MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Correct Name :	JOHN KEELLS MALDIVIAN RESORTS PVT LTD
Registered Office :	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Country :	Maldives
Date of Incorporation :	1996
Legal Form :	Private Limited
Line of Business :	Business services, health, financial/insur. legal/real estate, hotels, and misc repairs
No. of Employees :	100

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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
Official Organization Name	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD
Address	:	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Country	:	Maldives
Phone (S)	:	[+960]-3313738
Email	:	sales@keells.com.mv
Website	:	http://www.keells.com.mv
Primary Business Activity	:	Service
Key Industry	:	Hotel, Entertainment & Recreation

Key Facts
Registered Legal Address	:	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Operational Address	:	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Trading Name	:	CHAAYA ISLAND DHONVELI CHAAYA LAGOON HAKURAA HURAA CHAAYA REEF ELLAIDHOO
Issuing Authority	:	Ministry of Trade & Industries - National
License Number	:	C-208/96
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	:	1996
Employees	:	100
Capital	:	n/a^(1)

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Mario Orloff	Maldivian	Manager	Operations

Management Details - 1

Personal Unique Identifier	:	MI03401051
Name	:	Mr. Mario Orloff

COMPANY DIRECTORS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Directors.

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the JOHN KEELLS MALDIVIAN RESORTS PVT LTD's reputation within the respective industry failed to reveal any adverse 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
	Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Maldives, there is no public disclosure of Shareholders.
Capital		:	n/a^(1)

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

GROUP STRUCTURE & AFFILIATED COMPANIES

STRATEGIC PARTNER/S & ALLIANCES

Group / Alliance name

:

JOHN KEELLS HOTELS GROUP

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

N/a

ADDITIONAL INFORMATION

Trading Name		:	CHAAYA ISLAND DHONVELI CHAAYA LAGOON HAKURAA HURAA CHAAYA REEF ELLAIDHOO
Issuing Authority		:	Ministry of Trade & Industries - National
License Number		:	C-208/96
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		:	1996
Employees		:	100
	Report Details

Country	:	Maldives
Business Entity Name	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Hotel, Entertainment & Recreation
Office Contact Details
Operating Address	:	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Tel	:	[+960]-3313738
Email	:	sales@keells.com.mv
Website Details
Website	:	http://www.keells.com.mv
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

Primary Products

Products / Materials / Services Description	Activity
Hotels	Service
Island resort	Service
Resorts	Service

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

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of JOHN KEELLS MALDIVIAN RESORTS PVT LTD is Specialized professional services, including:

• Hotels
• Resorts

Key services include:

• Hotels
• Island resort

LOCAL BRANCHES & MANAGEMENT

Branch	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD - KAAFU, NORTH MALE ATOLL
Branch Address	:	Kaafu, North Male Atoll
Branch Email	:	dhonveli@keells.com.mv
Branch	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD - MEEMU ATOLL
Branch Address	:	Hakuraa Huraa, Meemu Atoll
Branch Email	:	hakura@keells.com.mv
Branch	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD - ELLAIDHOO, NORTHERN ARI ATOLL
Branch Address	:	Ellaidhoo, Northern Ari Atoll
Branch Email	:	ellaidhoo@keells.com.mv

OFFICE & FACILITIES

Name	:	JOHN KEELLS MALDIVIAN RESORTS PVT LTD - SOSUN MAGU, MALE
Address	:	2Fl M Maizan Bldg, Sosun Magu, Male 20252
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.55
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

PDT

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.