MIRA
INFORM REPORT
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Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
EUTOPIA HOLDINGS PVT LTD |
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Registered Office : |
39 Orchid Magu, Maafannu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
02.06.2005 |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is Specialized professional services, including: · Holding companies · Hotel management · Hotels · Resorts |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Organization Name |
: |
EUTOPIA HOLDINGS PVT LTD |
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Address |
: |
1Fl H Meerubahuruge Ameeru Ahmed, Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3341708 |
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Facsimile |
: |
[+960]-3327058 |
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|
: |
maldives@anantara.com |
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Website |
: |
http://www.maldives.anantara.com |
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Primary Business Activity |
: |
Service |
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Key Industry |
: |
Hotel, Entertainment & Recreation |
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Registered Legal Address |
: |
39 Orchid Magu, Maafannu, Male |
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Operational Address |
: |
1Fl H Meerubahuruge Ameeru Ahmed, Magu, Male |
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Trading Name |
: |
ANANTARA DHIGU RESORT & SPA |
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Issuing Authority |
: |
Ministry of Trade & Industries - National |
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License Number |
: |
C-352/2005 |
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License Status |
: |
License exists - Normal. |
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Legal Form - Category |
: |
Private Company with Limited Liability |
|
Legal Form |
: |
Private Limited |
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Legal Form - Abbreviation |
: |
PVT LTD |
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Operational Status of Business |
: |
Normal |
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Date of Registration |
: |
2 Jun, 2005 |
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Employees |
: |
100 |
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Capital |
: |
n/a(1) |
|
Note |
: |
(1) Not
applicable. |
DIRECTORS/MANAGEMENT
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COMPANY MANAGEMENT |
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Management Listings |
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Management Details
- 1 |
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Management Details
- 2 |
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Management Details
- 3 |
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Management Details
- 4 |
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COMPANY DIRECTORS |
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NEGATIVE INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing the EUTOPIA HOLDINGS PVT LTD's reputation within the respective industry failed to reveal any adverse information. |
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NEGA-SCAN - ADVERSE
DATA MONITORING |
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SHARE & SHARE CAPITAL
INFORMATION
SHAREHOLDERS
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Total number of shareholders |
: |
2 |
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Total number of shares |
: |
1,000,000 |
|
Currency |
: |
MVR - Maldives Rufiyaa |
|
No. |
Shareholders |
Country |
Shares |
||
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Number |
Amount (MVR) |
% |
|||
|
1 |
Dr. Ibrahim
Umar Manik |
Maldives |
500,002 |
n/a |
50.01 |
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2 |
RGR
INTERNATIONAL LTD |
Virgin Islands (British) |
499,998 |
n/a |
49.99 |
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Total |
1,000,000 |
n/a |
100.00 |
||
Based on corporate statutory laws / regulations in Maldives,
there is no requirement for public disclosure of Shareholders. In this case,
the Shareholders 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
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DOMESTIC SALES
& PURCHASES |
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GROUP STRUCTURE & AFFILIATED
COMPANIES
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RELATED PARTIES
(Subsidiaries , Joint-ventures & Affiliates) |
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The following provides a summary of the number of businesses that are related to EUTOPIA HOLDINGS PVT LTD: |
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TYPE |
INTERNATIONAL |
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Africa |
Asia / Pacific |
Europe |
Middle-East |
North America |
South America |
TOTAL |
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Subsidiaries |
- |
- |
- |
- |
- |
- |
- |
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Joint-Ventures |
- |
- |
- |
- |
- |
- |
- |
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Minority shareholdings |
- |
- |
- |
- |
- |
- |
- |
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Affiliates |
- |
1 |
- |
- |
- |
- |
1 |
International
|
Business Entity Name |
: |
MINOR HOTEL GROUP LTD |
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Global Identifier |
: |
P2879817 |
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Country |
: |
Thailand |
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Relationship |
: |
Affiliate |
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Relationship Details |
: |
Strategic alliance |
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Operational Address |
: |
16Fl Berli Jucker House 99 Soi Rubia Sukhumvit 42 Rd, Khlong Toey, Bangkok 10110 |
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Primary Business Activity |
: |
Service |
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Industry |
: |
Hotel, Entertainment & Recreation |
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 |
: |
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ADDITIONAL INFORMATION
|
Country |
: |
Maldives |
|
Business Entity Name |
: |
EUTOPIA HOLDINGS PVT LTD |
|
Primary Business Activity |
: |
Service |
|
Primary Industry |
: |
Hotel, Entertainment & Recreation |
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Office Contact Details |
||
|
Operating Address |
: |
1Fl H Meerubahuruge Ameeru Ahmed, Magu, Male |
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Tel |
: |
[+960]-3341708 |
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|
: |
[+960]-3314008 |
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|
: |
[+960]-3315528 |
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Fax |
: |
[+960]-3327058 |
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|
: |
maldives@anantara.com |
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Postal Details |
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P.O. Box |
: |
2014 |
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Website Details |
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|
Website |
: |
http://www.maldives.anantara.com |
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Status |
: |
Normal - operational |
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Country of Registration |
: |
Thailand |
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Ownership Type |
: |
Registered ownership by a related third party |
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Owner Country |
: |
Thailand |
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Owner Name |
: |
MINOR HOTEL GROUP LTD |
Primary Products
|
Products /
Materials / Services Description |
Activity |
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Holding companies |
Service |
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Hotel management |
Service |
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Hotel operators |
Service |
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Hotels |
Service |
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Resort operators |
Service |
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SIC PRODUCT
CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY |
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DETAILED PRODUCT
CLASSIFICATION & ACTIVITY |
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CORE BUSINESS DESCRIPTION
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Core Business |
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The primary business focus of EUTOPIA HOLDINGS PVT LTD is Specialized professional services, including: Holding companies Hotel management Hotels Resorts
Holding companies Hotel operators Resort operators Spa resort |
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LOCAL BRANCHES
& MANAGEMENT |
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OFFICE &
FACILITIES |
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COMPANY HISTORY |
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NOTES & COMMENTS
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.