MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	MALDIVES TOURISM DEVELOPMENT CORPORATION PLC
Registered Office :	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Country :	Maldives
Financials (as on) :	December 2012
Date of Incorporation :	09.04.2006
Legal Form :	Public Limited Company
Line of Business :	Subject is providing professional services of Property development, property management and tourism
No of Employees :	436

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 :	Slow But Correct
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.

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	:	MALDIVES TOURISM DEVELOPMENT CORPORATION PLC
Address	:	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Country	:	Maldives
Phone (S)	:	[+960]-3339444
Facsimile	:	[+960]-3347733
Email	:	info@mtdc.com.mv
Website	:	http://www.mtdc.com.mv
Primary Business Activity	:	Service
Key Industry	:	Professional Services

Key Facts

Registered Legal Address	:	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Operational Address	:	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Issuing Authority	:	Ministry of Trade & Industries - National
License Number	:	C-280/2006
License Status	:	License exists - Normal.
Legal Form - Category	:	Public Listed Company
Legal Form	:	Public Limited Company
Legal Form - Abbreviation	:	PLC
Operational Status of Business	:	Normal
Date of Registration	:	9 Apr, 2006
Employees	:	436
Capital	:	US$ 64,892,927

Report Details

Country	:	Maldives
Business Entity Name	:	MALDIVES TOURISM DEVELOPMENT CORPORATION PLC
Acronym	:	MTDC
Primary Business Activity	:	Service
Primary Industry	:	Professional Services
Office Contact Details
Operating Address	:	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Tel	:	[+960]-3339444
	:	[+960]-3347766
Fax	:	[+960]-3347733
Email	:	info@mtdc.com.mv tender@mtdc.com.mv
Website Details
Website	:	http://www.mtdc.com.mv
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Hawwa Alishan	Maldivian	Representative	-
2	Mr. Ahmed Niyaz	Maldivian	Manager	Operations
3	Mr. Ibrahim Rasheed	Maldivian	Chief Accountant	-
4	Mr. Islah Shareef	Maldivian	Manager	Corporate Affairs
5	Ms. Fathmath Thahany Shihab	Maldivian	Manager	Business Development

Management Details – 1

Personal Unique Identifier	:	MI03618248
Name	:	Ms. Hawwa Alishan
Email	:	alishan@mtdc.com.mv

Management Details – 2

Personal Unique Identifier	:	MI03617769
Name	:	Mr. Ahmed Niyaz

Management Details – 3

Personal Unique Identifier	:	MI03618269
Name	:	Mr. Ibrahim Rasheed

Management Details – 4

Personal Unique Identifier	:	MI03617781
Name	:	Mr. Islah Shareef

Management Details – 5

Personal Unique Identifier	:	MI03618218
Name	:	Ms. Fathmath Thahany Shihab

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03617774
Name	:	Mr. Abdulla Nisaam
Nationality	:	Maldivian
2
Personal Unique Identifier	:	MI03617771
Name	:	Mr. Abdullah Leeman Zahir
Nationality	:	Maldivian
3
Personal Unique Identifier	:	MI03617769
Name	:	Mr. Ahmed Niyaz
Nationality	:	Maldivian
Other Positions	:	Manager
4
Personal Unique Identifier	:	MI03618802
Name	:	Mr. Ahmed Shakir
Nationality	:	Maldivian
5
Personal Unique Identifier	:	MI03617775
Name	:	Mr. Ahmed Wafir
Nationality	:	Maldivian
6
Personal Unique Identifier	:	MI03617776
Name	:	Mr. Ali Azim
Nationality	:	Maldivian
7
Personal Unique Identifier	:	MI03617772
Name	:	Mr. Ali Mohamed
Nationality	:	Maldivian
8
Personal Unique Identifier	:	MI03617778
Name	:	Mr. Hussain Alim Shakoor
Nationality	:	Maldivian

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the MALDIVES TOURISM DEVELOPMENT CORPORATION PLC'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

CAPITAL (Currency: MVR - Maldives Rufiyaa)

Share Value	:	100
Authorized Capital	:	1,000,000,000
Paid-up Capital	:	314,397,100

SHAREHOLDERS

Total number of shareholders	:	Public shareholding traded via Stock Exchange
Total number of shares	:	3,143,971

No.	Shareholders	Country	Shares
			Number	Amount (MVR)	%
1	Public shareholding traded via Stock Exchange	Maldives	1,675,737	167,573,700	53.30
2	GOVERNMENT OF MALDIVES	Maldives	1,468,234	146,823,400	46.70
Total			3,143,971	314,397,100	100.00

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to MALDIVES TOURISM DEVELOPMENT CORPORATION PLC:

TYPE	DOMESTIC
	TOTAL
Subsidiaries	-
Joint-Ventures	-
Minority shareholdings	1
Affiliates	-

Domestic

Business Entity Name	:	ENA HOTEL HOLDING COMPANY PVT LTD
Global Identifier	:	P2963080
Country	:	Maldives
Relationship	:	Minority shareholding
Operational Address	:	2Fl H Aage, Boduthakurufaanu Magu, Male
Primary Business Activity	:	Service
Industry	:	Financial Services - General

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	1,525,364	11,503,759	25,836
2011 Annual	1,309,827	10,108,199	-246,960
2012 Annual (*)	1,080,277	8,877,906	-408,854

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

Missing Financials	Reasons
2013, Annual	Financials not yet released.

FINANCIAL STATEMENT – DETAILED

BALANCE SHEET

Currency	:	USD
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Assets
Non Current Assets	78,764,266	119,429,561	117,679,900
Current Assets	68,483,849	80,135,545	19,128,638
Total Assets	147,248,115	155,160,854	136,808,538
Liabilities
Non Current Liabilities	68,414,401	80,068,020	77,829,013
Current Liabilities	34,462,054	47,170,930	24,699,140
Total Liabilities	102,876,455	114,580,034	102,528,153
Capital and reserves
Share Capital	24,466,700	24,466,700	24,466,700
Shareholders Funds	44,371,660	40,580,820	34,280,385
ASSETS
Non-Current Assets
Property, Plant and Equipment	74,798,196	71,749,110	67,246,664
Intangible Asset	145	-	1,058
Lease Rent Receivables	-	44,404,252	47,845,705
Receivables for Share Capital	3,965,925	3,276,199	2,586,473
Total Non-Current Assets	78,764,266	119,429,561	117,679,900
Inventories	621,731	591,265	390,308
Trade and Other Receivables	49,695,324	61,402,795	17,891,267
Cash and Cash Equivalents	18,166,794	18,141,485	847,063
Total Current Assets	68,483,849	80,135,545	19,128,638
Total Assets	147,248,115	155,160,854	136,808,538
EQUITY AND LIABILITIES
Equity
Share Capital	24,466,700	24,466,700	24,466,700
Share Premium	2,324,434	2,324,434	2,324,434
Retained Earnings	17,580,526	13,789,686	7,489,251
Total Equity	44,371,660	40,580,820	34,280,385
Non-Current Liabilities
Deferred Tax Liabilities	-	2,792,447	2,120,104
I. Loans and Borrowings	18,876,948	17,454,102	12,949,494
Lease Rent Payables	-	12,658,916	17,619,947
Sub Lease Advances	49,537,453	47,162,555	45,139,468
Total Non-Current Liabilities	68,414,401	80,068,020	77,829,013
Current Liabilities
II. Loans and Borrowings	551,396	1,399,842	4,935,000
Trade and Other Payables	19,850,974	31,601,919	19,764,140
Bank Overdrafts	14,059,684	14,169,169	-
Total Current Liabilities	34,462,054	47,170,930	24,699,140
Total Liabilities	102,876,455	114,580,034	102,528,153
Total Equity and Liabilities	147,248,115	155,160,854	136,808,538

INCOME STATEMENT

Currency	:	USD
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	19,524,653	20,105,849	16,647,068
Profit (Loss) Before Tax	330,696	(965,114)	(7,006,057)
Profit After Tax attributable to Shareholders	330,696	(3,790,840)	(6,300,435)
Revenue	19,524,653	20,105,849	16,647,068
Cost of Sales	(4,772,195)	(11,708,091)	(11,275,291)
Gross Profit	14,752,458	8,397,758	5,371,777
Other Income	292,552	82,808	261,286
Administrative Expenses	(13,149,090)	(11,865,952)	(10,599,757)
Distribution Expenses	(27,127)	(200,531)	(116,602)
Results from Operating Activities	1,868,793	(2,840,643)	(5,083,296)
Finance Income	1,257,502	4,484,263	619,026
Finance Costs	(2,795,599)	(2,608,734)	(2,541,787)
Net Finance Income / (Costs)	(1,538,097)	1,875,529	(1,922,761)
Profit / (Loss) Before Tax	330,696	(965,114)	(7,006,057)
Tax Expense	-	(2,825,726)	705,622
Profit / (Loss) for the Year	330,696	(3,790,840)	(6,300,435)
Total Comprehensive Loss for the Year	330,696	(3,790,840)	(6,300,435)

FINANCIAL RATIOS

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	(92.13)	2.98	(17.20)
Profitability
Profit Margin (%)	1.69	(18.85)	(37.85)
Return on Equity (%)	0.75	(9.34)	(18.38)
Return on Assets (%)	0.22	(2.44)	(4.61)
Leverage
Total Debt Equity (Times)	2.32	2.82	2.99
Current Debt Equity (Times)	0.78	1.16	0.72
Long Term Debt to Equity	1.54	1.97	2.27
Total Asset To Total Equity	3.32	3.82	3.99
Asset Management
Total Assets Turnover (Times)	0.13	0.13	0.12
Fixed Assets Turnover (Times)	0.25	0.17	0.14
Liquidity
Current Ratio	1.99	1.70	0.77

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Beach development	Service
Hotel & resort development	Service
Hotel, properties	Service
Property development	Service
Property management	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Admin, Urban Plan'g/Rural Dev	9532	Service
Land Subdividers/Developers	6552	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

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

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Resort development	Primary	Service
Resort development & tourism	Primary	Service
Resort operators	Primary	Service
Tourism	Primary	Service
Tourism investment	Primary	Service
Tourism property investment	Primary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MALDIVES TOURISM DEVELOPMENT CORPORATION PLC is Specialized professional services, including:

· Property development

· Property management

· Tourism

Key services include :

· Beach development

· Hotel & resort development

· Hotel, properties

· Resort development

· Resort development & tourism

· Resort operators

· Tourism investment

· Tourism property investment

STOCK EXCHANGE LISTING DETAILS

Country

:

Maldives

Name of Stock Exchange

:

Name	Acronym
MALDIVES STOCK EXCHANGE	MSE

Stock Symbol / No.

:

MTDC

Date of listing

:

2007

BANK DETAILS

Bank Name	:	BANK OF MALDIVES PLC
Global Identifier	:	P0766836
Branch	:	Male
Branch Address	:	BML Bldg 11 Boduthakurufaanu Magu Male 200094 (Head Office)
SWIFT Code	:	MALBMVMV

LOCAL BRANCHES & MANAGEMENT

Branch	:	MALDIVES TOURISM DEVELOPMENT CORPORATION PLC - ADDU
Branch Address	:	Herathera, Addu
Branch Email	:	reservations@heratheraisland.com

DOMESTIC SUPPLIERS

Name	Global Identifier
MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC	P1359291

AUDITORS

Auditor Name

KPMG FORD, RHODES, THORNTON & CO

OFFICE & FACILITIES

Name	:	MALDIVES TOURISM DEVELOPMENT CORPORATION PLC - BURUZU MAGU, MALE
Address	:	1Fl, G Fathuruvehi, Buruzu Magu, Male 20132
Country	:	Maldives
Status	:	Operational

COMPANY HISTORY

Date	Details
2013 - Jan	Terminated the management and license agreement with AMARI HOTEL & RESORTS CO LTD (previous operator) regarding HERATHERA ISLAND RESORT.

DEAL MAKING

Deal ( 1 )

Date of Deal	:	Dec, 2007
Nature of Deal	:	Lease
Party involved #1	:	THREEK INT'L PVT LTD
Details	:	Sublease Agreement

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Abdullah Leeman Zahir

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.47
UK Pound	1	Rs. 102.94
Euro	1	Rs. 84.60

INFORMATION DETAILS

Report Prepared by :

DPT

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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