MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	LIFE SUPPORT PVT LTD

Registered Office :	H Keesfilla Kalhuhuraa, Magu, Male 20083

Country :	Maldives

Date of Incorporation :	06.06.2011

Legal Form :	Private Limited

Line of Business :	Trader of Medical Equipment & Pharmaceutical

No. of Employees :	22

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 :	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.

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Maldives

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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	:	LIFE SUPPORT PVT LTD
Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Country	:	Maldives
Phone (S)	:	[+960]-3330528
Facsimile	:	[+960]-3330529
Email	:	lifepharma@lifesupport.mv
Primary Business Activity	:	Trader
Key Industry	:	Medical Equipment & Pharmaceutical

Registered Legal Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Operational Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	C-0350/2011
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	:	6 Jun, 2011
Employees	:	22
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.

Country	:	Maldives
Business Entity Name	:	LIFE SUPPORT PVT LTD
Primary Business Activity	:	Trader
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Tel	:	[+960]-3330528
Fax	:	[+960]-3330529
Email	:	lifepharma@lifesupport.mv
Tax / VAT Details
Tax Issuing Authority	:	Maldives Inland Revenue Authority
Tax Number	:	65624GST01

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Ahmed Maumoon
Registered Address	:	Jiena Ablaghee Goalhi, Maafannu, Male
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Abdulla Maumoon	Maldivian	Manager	Operations
2	Mr. Ahmed Maumoon	Maldivian	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03739321
Name	:	Mr. Abdulla Maumoon

Management Details - 2

Personal Unique Identifier	:	MI03392720
Name	:	Mr. Ahmed Maumoon
Identification Number(s)
National ID No	:	A046707
Registered address	:	Jiena Ablaghee Goalhi Maafannu Male
Country of Residence	:	Maldives

Other Positions
Country	Company name	Position
Maldives	ASSISTANCE MALDIVES PVT LTD	Director

COMPANY DIRECTORS

Personal Unique Identifier

MI03739367

Name

Mr. Ahmed Haikal

Identification Number(s)

National ID No

A078790

Registered Address

Rose Mead Keneree Magu Machchangolhi ,Male 20192

Country of Residence

Maldives

Personal Unique Identifier

MI03392720

Name

Mr. Ahmed Maumoon

Identification Number(s)

National ID No

A046707

Registered Address

Jiena Ablaghee Goalhi ,Maafannu ,Male

Country of Residence

Maldives

Other Positions
Country	Company name	Position
Maldives	ASSISTANCE MALDIVES PVT LTD	Director

Personal Unique Identifier

MI03739371

Name

Mr. Mohamed Naeem

Identification Number(s)

National ID No

A041888

Registered Address

Holhudhooge Abadhahfehi Magu ,Henveiru ,Male

Country of Residence

Maldives

Other Positions
Country	Company name	Position
Maldives	ASSISTANCE MALDIVES PVT LTD	Director

Personal Unique Identifier

MI03739370

Name

Mr. Mubah Rafeeu

Identification Number(s)

National ID No

A092616

Registered Address

Daisy Villa B ,Eydhafushi ,Baa Atoll

Country of Residence

Maldives

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 LIFE SUPPORT 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

Total number of shareholders	:	n/a
Total number of shares	:	1,000

Currency

MVR - Maldives Rufiyaa

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (MVR)	%
1	STELLAR HOLDING PVT LTD	Maldives	500	n/a	50.00
2	Mr. Ahmed Haikal	Maldives	250	n/a	25.00
3	Mr. Mubah Rafeeu	Maldives	250	n/a	25.00
Total			1,000	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%
International Sales (Export)	0%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to LIFE SUPPORT PVT LTD:

TYPE	DOMESTIC
TYPE	TOTAL
Subsidiaries	-
Joint-Ventures	-
Minority shareholdings	-
Affiliates	1
Liaison / Representative Offices	-

Domestic

Business Entity Name	:	ASSISTANCE MALDIVES PVT LTD
Global Identifier	:	P2770244
Country	:	Maldives
Relationship	:	Affiliate
Operational Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Primary Business Activity	:	Trader
Industry	:	Textiles & Raw Material

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

0.065660 USD
United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Medical supplies	Importing, Trading
Medical supplies & devices	Importing, Trading
Pharmaceutical products	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical/Dental Equip/Supplies	5047	Importing, Trading
Pharmaceutical preparations	2834	Importing, Trading
Surgical and medical instruments and apparatus, nspf	3841	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical, surgical, dental or veterinary furn etc	9402	Importing, Trading
Pharmaceutical goods (specified sterile prod etc.)	3006	Importing, Trading
Pharmaceutical products	3000	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of LIFE SUPPORT PVT LTD is Trading - Finished products.

Key products include :

Medical supplies

Pharmaceutical products

Medical supplies & devices

Supplementary Business

In addition to the core business, LIFE SUPPORT PVT LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
Middle-East	Medium	Importing
North America	Medium	Importing
India	Medium	Importing
Italy	Medium	Importing
Sri Lanka	Medium	Importing
Sweden	Medium	Importing
Switzerland	Medium	Importing
Turkey	Medium	Importing
USA	Medium	Importing
United Kingdom	Medium	Importing

OFFICE & FACILITIES

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

Name	:	LIFE SUPPORT PVT LTD - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	H Keesfilla Kalhuhuraa, Magu, Male 20083
Country	:	Maldives
Status	:	Operational

PREVIOUS CONTACT DETAILS

E-mail

sales@lifesupport.mv

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Analysis Done by :	RAS

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.