MIRA INFORM REPORT

 

 

Report Date :

05.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL ENTERPRISES PVT LTD

 

 

Trading Name :

Baros Maldives

 

 

Registered Office :

39 Orchid, Magu, Male 2002

 

 

Country :

Maldives

 

 

Date of Incorporation :

23.08.1978

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Service of Hotel, Entertainment & Recreation

 

 

No. of Employees :

213

 

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.

 

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

:

UNIVERSAL ENTERPRISES PVT LTD

Address

:

39 Orchid, Magu, Male 2002

Country

:

Maldives

Phone (S)

:

[+960]-3332270

Facsimile

:

[+960]-3332276

Email

:

hr.admin@universalenterprises.com

Website

:

http://www.universalresorts.com/

Primary Business Activity

:

Service

Key Industry

:

Hotel, Entertainment & Recreation

 

Key Facts

 

Registered Legal Address

:

39 Orchid, Magu, Male 2002

Operational Address

:

39 Orchid, Magu, Male 2002

Trading Name

:

KURAMATHI TOURIST RESORT
HUVAFEN FUSHI
KURAMATHI ISLAND RESORT
KURUMBA MALDIVES
VELASSARU MALDIVES
BAROS MALDIVES
UNIVERSAL RESORTS

Issuing Authority

:

MINISTRY OF ECONOMIC DEVELOPMENT - National

License Number

:

C-0467/1978

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

:

23 Aug, 1978

Employees

:

213

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

:

UNIVERSAL ENTERPRISES PVT LTD

Primary Business Activity

:

Service

Primary Industry

:

Hotel, Entertainment & Recreation

Office Contact Details

Operating Address

:

39 Orchid, Magu, Male 2002

Tel

:

[+960]-3332270

 

:

[+960]-3332262

 

:

[+960]-3332271

 

:

[+960]-3323080

 

:

[+960]-3332200

Fax

:

[+960]-3332276

 

:

[+960]-3312131

 

:

[+960]-3325301

Email

:

hr.admin@universalenterprises.com
reservations@universalresorts.com
career@universalenterprises.com

Postal Details

P.O. Box

:

20213 Magu 2002

Website Details

Website

:

http://www.universalresorts.com/

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Mohamed Umar Maniku

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Shalinee Ahmed

Maldivian

General Manager

-

2

Mr. Shuhan Ahmed

Maldivian

Executive Assistant

-

3

Ms. Luchia Bojkova

Maldivian

Manager

Regional Sales

4

Mr. Ahmed Fiyaz

Maldivian

Representative

-

5

Ms. Naziya Hassan

Maldivian

Manager

Regional Sales

6

Ms. Farshaan Ibrahim

Maldivian

Manager

Front Office

7

Mr. Shirhan Mahir

Maldivian

Representative

-

8

Mr. Shoumo Mukherji

Maldivian

Representative

-

9

Ms. Aminath Reeni

Maldivian

Representative

-

10

Mr. A. M. M. Risvi

Maldivian

Finance Controller

-

11

Mr. Ibrahim Shakir

Maldivian

Representative

-

12

Mr. Ibrahim Shihan

Maldivian

Manager

Regional Sales

 

 

Management Details - 1

Personal Unique Identifier

:

MI03727247

Name

:

Mr. Shalinee Ahmed

 

Email

:

shalinee.ahmed@universalresorts.com

 

 

Management Details - 2

Personal Unique Identifier

:

MI03123388

Name

:

Mr. Shuhan Ahmed

 

Email

:

a.shuhan@baros.com

 

 

Management Details - 3

Personal Unique Identifier

:

MI03727249

Name

:

Ms. Luchia Bojkova

 

Email

:

luchia.bojkova@universalresorts.com

 

 

Management Details - 4

Personal Unique Identifier

:

MI03123340

Name

:

Mr. Ahmed Fiyaz

 

 

 

Management Details - 5

Personal Unique Identifier

:

MI03727248

Name

:

Ms. Naziya Hassan

 

Email

:

naziya.hassan@universalresorts.com

 

 

Management Details - 6

Personal Unique Identifier

:

MI03123387

Name

:

Ms. Farshaan Ibrahim

 

Email

:

asstfo.manager@baros.com

 

 

Management Details - 7

Personal Unique Identifier

:

MI03123334

Name

:

Mr. Shirhan Mahir

 

 

 

Management Details - 8

Personal Unique Identifier

:

MI03123339

Name

:

Mr. Shoumo Mukherji

 

 

 

Management Details - 9

Personal Unique Identifier

:

MI03727246

Name

:

Ms. Aminath Reeni

 

Email

:

Aminath.Reeni@universalenterprises.com

Mobile No.

:

960-7909662

 

 

Management Details - 10

Personal Unique Identifier

:

MI03123295

Name

:

Mr. A. M. M. Risvi

 

 

 

Management Details - 11

Personal Unique Identifier

:

MI03123336

Name

:

Mr. Ibrahim Shakir

 

 

 

Management Details - 12

Personal Unique Identifier

:

MI03727250

Name

:

Mr. Ibrahim Shihan

 

Email

:

ibrahim.shihan@universalresorts.com

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03018889

Name

:

Mr. Mohamed Umar Maniku

 

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 UNIVERSAL ENTERPRISES 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

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

SHAREHOLDERS

 

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Shareholders.

 

 

PAYMENT INFORMATION

 

Na

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

 

 

The following provides a summary of the number of businesses that are related to UNIVERSAL ENTERPRISES PVT LTD:

 

 

TYPE

DOMESTIC

INTERNATIONAL

TOTAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

2

1

-

-

-

-

-

1

Joint-Ventures

-

-

-

-

-

-

-

-

Minority shareholdings

1

-

-

-

-

-

-

-

Affiliates

1

-

-

-

-

-

-

-

Liaison / Representative Offices

-

-

-

-

-

-

-

-

 

 

Domestic

 

 

 

Business Entity Name

:

MALE' AERATED WATER COMPANY PVT LTD

Global Identifier

:

P2033768

Country

:

Maldives

Relationship

:

Minority shareholding

Operational Address

:

6Fl & 7Fl H Sifa Boduthakurufaanu, Magu, Male

Primary Business Activity

:

Manufacturer

Industry

:

Beverages

 

 

 

 

 

Business Entity Name

:

PER AQUUM RESORTS & SPAS

Global Identifier

:

P1968230

Country

:

Maldives

Relationship

:

Affiliate

Primary Business Activity

:

Service

Industry

:

Hotel, Entertainment & Recreation

 

 

 

 

 

Business Entity Name

:

UNIVERSAL TRAVEL SERVICES PVT LTD

Global Identifier

:

P2071264

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

39 Orchid, Magu, Male 20026

Primary Business Activity

:

Service

Industry

:

Professional Services

 

 

 

 

 

Business Entity Name

:

VIHAMANAAFUSHI HOLDINGS PVT LTD

Global Identifier

:

P3071775

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

39 Orchid, Magu, Male 20213

Primary Business Activity

:

Service

Industry

:

Hotel, Entertainment & Recreation

 

 

 

 

 

International

 

 

 

Business Entity Name

:

SILHOUETTE ISLAND RESORT LTD

Global Identifier

:

P0865048

Country

:

Seychelles

Relationship

:

Subsidiary

Operational Address

:

Suite 205 Aarti Chambers, Mont Fleuri, Victoria, Mahe

Primary Business Activity

:

Service

Industry

:

Hotel, Entertainment & Recreation

 

 

 

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

Cruise operators

Service

Hotels

Service

Resort operators

Service

Resorts

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Hotels & Motels

7011

Service

Hotels & Other Lodging Places

7000

Service

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

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

9900

Service

Hotels and motels

9942

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of UNIVERSAL ENTERPRISES PVT LTD is Specialized professional services, including:

·                     Hotels

·                     Resorts


Key services include :

·                     Cruise operators

·                     Resort operators

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

UNIVERSAL ENTERPRISES PVT LTD - MALE

Branch Address

:

North Male Atoll (PO Box 2017), Male

Branch Email

:

info@huvafenfushi.com

 

Branch

:

UNIVERSAL ENTERPRISES PVT LTD - SOUTH ARI ATOLL

Branch Address

:

Kuramathi Island Resort, South Ari Atoll

Branch Email

:

info@kuramathi.com

 

Branch

:

UNIVERSAL ENTERPRISES PVT LTD - VIHAMANAFUSHI

Branch Address

:

North Male Atoll, Vihamanafushi

Branch Email

:

kurumba@kurumba.com

 

Branch

:

UNIVERSAL ENTERPRISES PVT LTD - SOUTH MALE ATOLL

Branch Address

:

Velassaru, South Male Atoll

Branch Email

:

info@velassaru.com

 

 

 

DOMESTIC SUPPLIERS

 

Business Entity Name

Global Identifier

SOVEREIGN AGENCIES PVT LTD

P2966007

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

UNIVERSAL ENTERPRISES PVT LTD - MAGU, MALE

Primary Use

:

Office & Administration facilities

Type of Location

:

Commercial

Address

:

39 Orchid, Magu, Male 2002

Country

:

Maldives

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

PO Box 2015, Magu, Male 2002

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.45

UK Pound

1

Rs.99.45

Euro

1

Rs.79.46

 

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.