MIRA INFORM REPORT

 

 

Report Date :

09.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

IVPL - INVESTMENT VENTURES PVT LTD

 

 

Registered Office :

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

29.12.2011

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is provide service of Hotel, Entertainment & Recreation

 

 

No. of Employees :

270

 

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 :

Moderate

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.

 

 

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

 

Source : CIA

 

 

 

Company name and address

 

Company Details

 

Organization Name

:

IVPL - INVESTMENT VENTURES PVT LTD

Address

:

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

Country

:

Maldives

Phone (S)

:

[+960]-3325529

Facsimile

:

[+960]-6780002

Email

:

maalifushi@comohotels.com

Website

:

http://www.comohotels.com

Primary Business Activity

:

Service

Key Industry

:

Hotel, Entertainment & Recreation

 

Key Facts

 

Registered Legal Address

:

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

Operational Address

:

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

Trading Name

:

MAALIFUSHI BY COMO

Issuing Authority

:

Ministry of Economic Development - National

License Number

:

C-0822/2011

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

:

29 Dec, 2011

Employees

:

270

Capital

:

n/a(1)

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.

 

Report Details

 

 

Country

:

Maldives

Business Entity Name

:

IVPL - INVESTMENT VENTURES PVT LTD

Primary Business Activity

:

Service

Primary Industry

:

Hotel, Entertainment & Recreation

Office Contact Details

Operating Address

:

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

Tel

:

[+960]-3325529

 

:

[+960]-6780001

Mobile

:

[+960]-7778684

Fax

:

[+960]-6780002

Email

:

maalifushi@comohotels.com
res.maalifushi@comohotels.com

Postal Details

P.O. Box

:

14140

Website Details

Website

:

http://www.comohotels.com

Status

:

Normal - operational

Tax / VAT Details

Tax Issuing Authority

:

Maldives Inland Revenue Authority

Tax Number

:

1011086

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Boon-Huat Ong

Nationality

:

Singaporean

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Ameen Ali

Maldivian

Officer

-

2

Mr. Pradeep Kalluri

Maldivian

Representative

-

3

Mr. Beatriz Torres

Maldivian

Manager

Reservations

 

 

Management Details - 1

Personal Unique Identifier

:

MI03691154

Name

:

Ms. Ameen Ali

 

 

 

Management Details - 2

Personal Unique Identifier

:

MI03691278

Name

:

Mr. Pradeep Kalluri

 

Email

:

pradeep.kalluri@comohotels.com

 

 

Management Details - 3

Personal Unique Identifier

:

MI03691153

Name

:

Mr. Beatriz Torres

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03691285

Name

:

Dr. Ali Sawadh

 

2

 

 

Personal Unique Identifier

:

MI03691290

Name

:

Mr. Boon-Huat Ong

 

Based on corporate statutory laws / regulations in Maldives, there is no requirement for public disclosure of Directors. In this case, the Directors 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.

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the IVPL - INVESTMENT VENTURES PVT LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

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

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

MURAKA PTE LTD

Singapore

n/a

n/a

n/a

2

Mr. Boon-Huat Ong

Singapore

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

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

 

Na

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

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

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Island resort

Service

Luxury resorts

Service

Resorts

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Hotels & Other Lodging Places

7000

Service

Sporting & Recreational Camps

7032

Service

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Hotels and motels

9942

Service

Sporting and recreational camps

9944

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of IVPL - INVESTMENT VENTURES PVT LTD is Specialized professional services, including:

Resorts


Key services include :

Luxury resorts

Island resort

Resorts

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

BANK OF MALDIVES PLC

Global Identifier

:

P0766836

Branch

:

Male

Branch Address

:

BML Bldg 11 Boduthakurufaanu Magu Male 200094 (Head Office)

SWIFT Code

:

MALBMVMV

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

IVPL - INVESTMENT VENTURES PVT LTD - MAGU, MALE

Branch Address

:

1Fl H Sea Side Boduthakurufaanu, Magu, Male

Branch Email

:

email@reefinvest.com

 

Branch

:

IVPL - INVESTMENT VENTURES PVT LTD - THAA ATOLL

Branch Address

:

Maalifushi Island, Thaa Atoll

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

IVPL - INVESTMENT VENTURES PVT LTD - MAGU, MALE

Primary Use

:

Office & Administration facilities

Address

:

2Fl Jazeera Bldg Boduthakurufaanu, Magu, Male

Country

:

Maldives

Status

:

Operational

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.99

UK Pound

1

Rs.101.75

Euro

1

Rs.83.48

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.