MIRA
INFORM REPORT
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Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
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Name : |
LOAMA MAAMIGILI RESORT & SPA PVT LTD |
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Registered Office : |
Via 0102 M Uniya Fareedhee, Magu, Male 20224 |
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Country : |
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Date of Incorporation : |
24.07.2011 |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is a service provider of hotel, entertainment
& recreation. |
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No. of Employees |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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.
MALDIVES ECONOMIC OVERVIEW
Tourism, Maldives' largest economic activity, accounts for nearly 30% 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. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other near-term challenges facing the government. 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 name and address
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Company Details |
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Organization Name |
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LOAMA MAAMIGILI RESORT & SPA PVT LTD |
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Address |
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Via 0102 M Uniya Fareedhee, Magu, Male 20224 |
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Country |
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Maldives |
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Phone (S) |
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[+960]-3005646 |
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Facsimile |
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[+960]-3305646 |
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: |
sales@loamahotelsandresorts.com |
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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 |
DIRECTORS/MANAGEMENT
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Key Person
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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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Capital |
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n/a(1) |
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SHAREHOLDERS |
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PAYMENT INFORMATION
N/a
GROUP STRUCTURE & AFFILIATED
COMPANIES
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DIRECT / INDIRECT CORPORATE PARENT DETAILS |
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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. |
FOREIGN EXCHANGE RATES
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Today's Exchange rate |
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ADDITIONAL INFORMATION
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Key Facts |
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Registered Legal Address |
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4Fl M Gulfamge Fareedhee, Magu, Male |
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Operational Address |
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Via 0102 M Uniya Fareedhee, Magu, Male 20224 |
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Trading Name |
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LOAMA RESORT 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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C-0443/2011 |
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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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Not yet fully operational. |
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Date of Registration |
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14 Jul, 2011 |
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Employees |
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20 |
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Report Details |
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Country |
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Maldives |
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Business Entity Name |
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LOAMA MAAMIGILI RESORT & SPA 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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Via 0102 M Uniya Fareedhee, Magu, Male 20224 |
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Tel |
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[+960]-3005646 |
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Fax |
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[+960]-3305646 |
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sales@loamahotelsandresorts.com |
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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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Ownership Type |
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Registered ownership by Subject Business Entity |
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Primary Products
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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 LOAMA MAAMIGILI RESORT & SPA PVT LTD is Specialized professional services, including: Resorts
Resorts Accommodations Spa |
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LOCAL BRANCHES & MANAGEMENT |
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OFFICE & FACILITIES |
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The following information relates to the Business Entity's office as listed above: |
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NOTES & COMMENTS
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Note |
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(1) Not
applicable. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.33 |
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1 |
Rs.103.18 |
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Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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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 |
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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.