MIRA INFORM REPORT

Report Date :

23.01.2014

IDENTIFICATION DETAILS

Name :	KANIFUSHI INVESTMENT PVT LTD
Registered Office :	5Fl M Rowville Fareedhee, Magu, Male 20225
Country :	Maldives
Date of Incorporation :	10.09.2006
Legal Form :	Private Limited
Line of Business :	Subject is Specialized professional services, including: Resorts
No. of Employees :	50

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.

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	:	KANIFUSHI INVESTMENT PVT LTD
Address	:	5Fl M Rowville Fareedhee, Magu, Male 20225
Country	:	Maldives
Phone (S)	:	[+960]-3016552
Facsimile	:	[+960]-3006557
Email	:	info@kanifushi.com.mv
Website	:	http://atmosphere-kanifushi.com
Primary Business Activity	:	Service
Key Industry	:	Hotel, Entertainment & Recreation

Key Facts

Registered Legal Address	:	5Fl M Rowville Fareedhee, Magu, Male 20225
Operational Address	:	5Fl M Rowville Fareedhee, Magu, Male 20225
Trading Name	:	ATMOSPHERE KANIFUSHI MALDIVES
Issuing Authority	:	Ministry of Economic Development - National
License Number	:	C-0733/2006
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	:	10 Sep, 2006
Employees	:	50
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	:	KANIFUSHI INVESTMENT PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Hotel, Entertainment & Recreation
Office Contact Details
Operating Address	:	5Fl M Rowville Fareedhee, Magu, Male 20225
Tel	:	[+960]-3016552
	:	[+960]-3006551
	:	[+960]-3006554
Fax	:	[+960]-3006557
Email	:	info@kanifushi.com.mv admin@kanifushi.com.mv hr@kanifushi.com.mv
Website Details
Website	:	http://atmosphere-kanifushi.com
Status	:	Normal - operational

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Fathimath Kamroon	Maldivian	Managing Director	-
2	Mr. Shaz	Maldivian	Representative	-

Management Details - 1

Personal Unique Identifier	:	MI03557704
Name	:	Ms. Fathimath Kamroon

Management Details - 2

Personal Unique Identifier	:	MI03071620
Name	:	Mr. Shaz

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03557704
Name	:	Ms. Fathimath Kamroon
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 KANIFUSHI INVESTMENT 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	:	1
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount (MVR)	%
1	EON RESORTS GROUP PVT LTD	Maldives	n/a	n/a	100.00
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.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	EON RESORTS GROUP PVT LTD
Global Identifier	:	P2961135
Legal Form Category	:	Private Company with Limited Liability
Country	:	Maldives
Operational Address	:	3Fl Aage Bldg Boduthakurufaanu Magu Male
Primary Business Activity	:	Service

LOCAL BRANCHES & MANAGEMENT

Branch

:

KANIFUSHI INVESTMENT PVT LTD - LHAVIYANI ATOLL

Branch Address

:

Kanifushi Island, Lhaviyani Atoll

Branch Management

Name	Job Description	Nationality
Mr. Ali Halid	Receptionist	Maldivian

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

Primary Products

Products / Materials / Services Description	Activity
Resort operators	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
Hotels and motels	9942	Service

CORE BUSINESS DESCRIPTION

Core Business

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

Resorts

Key services include:

Resort operators

Resorts

OFFICE & FACILITIES

Name	:	KANIFUSHI INVESTMENT PVT LTD - MAGU, MALE
Address	:	5Fl M Rowville Fareedhee, Magu, Male 20225
Country	:	Maldives
Status	:	Operational

PREVIOUS CONTACT DETAILS

Fax Number

:

960-  -3006577

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.101.98
Euro	1	Rs.83.93

INFORMATION DETAILS

Report Prepared by :

NNA

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.