MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	DHIVEHI VIUGA PVT LTD
Registered Office :	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Country :	Maldives
Date of Incorporation :	22.10.2004
Legal Form :	Private Company with Limited Liability
Line of Business :	Engaged in Providing Professional Services such as Application Software Development, Data Networks, Installation, Network Infrastructure, Networking Solutions & System Integrators Solution
No of Employees :	15

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 :	No Complaints
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	C1	C1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

Company Details

Organization Name	:	DHIVEHI VIUGA PVT LTD
Address	:	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Country	:	Maldives
Phone (S)	:	[+960]-3344652
Facsimile	:	[+960]-3341851
Email	:	info@dhivehiviuga.com
Website	:	http://www.dhivehiviuga.com
Primary Business Activity	:	Service
Key Industry	:	Computer & Information Products

Key Facts

Registered Legal Address	:	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Operational Address	:	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	Not Available^(1)
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	:	22 Oct, 2004
Employees	:	15
Capital	:	n/a^(2)
Note	:	(1) Although Ministry of Economic Development is the official Issuing (2) Authority for Business Licenses in Maldives, public access to (3) statutory is limited and hence the unavailability of the License Number. ^(2) 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	:	DHIVEHI VIUGA PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Computer & Information Products
Office Contact Details
Operating Address	:	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Tel	:	[+960]-3344652
Fax	:	[+960]-3341851
Email	:	info@dhivehiviuga.com
Website Details
Website	:	http://www.dhivehiviuga.com
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Abdul Rasheed
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Roy M. Joseph	Maldivian	Representative	Executive

Management Details - 1

Personal Unique Identifier	:	MI03741387
Name	:	Mr. Roy M. Joseph
Email	:	roy@dhivehiviuga.com

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03741390
Name	:	Mr. Abdul Rasheed

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 DHIVEHI VIUGA 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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	80%
Imports	20%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

OVERSEAS SUPPLIERS

Business Entity Name	Global Identifier	Country
ANTLABS PTE LTD	P3067852	Singapore
EASTIIN RESOURCE CORP SDN BHD	P3067871	Malaysia
IBAHN SINGAPORE PTE LTD	P3067861	Singapore

DOMESTIC SUPPLIERS

Business Entity Name	Global Identifier
ICON COMPUTERS MALDIVES PVT LTD	P1854563

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.

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Application software development	Service
Data networks	Service
Installation	Service
Network infrastructure	Service
Networking solutions	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Computer Related Svcs, NEC	7379	Service
Computer peripheral equipment, nspf, and parts, nspf	3577	Importing, Trading
Miscellaneous Repair Services	7600	Service
Other communications equipment, nspf, and parts, nspf	3669	Importing, Trading
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
Computer related services, nec	9923	Service
Electrical machinery & equip. & parts; telecommunications equip., sound recorders, television recorders	8500	Importing, Trading
Parts etc for typewriters & other office machines computer accessories	8473	Importing, Trading
, tapes & other recorded sound media etc computer software	8524	Importing, Trading
Travel agencies	9850	Service

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
System integrators solution	Primary	Service
Network equipment	Secondary	Importing, Trading
Telecommunications equipment	Secondary	Importing, Trading
Travel agency	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

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

Networking solutions

Key services include :

Application software development

Data networks

Installation

Network infrastructure

Networking solutions

System integrators solution

Supplementary Business

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

Importing

Importing - Finished products

Trading

Trading - Finished products

LOCAL BRANCHES & MANAGEMENT

Branch	:	DHIVEHI VIUGA PVT LTD - MALE
Branch Address	:	3Fl G Grey Light Rahdhebai Magu, Male
Primary use of location	:	#1. Office administration

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	High	Importing
Malaysia	High	Importing
Singapore	High	Importing

OFFICE & FACILITIES

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

Name	:	DHIVEHI VIUGA PVT LTD - MALE
Primary Use	:	Office & Administration facilities
Address	:	5Fl H Soanary Boduthakurufaanu Magu, Male 20026
Country	:	Maldives
Status	:	Operational

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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.