MIRA INFORM REPORT

 

 

Report Date :

03.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

ATOLL PARADISE PVT LTD

 

 

Registered Office :

4Fl Ma Champa Star Madhoshi Goalhi, Male

 

 

Country :

Maldives

 

 

Date of Incorporation :

16.01.2006

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Service for Hotel, Entertainment & Recreation.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Temporarily License Revoked 

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Maldives

C1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

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

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

ATOLL PARADISE PVT LTD

Address

:

4Fl Ma Champa Star Madhoshi Goalhi, Male

Country

:

Maldives

Phone (S)

:

[+960]-3322335
Status: Telephone number working but it was automatically diverted to a fax machine

Facsimile

:

[+960]-3344990
Status: Fax number working but no answer

Email

:

sales@atollparadise.com

Website

:

http://www.atollparadise.com

Primary Business Activity

:

Service

Key Industry

:

Hotel, Entertainment & Recreation

 

Operating Status:

Investigation can not confirm operational status of Subject Business Entity.

Investigations confirm the legal registration of the ATOLL PARADISE PVT LTD, but as a result of not being able to identify:

  • any operational offices
  • any point of contact
  • nor speak to any representative of the firm

Thus it has not been possible to conduct the normal due diligence process and assessment of credit worthiness.

 

 

Key Facts

 

Registered Legal Address

:

4Fl Ma Champa Star Madhoshi Goalhi, Male

Operational Address

:

4Fl Ma Champa Star Madhoshi Goalhi, Male

Issuing Authority

:

MINISTRY OF ECONOMIC DEVELOPMENT

License Number

:

C41/2006

License Status

:

License exists - But no trace of any Operational office.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Private Limited

Legal Form - Abbreviation

:

PVT LTD

Operational Status of Business

:

It was NOT possible to confirm the operational status.(1)

Date of Registration

:

16 Jan, 2006

Capital

:

n/a(2)

Note

:

(1) Due to the lack of SBE's operational status, and circumstances involved, the information as listed below is only historical / on-file data and as such it has not been possible to verify against any current sources.

 

(2) 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

:

ATOLL PARADISE PVT LTD

Primary Business Activity

:

Service

Primary Industry

:

Hotel, Entertainment & Recreation

Office Contact Details

Operating Address

:

4Fl Ma Champa Star Madhoshi Goalhi, Male

Tel

:

[+960]-3322335
Status: Telephone number working but it was automatically diverted to a fax machine

 

:

[+960]-3344880
Status: Telephone number working but no answer

 

:

[+960]-3344665
Status: Telephone number working but no answer

 

:

[+960]-3344775
Status: Telephone number working but no answer

 

:

[+960]-3332400
Status: Telephone number working but no answer

Mobile

:

[+960]-7936969
Status: Mobile number working but no answer

 

:

[+960]-7904045
Status: Mobile number working but no answer

 

:

[+960]-7794848
Status: Mobile number working but answering party has no knowledge of SBE

Fax

:

[+960]-3344990
Status: Fax number working but no answer

Email

:

sales@atollparadise.com
service@atollparadise.com
marketing@atollparadise.com
finance@atollparadise.com
reservations@atollparadise.com

Postal Details

P.O. Box

:

2131

Website Details

Website

:

http://www.atollparadise.com

Status

:

Registered but not operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Mohamed Bagir

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Safras Ahamed

Maldivian

Manager

I.T.

2

Ms. Richelle Bollicer

Maldivian

Coordinator

Marketing

3

Ms. Toni Camu

Maldivian

Manager

Sales

4

Mr. Thusitha Randunuge

Maldivian

Representative

-

5

Ms. Paula Sevilla

Maldivian

Coordinator

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02820969

Name

:

Mr. Safras Ahamed

 

Email

:

safras@atollparadise.com

Mobile No.

:

960-7904045

 

 

Management Details - 2

Personal Unique Identifier

:

MI02820584

Name

:

Ms. Richelle Bollicer

 

 

 

Management Details - 3

Personal Unique Identifier

:

MI02820583

Name

:

Ms. Toni Camu

 

 

 

Management Details - 4

Personal Unique Identifier

:

MI03377107

Name

:

Mr. Thusitha Randunuge

 

Email

:

thusitha@atollparadise.com

Mobile No.

:

960-7936969

 

 

Management Details - 5

Personal Unique Identifier

:

MI03376959

Name

:

Ms. Paula Sevilla

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI01887740

Name

:

Mr. Mohamed Bagir

 

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

 

Due to the lack of any third party references and the relatively small size of the ATOLL PARADISE PVT LTD, it was not possible to establish any point of reference within the respective industry sector.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

1 Record Found

 

Adverse Local Media Coverage / Adverse Filing History ( 1 )

 

Country

:

Maldives

Source

:

MINIVAN NEWS

Date

:

16 Jul, 2013

Title

:

Tourism Ministry revokes permit of tour operator Atoll Paradise over fraud allegations

Summary

:

The Maldives Tourism Ministry had temporarily revoked ATOLL PARADISE's licence to operate as a travel agent.

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

Mr. Mohamed Bagir

Maldives

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

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

 

 

ASSOCIATIONS

 

ATOLL PARADISE PVT LTD are members of the following associations:

 

 

 

Regional Associations

 

Region

Association Name

Asia / Pacific

PACIFIC ASIA TRAVEL ASSOCIATION - PATA

 

 

 

Global Associations

 

Association Name

AMERICAN SOCIETY OF TRAVEL AGENTS - ASTA

UNITED FEDERATION OF TRAVEL AGENTS' ASSOCIATIONS - UFTAA

 

 

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

Luxury resort specialist

Service

Resorts

Service

Travel agency

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Hotels & Motels

7011

Service

Tour Operators

4725

Service

Travel Agencies

4724

Service

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Tour operators

9851

Service

Travel agencies

9850

Service

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of ATOLL PARADISE PVT LTD is Specialized professional services, including:

  • Travel agency


Key services include :

  • Luxury resort specialist
  • Travel agency
  • Resorts

 

 

 

OTHER LICENSES

 

 

 

Issuing Authority

:

Ministry of Transport & Civil Aviation

License Name

:

Air Operator Certificate

License Number

:

TRA 182

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

BANK OF CEYLON

Global Identifier

:

P1047829

Branch

:

Male

Branch Address

:

Male 20006 (Head Office)

SWIFT Code

:

BCEYMVMV

 

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

 

Bank Name

:

MAURITIUS COMMERCIAL BANK LTD

Global Identifier

:

P1199978

Branch

:

Male

Branch Address

:

H Sifa Bldg Boduthakurufaanu Magu Male (Head Office)

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

STATE BANK OF INDIA

Global Identifier

:

P1066361

Branch

:

Male

Branch Address

:

Male (Head Office)

SWIFT Code

:

SBINMVMV

 

#

Account Number

1

126004004-20202

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

ATOLL PARADISE PVT LTD - MALE

Branch Address

:

1Fl MA Odessa Rahdhebai Magu (PO Box 2126), Male

 

 

 

AUDITORS

 

 

 

 

Auditor Name

ERNST & YOUNG

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

8Fl M Medhufalhu Bldg Buruzu, Magu, Male

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.61

UK Pound

1

Rs.100.48

Euro

1

Rs.79.56

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.