MIRA INFORM REPORT

Report Date :

10.06.2011

IDENTIFICATION DETAILS

Name :	MINOR INT'L (LABUAN) LTD

Registered Office :	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll

Country :	Maldives

Year of Establishment :	2007

Legal Form :	Not Available

Line of Business :	Hotel, Entertainment & Recreation Services

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	100,000.00 USD
Status :	Moderate
Payment Behaviour :	No Complaints
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Maldives

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	MINOR INT'L (LABUAN) LTD
Address	:	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll
Country	:	Maldives
Phone (S)	:	[+960]-6601020
Facsimile	:	[+960]-6601040
Email		kihavahmaldives@anantara.com
Website		http://www.anantara.com
Primary Business Activity		Service
Key Industry		Hotel, Entertainment & Recreation

Key Facts

Registered Legal Address	:	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll
Operational Address	:	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll
License Number	:	SC-487/2007
Legal Form	:	Not Applicable
Operational Status of Business	:	Normal
Date of Registration		2007
Employees		100

Report Details

Country	:	Maldives
Business Entity Name	:	MINOR INT'L (LABUAN) LTD
Primary Business Activity	:	Service
Primary Industry	:	Hotel, Entertainment & Recreation
Office Contact Details
Operating Address	:	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll
Tel	:	[+960]-6601020
Fax	:	[+960]-6601040
	:	[+960]-6601025
Email	:	kihavahmaldives@anantara.com
Postal Details
P.O. Box	:	2014
Website Details
Website	:	http://www.anantara.com
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by a related third party
Owner Country	:	Maldives
Owner Name	:	EUTOPIA HOLDINGS PVT LTD

CREDIT RECOMENDATION

Current Credit Limit: 100,000.00 USD

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Shirley Corido	Filipino	Representative	-
2	Mr. Anshuman Narayan	Maldivian	Manager	Office
3	Ms. Wendy Seow	Maldivian	Manager	Purchasing

Management Details - 1

Personal Unique Identifier	:	MI02914877
Name	:	Ms. Shirley Corido

Management Details - 2

Personal Unique Identifier	:	MI02915911
Name	:	Mr. Anshuman Narayan
Email	:	anshuman@anantara.com

Management Details - 3

Personal Unique Identifier	:	MI02915907
Name	:	Ms. Wendy Seow

COMPANY DIRECTORS

Not applicable - According to the corporate statutory laws for this type of Legal Form - Category(Branch Office of Overseas Company) in Maldives, there is no requirement for Directors.

NEGATIVE INFORMATION

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	:	1
Total number of shares	:	n/a

Currency

MVR - Maldives Rufiyaa

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (MVR)	%
1	MINOR INT'L (LABUAN) LTD	Malaysia	n/a	n/a	100.00
Total			n/a	n/a	100.00

Today's Exchange rate

1.00 MVR
Maldives Rufiyaa

0.078125 USD
United States Dollars

PAYMENT INFORMATION

Nothing to disclosed.

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

FINANCIAL STATEMENT – DETAILED

Based on the corporate laws of Maldives, legal entities which are Branch Office of Overseas Company are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

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
Hotels and motels	9942	Service

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Resort hotels & accommodations	Primary	Service
Resorts	Primary	Service
Spa and pools	Primary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MINOR INT'L (LABUAN) LTD is:

Hotel operation

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	MINOR INT'L (LABUAN) LTD
Global Identifier	:	P1886379
License Number	:	LL06162
Country	:	Malaysia
Indirect Parent	:	MINOR INT'L PUBLIC CO LTD
Global Identifier	:	P0827703
Country	:	Thailand

REPUTATION

Reference checking for the purpose of establishing the MINOR INT'L (LABUAN) LTD's reputation within the respective industry failed to reveal any adverse information.

OFFICE & FACILITIES

Name	:	MINOR INT'L (LABUAN) LTD - BAA ATOLL
Address	:	C/O Anantara Kivanah Villas Kihavah Huravalhi Island, Baa Atoll
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.73.47
Euro	1	Rs.65.38

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.