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Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
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Name : |
VELAA ISLAND MALDIVES PVT LTD |
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Registered Office : |
4Fl M Uniya Fareedhee, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
26.11.2013 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
provider of Hotel, Entertainment & Recreation services |
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No. of Employees : |
30 |
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 |
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 |
Company Details
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Organization Name |
: |
VELAA ISLAND MALDIVES
PVT LTD |
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Address |
: |
4Fl M Uniya Fareedhee,
Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
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[+960]-6565235 |
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Facsimile |
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[+960]-6566000 |
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Email |
: |
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Website |
: |
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Primary Business
Activity |
: |
Service |
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Key Industry |
: |
Hotel, Entertainment
& Recreation |
Key Facts
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Registered Legal Address |
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4Fl M Uniya Fareedhee,
Magu, Male |
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Operational Address |
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4Fl M Uniya Fareedhee,
Magu, Male |
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Trading Name |
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VELAA PRIVATE ISLAND
MALDIVES |
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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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Not Available (1) |
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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 |
: |
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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26 Nov, 2013 |
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Employees |
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30 |
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Capital |
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N/a (2) |
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Note |
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Report Details
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Country |
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Maldives |
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Business Entity Name |
: |
VELAA ISLAND MALDIVES
PVT LTD |
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Primary Business
Activity |
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Service |
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Primary Industry |
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Hotel, Entertainment
& Recreation |
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Office Contact Details |
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Operating Address |
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4Fl M Uniya Fareedhee,
Magu, Male |
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Tel |
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[+960]-6565235 |
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[+960]-6565000 |
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Fax |
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[+960]-6566000 |
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Email |
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info@velaaprivateisland.com |
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Postal Details |
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P.O. Box |
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2071 |
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Website Details |
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Website |
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Status |
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Normal - operational |
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Country of Registration |
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Maldives |
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Ownership Type |
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Registered ownership by
Subject Business Entity |
Key Person
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Legal Title |
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Chairman |
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Name |
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Mr. Jiri Smejc |
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Nationality |
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Maldivian |
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COMPANY MANAGEMENT |
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Management Listings |
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COMPANY DIRECTORS |
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REPUTATION |
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Due to the recent
incorporation of the VELAA ISLAND 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. |
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NEGA-SCAN - ADVERSE DATA
MONITORING |
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SHAREHOLDERS |
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DOMESTIC SALES &
PURCHASES |
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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. |
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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 VELAA ISLAND MALDIVES PVT LTD is Specialized professional services,
including: Hotels Resorts Restaurants
Hotels Restaurants Resorts |
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OTHER LICENSES |
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OFFICE & FACILITIES |
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Primary Products
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Products / Materials /
Services Description |
Activity |
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Hotels |
Service |
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Resorts |
Service |
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Restaurants |
Service |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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UK Pound |
1 |
Rs.101.98 |
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Euro |
1 |
Rs.83.93 |
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.