3311358

Fax

:

[+960]-3322800

 

:

[+960]-3329123

 

:

[+960]-3322450

Email

:

123@dhiraagu.com.mv
f_lathyf@dhiraagu.com.mv
info@dhiraagu.com.mv
majeed@spin.omnes.net

Postal Details

P.O. Box

:

2082 2002

Website Details

Website

:

www.dhiraagu.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: USD 600,000.00  based on  90 days

 

Credit Scoring

:

Good

Risk Index

:

Low (Assessed to be relatively safe)

Credit opinion

:

Credit can proceed on a favorable basis but in strict adherence to financing terms.

Proposed Credit Limit

:

USD 600,000.00  based on  90 days

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Mohamed Hazmath Abdulla

Maldivian

Department Head

-

2

Mr. Athifa Ali

Maldivian

Department Head

-

3

Ms. Lina Atkinson

Maldivian

Manager

Sales

4

Mr. David Jonathan Blake

Maldivian

Chief Financial Officer - CFO

-

5

Mr. Ahmed Mohamed Didi

Maldivian

Department Head

-

6

Mr. Mushthag Ahmed Didi

Maldivian

Manager

Administration

7

Mr. Mohamed Mirshan Hassan

Maldivian

Manager

Administration

8

Mr. Ahmed A. Jaleel

Maldivian

Assist. Manager

Office

9

Mr. A. Majeed

Maldivian

Representative

Executive

10

Mr. Ahmed Maumoon

Maldivian

Department Head

-

11

Mr. Thomas Melchior

Maldivian

Chief Financial Officer - CFO

-

12

Mr. John Murray

Maldivian

Executive

Marketing

13

Mr. Aminath Nazla

Maldivian

Manager

Human Resources

14

Mr. Ali Riyaz

Maldivian

Department Head

-

15

Mr. Umayr Shafeeu

Maldivian

Department Head

-

16

Mr. Ahmed Shujau

Maldivian

Manager

Administration

Management Details - 1

Personal Unique Identifier

:

MI02084029

Name

:

Mr. Mohamed Hazmath Abdulla

 

 

Management Details - 2

Personal Unique Identifier

:

MI02084027

Name

:

Mr. Athifa Ali

 

 

Management Details - 3

Personal Unique Identifier

:

MI01421851

Name

:

Ms. Lina Atkinson

 

 

Management Details - 4

Personal Unique Identifier

:

MI02912832

Name

:

Mr. David Jonathan Blake

 

 

Management Details - 5

Personal Unique Identifier

:

MI02912830

Name

:

Mr. Ahmed Mohamed Didi

 

 

Management Details - 6

Personal Unique Identifier

:

MI02084030

Name

:

Mr. Mushthag Ahmed Didi

 

 

Management Details - 7

Personal Unique Identifier

:

MI02084039

Name

:

Mr. Mohamed Mirshan Hassan

 

Email

:

mirshan@dhiraagu.com.mv

 

Management Details - 8

Personal Unique Identifier

:

MI02084044

Name

:

Mr. Ahmed A. Jaleel

 

Previous Positions

Country

Company name

Position

 

Maldives

PROTEK MALDIVES PVT LTD

Company Director

 

 

 

Management Details - 9

Personal Unique Identifier

:

MI02084036

Name

:

Mr. A. Majeed

 

 

Management Details - 10

Personal Unique Identifier

:

MI02220729

Name

:

Mr. Ahmed Maumoon

 

 

Management Details - 11

Personal Unique Identifier

:

MI02084037

Name

:

Mr. Thomas Melchior

 

 

Management Details - 12

Personal Unique Identifier

:

MI02084028

Name

:

Mr. John Murray

 

 

Management Details - 13

Personal Unique Identifier

:

MI02084031

Name

:

Mr. Aminath Nazla

 

 

Management Details - 14

Personal Unique Identifier

:

MI02084026

Name

:

Mr. Ali Riyaz

 

 

Management Details - 15

Personal Unique Identifier

:

MI02084035

Name

:

Mr. Umayr Shafeeu

 

 

Management Details - 16

Personal Unique Identifier

:

MI02020713

Name

:

Mr. Ahmed Shujau

 

Email

:

shujau@dhiraagu.com.mv

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI01733993

Name

:

Mr. Ahmed Thafmeen

Nationality

:

Maldivian

 

2

 

 

Personal Unique Identifier

:

MI02084023

Name

:

Mr. Ismail Rasheed

Nationality

:

Maldivian

 

3

 

 

Personal Unique Identifier

:

MI02084037

Name

:

Mr. Thomas Melchior

Nationality

:

Maldivian

 

 

NEGATIVE INFORMATION

 

ADVERSE DATA MONITORING

 

DISHONORED CHECKS                                                                                                                                     No Record Found

 

DEBT                                                                                                               No Record Found

 

LITIGATION                                                                                                                                                                                                                                                                             No Record Found

 

PERFORMANCE DEFAULTS                                                                                                                            No Record Found

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY            No Record Found

 

 

sHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

CABLE & WIRELESS PLC

United Kingdom

n/a

n/a

52.00

2

REPUBLIC OF MALDIVES

Maldives

n/a

n/a

48.00

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.078125 USD
United States Dollars

 

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Shareholders. In this case, the Shareholder information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

 

Na

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

Business Entity Name

:

CABLE & WIRELESS WORLDWIDE GROUP LTD

Global Identifier

:

P0004858

Country

:

United Kingdom

Relationship

:

Affiliate

Primary Business Activity

:

Service

Industry

:

Telecommunications

 

 

FINANCIAL INFORMATION

 

FINANCIAL STATEMENT - DETAILED

 

Based on the corporate laws of Maldives, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.078125 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Communications Svcs, NEC

4899

Service

Computer Related Svcs, NEC

7379

Service

Phone Communications

4813

Service

Radiotelephone Communications

4812

Service

Telegraph/Other Message Comm

4822

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Communications satellites

8802603000

Service

Computer related services, nec

9923

Service

Telecommunications carrier

9965

Service

Telecommunications installation

9963

Service

Telecommunications maintenance

9964

Service

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Dial up internet access

Primary

Service

Fax mail system

Primary

Service

Fixed line

Primary

Service

GSM

Primary

Service

ISDN dial-up

Primary

Service

International roaming

Primary

Service

Internet

Primary

Service

MMS

Primary

Service

Mobile internet

Primary

Service

Mobile messaging

Primary

Service

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of DHIVEHI RAAJJEYGE GULHUN PVT LTD is:

·                     Broadband internet

 

 

 

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Parent

:

CABLE & WIRELESS PLC

Global Identifier

:

P0109364

License Number

:

00238525

Country

:

United Kingdom

REPUTATION

 

 

 

Reference checking for the purpose of establishing the DHIVEHI RAAJJEYGE GULHUN PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

BANK DETAILS

 

 

 

Bank Name

:

HABIB BANK LTD

Global Identifier

:

P0899936

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

HABBMVMV

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

DHIVEHI RAAJJEYGE GULHUN PVT LTD - MALE

Branch Address

:

G Velima Majeedhee Magu, Male

 

Branch

:

DHIVEHI RAAJJEYGE GULHUN PVT LTD - MALE

Branch Address

:

Male International Airport - Arrival Terminal, Male

 

COMPETITORS

 

 

 

The following is a representative list of local competitors:

 

Competitors

WATANIYA TELECOM MALDIVES PVT LTD

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

DHIVEHI RAAJJEYGE GULHUN PVT LTD - MALE

Address

:

19 Medhuziaraaly Magu, Male 2002

Country

:

Maldives

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

1989

Major upgrade of cable network in Male commenced and The National Trunk Network (NTN) pilot scheme was launched which provided a digital microwave network covering 7 atolls south of Male.

1990

A tropospheric scatter radio link introducing telephone communication to Ari atoll to cover populous islands was established and a standard A Earth Station was installed in Kaafu Villingili.

1991

Introduced paging service.

1993

Launched public card phone service .

1994

Commenced a major project to provide telecommunications service to Addu Atoll.

1995

Commenced residential telephone service in Addu.

1996 - Oct

Introduced dial-up Internet service in the Maldives.

1997

Introduced analog (AMPS) mobile phone service in Male' and surrounding islands and residential service commenced to FuahMulah.

1999

Commenced residential telephone service in Baa Eydhafushi and Gaafu Dhaalu Thinadhoo.

1999 - Oct

Introduced GSM mobile service.

2000

Cyber Stations opened in FuahMulah, Eydhafushi, Thinadhoo and Kulhudhffushi Mobile Data, Fax and CallerID services introduced and also launched International GSM roaming Bill Balance Enquiry services.

2001

Introduced residential telephone service in Haa Dhaalu Kulhudhffushi and Haa Dhaalu Kulhudhffushi and launched e-Bill service, Direct Debit, e-Directory, Reverse Directory Enquiry (RDQ), International Directory Enquiry (IDQ), Integrated Services Digital Network (ISDN), Mobile VoiceMail, Mobile SMS and Mobile Pre-Paid services

2002

Introduced the Mobile Conference Call, Mobile FaxMail, Pre-Paid internet and Broadband ADSL internet services.

2003

Introduced SMS based Mobile Bill Enquirym, SMS based Directory Enquiry, 2-way satellite internet, International SMS, Missed Call Alert , FreeCALL (800) and mobile picture messaging services and the mbile service extended to Addu Atoll and Gaviyani Atoll.

2004

Offered the full range of telecommunications services offered in Male' to the residents of the newly built HulhulMale.

2005

Introduced Multimedia Messaging Service(MMS), mobile conference call and Call Queue services.

2005 - Jun

Launched new logo and brand identity.

2006 - Dec

Inaugurated service on Maldives-Sri Lanka fiber optic submarine cable.

 

 

DEAL MAKING

 

Deal ( 1 )

 

Date of Deal

:

18 Sep, 2005

Nature of Deal

:

Cost sharing

Party involved #1

:

SRI LANKA TELECOM LTD

 

 

 

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.46

Euro

1

Rs.65.47

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.