MIRA
INFORM REPORT
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Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SUN INVESTMENTS PVT LTD |
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Registered Office : |
H Maley Thila Meheli Goalhi, Male |
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Country : |
Maldives |
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Date of Incorporation : |
15.05.1997 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Subject provides professional services such as Hotel,
Entertainment & Recreation |
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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 : |
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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SUN INVESTMENTS PVT LTD |
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Address |
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H Maley Thila Meheli Goalhi, Male |
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Country |
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Maldives |
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Phone (S) |
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[+960]-3325977 |
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Facsimile |
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[+960]-3316035 |
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info@vilureefmaldives.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 |
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Key Facts |
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Registered Legal Address |
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H Maley Thila Meheli Goalhi, Male |
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Operational Address |
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H Maley Thila Meheli Goalhi, Male |
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Trading Name |
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VILU REEF BEACH & SPA RESORT |
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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-112/97 |
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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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15 Sep, 1997 |
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Employees |
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100 |
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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
Key Person
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Legal Title |
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Chairman |
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Name |
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Mr. Ahmed Siyam Mohamed |
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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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NEGATIVE INFORMATION
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REPUTATION |
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Reference checking for the purpose of establishing the SUN INVESTMENTS 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
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SHAREHOLDERS |
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PAYMENT INFORMATION
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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 SUN INVESTMENTS PVT LTD: |
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Domestic |
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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. |
FOREIGN EXCHANGE RATES
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Today's Exchange rate |
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ADDITIONAL INFORMATION
Primary Products
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Products / Materials / Services Description |
Activity |
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Accommodation venues |
Service |
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Beach resort operators |
Service |
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Resorts |
Service |
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Spa resort |
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 SUN INVESTMENTS PVT LTD is Specialized professional services, including: Accommodation venues Resorts
Spa resort Beach resort operators |
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DOMESTIC SALES & PURCHASES |
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BANK DETAILS |
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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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COMPANY HISTORY |
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NOTES & COMMENTS
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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.60.05 |
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1 |
Rs.101.65 |
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Euro |
1 |
Rs.83.07 |
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.