The Waterpark Closes its Doors

9 years, 5 months ago - January 25, 2013
The Waterpark Leisure Village and facing financial constraints in recent years is looking for an option to make it viable.

Management has considered selling it but because the agency has about 70 employees, management decided to seek a strategic partner beforehand or see other options before making a final decision. At the last board meeting, a project to build villas for tourists to generate income was discussed.

Waterpark is looking for investors

The idea of the construction of villas is to provide alternative accommodation to tourists in the tourist mecca that is Belle Mare. This option, according to a source close to the case, seems more viable. "But to realize this project, the funding problem arises. It is not likely that the government injects money into this new project because the body is riddled with debt. Should also consider the legal aspect . should also see if you can legally build houses, "said our interlocutor.

The Waterpark is looking for investors willing to eventually become partners while the Sugar Investment Trust (SIT) will keep the majority of shares. When the project was launched, the SIT then targeted specific customer class, c 'is to say tourists. But over the years the Waterpark receives very few tourists and Mauritians are rare. Example, losses accumulated are estimated at Rs 350 million. However at this time, the Waterpark makes every effort to attract more customers in order to incur expenses each month.

The value of the park, June 30, 2010 was Rs 6.8 million. However, the company owns the land under a lease industry has been independently assessed to Rs 675 million approved by a surveyor (Alan Tinkler Ramlackhan) December 8, 2009, on the basis of a development project landowner and real estate.

The company has been constantly on the lookout for possible opportunities / joint ventures (joint ventures) for any development in Belle Mare. A contract has recently been established with the South African group. But it, like many other investors felt that the land is not strategically located for any project, especially in the leisure segment and tourism. The Waterpark Leisure Village and must wait to find a partner out of the red.

The company employs 70 people whose annual salary is estimated at Rs 6.6 million and administrative expenses are around Rs 7.6 million annually.

The company's activities are financed by overdrafts which are estimated between Rs 1 million and Rs 1.5 million each year. The situation has deteriorated from the fiscal year ending June 30, 2006. During the year, accelerated depreciation amounting to Rs 160 million has been earmarked by the new management compared to non-performing assets of the park. The annual depreciation charge on assets is accounted for Rs 1.5 million.

According to the SIT, the Waterpark Leisure is not strategically and geographically located at a convenient place and this is one reason it does not attract people. Therefore, we must wait until the Waterpark happens to see the light.

 

Text by Le Matinal

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