MIRA INFORM REPORT

 

 

Report Date :

04.07.2013

 

IDENTIFICATION DETAILS

 

Name :

AHMET AYDENIZ MALDIVES PVT LTD

 

 

Registered Office :

7Fl M Linkia Shaheedh Ali Hingun, Male

 

 

Country :

Maldives

 

 

Year of Establishments:

2012

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is engaged in service of Hotel, Entertainment & Recreation

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

New Business

Payment Behaviour :

Unknown 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

maldives ECONOMIC OVERVIEW

 

Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Lower than expected tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. Economic growth slowed to 3.4% of GDP in 2012, compared to 7.0% in 2011 because of slower tourist arrivals and weak global conditions. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are major near-term challenges facing the government. Gross foreign reserves at the end of November 2012 were approximately $356 million, compared with $326 million in 2011, and were sufficient to finance only 2.6 months of imports. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

AHMET AYDENIZ MALDIVES PVT LTD

Address

:

Maguhdhuvaa Island, Gaafu Dhaalu Atoll

Country

:

Maldives

Phone (S)

:

[+960]-6844444

Facsimile

:

[+960]-6845555

Email

:

info@ayadamaldives.com

Website

:

http://www.ayadamaldives.com

Primary Business Activity

:

Service

Key Industry

:

Hotel, Entertainment & Recreation

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Sam Hassan

Maldivian

Receptionist

-

2

Ms. Yelda Okten

Maldivian

Manager

Human Resources

3

Mr. Gerard Percheron

Maldivian

Manager

-

Management Details - 1

Personal Unique Identifier

:

MI03472292

Name

:

Mr. Sam Hassan

 

Management Details - 2

Personal Unique Identifier

:

MI03472294

Name

:

Ms. Yelda Okten

 

Management Details - 3

Personal Unique Identifier

:

MI03472297

Name

:

Mr. Gerard Percheron

 

Email

:

gerard.percheron@ayadamaldives.com

 

COMPANY DIRECTORS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Directors.

 

NEGATIVE INFORMATION

 

REPUTATION

Due to the recent incorporation of the AHMET AYDENIZ MALDIVES PVT LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

NEGA-SCAN - 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

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Shareholders.

 

Capital

:

n/a(1)

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to AHMET AYDENIZ MALDIVES PVT LTD:

 

TYPE

INTERNATIONAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

-

-

-

-

-

-

-

Joint-Ventures

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

Affiliates

-

-

-

1

-

-

1

 

 

International

 

Business Entity Name

:

AHMET AYDENIZ INSAAT GIDA TURIZM TICARET AS

Global Identifier

:

P2792357

Country

:

Turkey

Relationship

:

Affiliate

Relationship Details

:

Strategic alliance

Operational Address

:

Mebusevleri Ayten Sokak 9, Ankara 06580

Primary Business Activity

:

Service

Industry

:

Professional Services

 

STRATEGIC PARTNER/S & ALLIANCES

Group / Alliance name

:

AYDENIZ GROUP

 

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.

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

7Fl M Linkia Shaheedh Ali Hingun, Male

Operational Address

:

Maguhdhuvaa Island, Gaafu Dhaalu Atoll

Trading Name

:

AYADA MALDIVES

Name History

:

 

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-802/2012

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PVT LTD

Operational Status of Business

:

Normal

Date of Registration

:

2012

Employees

:

30

 

Report Details

 

 

Country

:

Maldives

 

 

Business Entity Name

:

AHMET AYDENIZ MALDIVES PVT LTD

 

 

Primary Business Activity

:

Service

 

 

Primary Industry

:

Hotel, Entertainment & Recreation

 

 

Office Contact Details

 

 

Operating Address

:

Maguhdhuvaa Island, Gaafu Dhaalu Atoll

 

 

Tel

:

[+960]-6844444

 

 

Mobile

:

[+960]-7303012

 

 

 

:

[+960]-7303010

 

 

Fax

:

[+960]-6845555

 

 

Email

:

info@ayadamaldives.com
reservations@ayadamaldives.com

 

 

Website Details

 

 

Website

:

http://www.ayadamaldives.com

 

 

Status

:

Normal - operational

 

 

Country of Registration

:

Turkey

 

 

Ownership Type

:

Registered ownership by a related third party

 

 

Owner Country

:

Turkey

 

 

Owner Name

:

AHMET AYDENIZ INSAAT GIDA TURIZM TICARET AS

 

 

Primary Products

Products / Materials / Services Description

Activity

Resort operators

Service

Resorts

Service

Spa resort

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Hotels & Motels

7011

Service

Hotels & Other Lodging Places

7000

Service

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AHMET AYDENIZ MALDIVES PVT LTD is Specialized professional services, including:

  • Resorts


Key services include:

  • Spa resort
  • Resort operators
  • Resorts

OFFICE & FACILITIES

Name

:

AHMET AYDENIZ MALDIVES PVT LTD - GAAFU DHAALU ATOLL

Address

:

Maguhdhuvaa Island, Gaafu Dhaalu Atoll

Country

:

Maldives

Status

:

Operational

 

 

AWARDS

#

Award Name

Awarded by

Awarded Date

1

International Star Diamond Award

THE AMERICAN ACADEMY OF HOSPITALITY SCIENCES

2012

2

Leading Villa Resort & Spa 2013

n/a

2013

3

Maldives' Leading Spa Resort 2013

n/a

2013

 

NOTES & COMMENTS

 

Note

:

(1) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Private Company with Limited Liability) in Maldives, there is no requirement for Authorized Capital.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.91.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.