MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	INTOUR MALDIVES PVT LTD

Registered Office :	7Fl H Fasmeeru Bldg, Male 20077

Country :	Maldives

Date of Incorporation :	02.06.2005

Legal Form :	Private Company with Limited Liability

Line of Business :	Subject is specialized professional services, including: · Tour operators · Travel agency

No. of Employees :	20

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	:	INTOUR MALDIVES PVT LTD
Address	:	7Fl H Fasmeeru Bldg, Male 20077
Country	:	Maldives
Phone (S)	:	[+960]-3344890
Facsimile	:	[+960]-3339995
Email	:	info@intourmaldives.com
Website	:	http://www.intourmaldives.com
Primary Business Activity	:	Service
Key Industry	:	Professional Services

DIRECTORS/MANAGEMENT

Key Person

Legal Title

Managing Director

Name

Mr. Ali Firaq

Nationality

Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Mohamed Ali	Maldivian	Accountant	-
2	Ms. Suda Aminath	Maldivian	Representative	-
3	Mr. Hamja Said	Maldivian	Manager	Sales

Management Details - 1

Personal Unique Identifier	:	MI03161506
Name	:	Mr. Mohamed Ali

Management Details - 2

Personal Unique Identifier	:	MI03508597
Name	:	Ms. Suda Aminath

Management Details - 3

Personal Unique Identifier	:	MI03161554
Name	:	Mr. Hamja Said

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03161530
Name	:	Mr. Ali Firaq
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

REPUTATION

Reference checking for the purpose of establishing the INTOUR MALDIVES 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

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. Ali Firaq	Maldives	n/a	n/a	90.00
2	Undisclosed Shareholders	Maldives	n/a	n/a	10.00
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 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.

Note:
Based on corporate statutory laws for limited liability companies in Maldives, such legal entities maintain the right to only disclose the key shareholder of the company, CONDITIONAL that person (shareholder) is ALSO nominated as the registered person responsible for the actions of the company. In this case, the person listed above, holds that position, and is also a key shareholder.
The remaining shareholders, which are classified under "Undisclosed Shareholders" are not legally required to be disclosed.

Capital

n/a⁽¹⁾

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

Key Facts

Registered Legal Address

7Fl H Fasmeeru Bldg, Male 20077

Operational Address

7Fl H Fasmeeru Bldg, Male 20077

Issuing Authority

Ministry of Economic Development - National

License Number

C-356/2005

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

2 Jun, 2005

Employees

Report Details

Country

Maldives

Business Entity Name

INTOUR MALDIVES PVT LTD

Primary Business Activity

Service

Primary Industry

Professional Services

Office Contact Details

Operating Address

7Fl H Fasmeeru Bldg, Male 20077

Tel

[+960]-3344890

[+960]-3339994

Fax

[+960]-3339995

info@intourmaldives.com

Website Details

Website

http://www.intourmaldives.com

Status

Normal - operational

Country of Registration

Maldives

Ownership Type

Registered ownership by Subject Business Entity

Primary Products

Products / Materials / Services Description	Activity
Tour operators	Service
Travel agency	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Tour Operators	4725	Service
Travel Agencies	4724	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Tour operators	9851	Service
Travel consultants	9972	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of INTOUR MALDIVES PVT LTD is Specialized professional services, including:

Tour operators
Travel agency

Key services include :

Tour operators
Travel agency

OFFICE & FACILITIES

Name	:	INTOUR MALDIVES PVT LTD - MALE
Address	:	7Fl H Fasmeeru Bldg, Male 20077
Country	:	Maldives
Status	:	Operational

AWARDS
#	Award Name	Awarded by	Awarded Date
1	Best Performing Maldivian Tour Operator award	TAJ EXOTICA RESORT & SPA	2011

PREVIOUS CONTACT DETAILS

Company Address

1Fl M Gloryge Fareedhee, Magu, Male

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.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.