MIRA INFORM REPORT

Report Date :

31.08.2013

IDENTIFICATION DETAILS

Name :	SOLENI PVT LTD

Registered Office :	Kunfunadhoo Island, Baa Atoll

Country :	Maldives

Year of Establishments:	1995

Legal Form :	Private Company with Limited Liability

Line of Business :	Subject is engaged in specialized professional services, including: · Diving center · Diving schools · Diving

No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Maldives

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

maldives ECONOMIC OVERVIEW

Tourism, Maldives' largest economic activity, accounts for 28% 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. Economic growth slowed to 3.4% of GDP in 2012, compared to 7.0% in 2011 because of slower tourist arrivals and weak global conditions. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are major near-term challenges facing the government. Gross foreign reserves at the end of November 2012 were approximately $356 million, compared with $326 million in 2011, and were sufficient to finance only 2.6 months of imports. 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	:	SOLENI PVT LTD
Address	:	Kunfunadhoo Island, Baa Atoll
Country	:	Maldives
Phone (S)	:	[+960]-6600304
Facsimile	:	[+960]-6600474
Email	:	info@soleni.com
Website	:	http://www.soleni.com
Primary Business Activity	:	Service
Key Industry	:	Professional Services

Key Facts
Registered Legal Address		:	Kunfunadhoo Island, Baa Atoll
Operational Address		:	Kunfunadhoo Island, Baa Atoll
Trading Name		:	SOLENI DIVE CENTRE
Issuing Authority		:	Ministry of Economic Development - National
License Number		:	C-186/95
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		:	1995
Employees		:	13
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	:	SOLENI PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Professional Services
Office Contact Details
Operating Address	:	Kunfunadhoo Island, Baa Atoll
Tel	:	[+960]-6600304
	:	[+960]-6600305
Fax	:	[+960]-6600474
Email	:	info@soleni.com soleni@dhivehinet.net.mv
Website Details
Website	:	http://www.soleni.com
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

Key Person

Legal Title	:	Chairman
Name	:	Mr. Thomas Walchli
Nationality	:	Maldivian

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Elisabetta Benini	Maldivian	Partner	-
2	Ms. Alessandra Bini	Maldivian	Representative	-
3	Mr. Fabio Giungarelli	Maldivian	Representative	-
4	Mr. Ahumad Jusuf	Maldivian	Representative	-
5	Mr. Katya Klimenko	Maldivian	Representative	-
6	Ms. Francesca Ramella	Italian	Representative	-

Management Details - 1

Personal Unique Identifier	:	MI03506805
Name	:	Ms. Elisabetta Benini

Management Details - 2

Personal Unique Identifier	:	MI03506801
Name	:	Ms. Alessandra Bini

Management Details - 3

Personal Unique Identifier	:	MI03506800
Name	:	Mr. Fabio Giungarelli

Management Details - 4

Personal Unique Identifier : MI03506807

Name : Mr. Ahumad Jusuf

Management Details - 5

Personal Unique Identifier	:	MI03506803
Name	:	Mr. Katya Klimenko

Management Details - 6

Personal Unique Identifier	:	MI03506802
Name	:	Ms. Francesca Ramella

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03506799
Name	:	Mr. Thomas Walchli
Nationality	:	Maldivian

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

NEGA-SCAN - 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	:	n/a
Total number of shares	:	n/a

Currency

MVR - Maldives Rufiyaa

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (MVR)	%
1	Mr. Thomas Walchli	Maldives	n/a	n/a	n/a
2	Ms. Elisabetta Benini	Maldives	n/a	n/a	n/a
3	Undisclosed Shareholders	Maldives	n/a	n/a	n/a
Total			n/a	n/a	n/a

Today's Exchange rate

1.00 MVR
Maldives Rufiyaa

0.065274 USD
United States Dollars

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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

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

Today's Exchange rate

1.00 MVR
Maldives Rufiyaa

0.065274 USD
United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Diving	Service
Diving center	Service
Diving schools	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business Services	7300	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business services, health, financial/insur. legal/real estate, hotels, and misc repairs	9900	Service


	CORE BUSINESS DESCRIPTION

	Core Business
	The primary business focus of SOLENI PVT LTD is Specialized professional services, including: Diving Key services include : Diving center Diving schools Diving

	REPUTATION

	Reference checking for the purpose of establishing the SOLENI PVT LTD's reputation within the respective industry failed to reveal any adverse information.

OFFICE & FACILITIES

Name	:	SOLENI PVT LTD - BAA ATOLL
Address	:	Kunfunadhoo Island, Baa Atoll
Country	:	Maldives
Status	:	Operational

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

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.