MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	SECURE BAG (MALDIVES) PVT LTD
Registered Office :	G Doores Villa Alikilegefaanu Magu, Male
Country :	Maldives
Date of Incorporation :	03.10.2004
Legal Form :	Private Limited Company
Line of Business :	Trader of Metals & Metal Products

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	USD 10,000.00
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	c1	c11

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

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	SECURE BAG (MALDIVES) PVT LTD
Address	:	G Doores Villa Alikilegefaanu Magu, Male
Country	:	Maldives
Phone (S)	:	[+960]-3002000
Facsimile	:	[+960]-3304950
Email		import@securebag.com.mv
Website		http://www.securebag.com.mv
Primary Business Activity		Trader
Key Industry		Metals & Metal Products

Key Facts

Registered Legal Address		:	G Doores Villa Alikilegefaanu Magu, Male
Operational Address		:	G Doores Villa Alikilegefaanu Magu, Male
License Number		:	C-547/2004
Legal Form		:	Private Limited
Operational Status of Business		:	Normal
Date of Registration			3 Oct, 2004
Employees			60
Capital			n/a^(1)
	Report Details

Country	:	Maldives
Business Entity Name	:	SECURE BAG (MALDIVES) PVT LTD
Primary Business Activity	:	Trader
Primary Industry	:	Metals & Metal Products
Office Contact Details
Operating Address	:	G Doores Villa Alikilegefaanu Magu, Male
Tel	:	[+960]-3002000
Mobile	:	[+960]-9911911
Fax	:	[+960]-3304950
Email	:	import@securebag.com.mv
Website Details
Website	:	http://www.securebag.com.mv
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

CREDIT RECOMENDATION

Credit Limit: USD 10,000.00

DIRECTORS/MANAGEMENT

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02503015
Name	:	Mr. Mohammad Athif
Nationality	:	Indian
2
Personal Unique Identifier	:	MI02502961
Name	:	Mr. Shareef Ibrahim
Nationality	:	Indian

Based on corporate statutory laws /regulations in Maldives, there is no requirement for public disclosure of Director. In this case, the Director 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

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	:	2
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount	%
1	Mr. Shareef Ibrahim	India	n/a	n/a	67.00
2	Mr. Mohammad Athif	India	n/a	n/a	33.00
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 Shareholder 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

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

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

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Equipment Rental/Leasing, NEC	7359	Service
Fabricated metal products, nspf	3499	Trading
Scrap & Waste Materials	5093	Trading
Secondary smelting and refining of nonferrous metals	3341	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Equipment rental and leasing, nec	9913	Service
Miscellaneous articles of base metal	8300	Trading
Other ferrous scrap	7204490080	Trading
Recycling	9881	Service
Stainless steel waste and scrap	7204210000	Trading
Waste & scrap of prec metal or metal clad with precious metal	7112	Trading

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Equipment leasing	Secondary	Service
Equipment rental	Secondary	Service
Recycling	Secondary	Service
Scrap materials recycling	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SECURE BAG (MALDIVES) PVT LTD is:

General trading

Supplementary Business

In addition to the core business, SECURE BAG (MALDIVES) PVT LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

Service

Specialized professional services

Equipment leasing

Equipment rental

Recycling

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	25%
International Sales (Export)	75%

Annual Purchases Analysis	Percentage
Local Purchases	80%
Imports	20%

REPUTATION

Reference checking for the purpose of establishing the SECURE BAG (MALDIVES) PVT LTD's reputation within the respective industry failed to reveal any adverse information.

BANK DETAILS

Bank Name	:	HONG KONG & SHANGHAI BANKING CORP LTD, THE
Global Identifier	:	P0324977
Branch	:	Male
Branch Address	:	Male
SWIFT Code	:	HSBCMVMV

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
India	Medium	Importing, Exporting

OFFICE & FACILITIES

Name	:	SECURE BAG (MALDIVES) PVT LTD - MALE
Address	:	G Doores Villa Alikilegefaanu Magu, Male
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

Na

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

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.