MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Correct Name :	AIMA CONSTRUCTION CO PVT LTD
Formerly Known As :	AIMA WOODWORKS & CONSTRUCTION CO PVT LTD
Registered Office :	G Aima Banafsamagu 20-04, Male 20119
Country :	Maldives
Date of Incorporation :	22.04.1991
Legal Form :	Private Company with Limited Liability
Line of Business :	Construction & Construction Materials
No. of Employees :	1,500 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Maldives	C1	C1

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

Maldvies - ECONOMIC OVERVIEW

Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. 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. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling 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 eased with a December 2009, $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during 2012. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major 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	:	AIMA CONSTRUCTION CO PVT LTD
Address	:	G Aima Banafsamagu 20-04, Male 20119
Country	:	Maldives
Phone (S)	:	[+960]-3318181
Facsimile	:	[+960]-3313366
Email	:	hr@aima.com.mv
Website	:	http://www.aima.com.mv
Primary Business Activity	:	Trader
Key Industry	:	Construction & Construction Materials

Key Facts
Registered Legal Address	:	G Aima Banafsamagu 20-04, Male 20119
Operational Address	:	G Aima Banafsamagu 20-04, Male 20119
Name History	:	Business Entity Name Effective Date AIMA WOODWORKS n/a GALHOLHU CARPENTRY 1974 AIMA WOODWORKS & CONSTRUCTION CO PVT LTD 1991 AIMA CONSTRUCTION CO PVT LTD Jan, 1997
Issuing Authority	:	Ministry of Trade & Industries
License Number	:	C-0027/1991
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	:	22 Apr, 1991
Employees	:	1,500
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	:	AIMA CONSTRUCTION CO PVT LTD
Primary Business Activity	:	Trader
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	G Aima Banafsamagu 20-04, Male 20119
Tel	:	[+960]-3318181
	:	[+960]-3325197
	:	[+960]-7776771
Fax	:	[+960]-3313366
Email	:	hr@aima.com.mv operations@aima.com.mv admin@aima.com.mv edminh@aima.com.mv aima@dhivehinet.net.mv aima@netlink.mv
Website Details
Website	:	http://www.aima.com.mv
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Umar Abdul Azeez
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ibrahim Abdul Azeez	Maldivian	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI01837888
Name	:	Mr. Ibrahim Abdul Azeez
Email	:	ibrahim@aima.com.mv
Date of appointment	:	5 Jan, 1997

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01837951
Name	:	Mr. Ahmed Abdul Azeez
Nationality	:	Maldivian
Date of Appointment	:	5 Jan, 1997
2
Personal Unique Identifier	:	MI01837888
Name	:	Mr. Ibrahim Abdul Azeez
Nationality	:	Maldivian
Date of Appointment	:	5 Jan, 1997
3
Personal Unique Identifier	:	MI01837952
Name	:	Mr. Mohamed Abdul Azeez
Nationality	:	Maldivian

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

REPUTATION
Reference checking for the purpose of establishing the AIMA CONSTRUCTION CO PVT LTD's reputation within the respective industry failed to reveal any adverse 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	:	7
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount	%
1	Mr. Ahmed Abdul Azeez	Maldives	n/a	n/a	n/a
2	Mr. Ahmed Shahir	Maldives	n/a	n/a	n/a
3	Mr. Ibrahim Abdul Azeez	Maldives	n/a	n/a	n/a
4	Mr. Ismail Asif	Maldives	n/a	n/a	n/a
5	Mr. Mohamed Abdul Azeez	Maldives	n/a	n/a	n/a
6	Mrs. Sharmila Ragunathan	Maldives	n/a	n/a	n/a
7	HILTI AG	Liechtenstein	n/a	n/a	90.00
Total			n/a	n/a	90.00

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 30~120 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~120 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

ASSOCIATIONS

Domestic Associations

Association Name

MALDIVES ASSOCIATION OF CONSTRUCTION INDUSTRY - MACI

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.

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description

Activity

Anchors

Importing, Trading

Breakers

Importing, Trading

Chemicals

Importing, Trading

Construction chemicals

Importing, Trading

Construction materials

Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical preparations, nspf	2899	Trading, Importing
Construction Materials, NEC	5039	Trading, Importing
Construction machinery, and parts, nspf	3531	Trading, Importing
Equipment Rental/Leasing, NEC	7359	Service
Hardware, nspf	3429	Trading, Importing
Heavy Const Equip Rent/Lease	7353	Service
Heavy Construction, NEC	1629	Service
Power driven hand tools, and parts, nspf	3546	Importing, Trading
Special dies, tools, jigs, and fixtures	3544	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Anchors, grapnels and parts thereof, of iron/steel	7316	Importing, Trading
Anchors, grapnels and parts thereof, of iron/steel	7316000000	Importing, Trading
Equipment rental and leasing, nec	9913	Service
Hardware, fixtures, castors etc & parts, base metal	8302	Trading, Importing
Heavy construction	9818	Service
Heavy construction equipment rental	9912	Service
Miscellaneous chemical products	3800	Trading, Importing

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Direct fastening	Primary	Importing, Trading
Door lock	Primary	Importing, Trading
Epoxy	Primary	Importing, Trading
Equipment	Primary	Importing, Trading
Fire prevention products	Primary	Importing, Trading
Flooring materials	Primary	Importing, Trading
Hand tools	Primary	Importing, Trading
Hardware	Primary	Importing, Trading
Hinges	Primary	Importing, Trading
Houseware	Primary	Importing, Trading
Building construction	Secondary	Service
Infrastructure management	Secondary	Service
Logistics	Secondary	Service
Machinery rentals	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AIMA CONSTRUCTION CO PVT LTD is Trading - General products.

Supplementary Business

In addition to the core business, AIMA CONSTRUCTION CO PVT LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Service

Specialized professional services, including:

Building construction

Infrastructure management

Logistics

Machinery rentals

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%
International Sales (Export)	0%

Annual Purchases Analysis	Percentage
Local Purchases	70%
Imports	30%

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	HILTI AG
Global Identifier	:	P0740707
License Number	:	FL-0001.011.557
Country	:	Liechtenstein

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
China	Medium	Importing
India	Medium	Importing
Liechtenstein	Medium	Importing
Malaysia	Medium	Importing
Singapore	Medium	Importing
Sri Lanka	Medium	Importing

OVERSEAS SUPPLIERS

Name	Global Identifier	Country
EMPIRE MACHINERY (M) SDN BHD	30807303	Malaysia
FOSROC SDN BHD	30808635	Malaysia
HILTI AG	P0740707	Liechtenstein

OFFICE & FACILITIES

Name	:	AIMA CONSTRUCTION CO PVT LTD - MALE
Address	:	G Aima Banafsamagu 20-04, Male 20119
Country	:	Maldives
Status	:	Operational

AWARDS

#	Award Name	Awarded by	Awarded Date
1	Recognition of the company's role in its services to the public in the construction industry.	PRESIDENT OF MALDIVES H. E. MAUMOON ABDUL GAYOOM	n/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

MNL

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.