MIRA INFORM REPORT
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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
XANADU HOLDINGS PVT LTD |
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Registered Office : |
3Fl H Aage Bldg 12 Boduthukarufaanu, Magu, Male 20094 |
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Country : |
Maldives |
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Date of Incorporation : |
08.06.2006 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Subject is specialized in professional services, including: · Hotels · Island resort · Resorts · Spa |
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No. of Employees : |
120 |
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 : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
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Source : CIA |
REGISTERED NAME & COMPANY SUMMARY
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Company Details |
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Organization Name |
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XANADU HOLDINGS PVT LTD |
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Address |
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Meradhoo Island, Gaafu Alifu Atoll |
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Country |
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Maldives |
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Phone (S) |
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[+960]-6828800 |
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Facsimile |
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[+960]-6828811 |
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Email |
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Website |
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Primary Business Activity |
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Service |
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Key Industry |
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Hotel, Entertainment & Recreation |
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Key Facts |
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Registered Legal Address |
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3Fl H Aage Bldg 12 Boduthukarufaanu, Magu, Male 20094 |
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Operational Address |
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Meradhoo Island, Gaafu Alifu Atoll |
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Trading Name |
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JUMEIRAH DHEVANAFUSHI |
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Issuing Authority |
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Ministry of Economic Development - National |
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License Number |
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C-0507/2006 |
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License Status |
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License exists - Normal. |
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Legal Form - Category |
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Private Company with Limited Liability |
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Legal Form |
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Private Limited |
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Legal Form - Abbreviation |
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PVT LTD |
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Operational Status of Business |
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Normal |
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Date of Registration |
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8 Jun, 2006 |
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Employees |
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120 |
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Capital |
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n/a(1) |
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Note |
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(1) Not applicable. |
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Report Details |
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DIRECTORS/MANAGEMENT
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COMPANY MANAGEMENT |
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Management Listings |
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COMPANY DIRECTORS |
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NEGATIVE INFORMATION
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NEGA-SCAN - ADVERSE DATA MONITORING |
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SHARE & SHARE CAPITAL INFORMATION
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SHAREHOLDERS |
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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. |
GROUP STRUCTURE & AFFILIATED COMPANIES
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STRATEGIC PARTNER/S & ALLIANCES |
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FINANCIAL INFORMATION
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FINANCIAL STATEMENT - DETAILED |
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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
Primary Products
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Products / Materials / Services Description |
Activity |
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Hotels |
Service |
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Island resort |
Service |
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Resorts |
Service |
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Spa |
Service |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED 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 XANADU HOLDINGS PVT LTD is Specialized
professional services, including:
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REPUTATION |
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Reference checking for the purpose of establishing the XANADU HOLDINGS
PVT LTD's reputation within the respective industry failed to reveal any
adverse information. |
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OFFICE & FACILITIES |
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TRADE SHOWS |
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COMPANY HISTORY |
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PREVIOUS CONTACT DETAILS |
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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.61.75 |
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UK Pound |
1 |
Rs.99.56 |
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Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.