MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	TRUE INVESTMENTS
Registered Office :	Arumaanu, S Maradhoo
Country :	Maldives
Date of Incorporation :	11.04.2011
Legal Form :	Sole Proprietorship
Line of Business :	Financial Services – General
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 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	:	TRUE INVESTMENTS
Address	:	Arumaanu, S Maradhoo
Country	:	Maldives
Email	:	ahmedsofwan@true-investment.com
Primary Business Activity	:	Service
Key Industry	:	Financial Services - General

Operating Status:

Investigation cannot confirm operational status of Subject Business Entity.

Investigations confirm the legal registration of the TRUE INVESTMENTS, but as a result of not being able to identify:

Any operational offices

Any point of contact

Nor speak to any representative of the firm

Thus it has not been possible to conduct the normal due diligence process and assessment of credit worthiness.

Key Facts

Registered Legal Address	:	Arumaanu, S Maradhoo
Operational Address	:	Arumaanu, S Maradhoo
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	BN-2011/0330
License Status	:	License exists - But no trace of any Operational office.
Legal Form - Category	:	Sole-proprietorship
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	It was NOT possible to confirm the operational status.^(1)
Date of Registration	:	11 Apr, 2011
Capital	:	n/a^(2)
Note	:	^(1) Due to the lack of SBE's operational status, and circumstances involved, the information as listed below is only historical / on-file data and as such it has not been possible to verify against any current sources. ^(2) Not Applicable. According to the corporate statutory laws for this type of Legal Form - Category (Sole-proprietorship) in Maldives, there is no requirement for Authorized Capital.

Country	:	Maldives
Business Entity Name	:	TRUE INVESTMENTS
Primary Business Activity	:	Service
Primary Industry	:	Financial Services - General
Office Contact Details
Operating Address	:	Arumaanu, S Maradhoo
Mobile	:	[+960]-7901790 Status: Mobile number working but no answer
Email	:	ahmedsofwan@true-investment.com

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Proprietor / Owner
Name	:	Mr. Ahmed Sofwan
Registered Address	:	Arumaanu, S Maradhoo
Nationality	:	Maldivian

NEGATIVE 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

N/a

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

FINANCIAL STATEMENT – DETAILED

Based on the corporate laws of Maldives, legal entities which are Sole-proprietorship 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
Investment	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Holding & Investment Offices	6700	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

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

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.