MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	VILUXUR PVT LTD
Registered Office :	6Fl H Thuniya Boduthakurufaanu, Magu, Male
Country :	Maldives
Date of Incorporation :	07.07.2011
Legal Form :	Private Limited
Line of Business :	professional services, including: Tour operators
No. of Employees	47

RATING & COMMENTS

MIRA’s Rating :

B

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Maldives	B1	B1

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 nearly 30% 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. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other near-term 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

Organization Name	:	VILUXUR PVT LTD
Address	:	6Fl H Thuniya Boduthakurufaanu, Magu, Male
Country	:	Maldives
Phone (S)	:	[+960]-3007975
Facsimile	:	[+960]-3007976
Email	:	info@viluxurholidays.com
Website	:	http://www.viluxurholidays.com/
Primary Business Activity	:	Service
Key Industry	:	Professional Services

Registered Legal Address	:	6Fl H Thuniya Boduthakurufaanu, Magu, Male 2005
Operational Address	:	6Fl H Thuniya Boduthakurufaanu, Magu, Male
Trading Name	:	VILUXUR HOLIDAYS
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	C-0011/2011
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	:	7 Jul, 2011
Employees	:	47
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.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Shafraz Fazley
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Sheryl Santos	Filipino	Manager	Human Resources

Management Details - 1

Personal Unique Identifier	:	MI03752952
Name	:	Ms. Sheryl Santos

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03752680
Name	:	Mr. Shafraz Fazley

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 VILUXUR 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

CIVIL 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.

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

STRATEGIC PARTNER/S & ALLIANCES

Group / Alliance name

:

VILUXUR 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

Country	:	Maldives
Business Entity Name	:	VILUXUR PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Professional Services
Office Contact Details
Operating Address	:	6Fl H Thuniya Boduthakurufaanu, Magu, Male
Tel	:	[+960]-3007975
Fax	:	[+960]-3007976
Email	:	info@viluxurholidays.com hr@viluxurholidays.com
Website Details
Website	:	http://www.viluxurholidays.com/
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

Primary Products

Products / Materials / Services Description	Activity
Destination management	Service
Tour operators	Service
Travel agents	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Services, NEC	8999	Service
Tour Operators	4725	Service
Travel Agencies	4724	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business services, health, financial/insur. legal/real estate, hotels, and misc repairs	9900	Service
Tour operators	9851	Service
Travel agencies	9850	Service

CORE BUSINESS DESCRIPTION

Core Business

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

Tour operators

Key services include :

Travel agents

Destination management

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	VILUXUR PVT LTD - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	6Fl H Thuniya Boduthakurufaanu, Magu, Male
Country	:	Maldives
Status	:	Operational

AWARDS

#	Award Name	Awarded by	Awarded Date
1	Best Supporting Tour Operator and Preferred Tour Operator for Hilton Irufushi	n/a	n/a
2	Outstanding Productivity for Absolute Maldives	n/a	n/a

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SDA

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%)

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