MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	GRAPE EXPECTATIONS PVT LTD
Registered Office :	3Fl H Coal Field Kalhuhuraa, Magu, Male
Country :	Maldives
Date of Incorporation :	31.03.2011
Legal Form :	Private Limited
Line of Business :	Importing, Trading of Beer & Ale, Cigars, Distilled, rectified, and blended liquors, Wines, brandy, and brandy spirits.
No. of Employees	20

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 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	:	GRAPE EXPECTATIONS PVT LTD
Address	:	3Fl H Coal Field Kalhuhuraa, Magu, Male
Country	:	Maldives
Phone (S)	:	[+960]-3006714
Facsimile	:	[+960]-3006716
Email	:	stefano@fbsynergy.it
Website	:	http://grapeexpectations.com.mv
Primary Business Activity	:	Importer
Key Industry	:	Beverages

Key Facts

Registered Legal Address	:	3Fl H Coal Field Kalhuhuraa, Magu, Male
Operational Address	:	3Fl H Coal Field Kalhuhuraa, Magu, Male
Trading Name	:	GRAPE EXPECTATIONS BONDED WAREHOUSE
Issuing Authority	:	Ministry of Economic Development - National
License Number	:	C-202/2011
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	:	31 Mar, 2011
Employees	:	20
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	:	GRAPE EXPECTATIONS PVT LTD
Primary Business Activity	:	Importer
Primary Industry	:	Beverages
Office Contact Details
Operating Address	:	3Fl H Coal Field Kalhuhuraa, Magu, Male
Tel	:	[+960]-3006714
	:	[+960]-3006715
Fax	:	[+960]-3006716
Email	:	stefano@fbsynergy.it
Website Details
Website	:	http://grapeexpectations.com.mv
Status	:	Normal - operational
Country of Registration	:	Maldives
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chief Executive Officer - CEO
Name	:	Mr. Stefano Barbieri
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ian Atkinson	Maldivian	Department Head	Sales
2	Mr. Stefano Barbieri	Maldivian	Manager	Product
3	Mr. Enrico Donati	Maldivian	Representative	-
4	Mr. Sebastien Gaudin	Maldivian	Assistant	-
5	Mr. Nico Gouws	Maldivian	Assist. Manager	Operations
6	Mr. Amir Mansoor	Maldivian	Managing Director	-
7	Mr. Shaun Nel	Maldivian	Consultant	-
8	Mr. M. A. Tissera	Maldivian	Manager	Sales & Marketing

Management Details - 1

Personal Unique Identifier	:	MI03441210
Name	:	Mr. Ian Atkinson

Management Details - 2

Personal Unique Identifier	:	MI02993054
Name	:	Mr. Stefano Barbieri

Management Details - 3

Personal Unique Identifier	:	MI03441204
Name	:	Mr. Enrico Donati

Management Details - 4

Personal Unique Identifier	:	MI03441206
Name	:	Mr. Sebastien Gaudin

Management Details - 5

Personal Unique Identifier	:	MI03441211
Name	:	Mr. Nico Gouws

Management Details - 6

Personal Unique Identifier	:	MI03441203
Name	:	Mr. Amir Mansoor

Management Details - 7

Personal Unique Identifier	:	MI03441213
Name	:	Mr. Shaun Nel

Management Details - 8

Personal Unique Identifier	:	MI03441214
Name	:	Mr. M. A. Tissera

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03441203
Name	:	Mr. Amir Mansoor
2
Personal Unique Identifier	:	MI02993054
Name	:	Mr. Stefano Barbieri

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 GRAPE EXPECTATIONS 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

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

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 GRAPE EXPECTATIONS PVT LTD:

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

Domestic

Business Entity Name	:	LILY INT'L PVT LTD
Global Identifier	:	P0964594
Country	:	Maldives
Relationship	:	Affiliate
Operational Address	:	2Fl Bonded Warehouse H Coal Field Kalhuhuraa Magu, Male
Primary Business Activity	:	Trader
Industry	:	Food Products

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

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Beer	Importing, Trading
Cigar	Importing, Trading
Liquors	Importing, Trading
Wines	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Beer & Ale	5181	Importing, Trading
Cigars	2121	Importing, Trading
Distilled, rectified, and blended liquors	2085	Importing, Trading
Wine/Distilled Alcohol Bev	5182	Importing, Trading
Wines, brandy, and brandy spirits	2084	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Beer made from malt	2203	Importing, Trading
Beverages, spirits & vinegar	2200	Importing, Trading
Cigarettes containing tobacco	2402209000	Importing, Trading
Wine of fresh grapes; grape must	2204	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of GRAPE EXPECTATIONS PVT LTD is Importing - Finished products.

Key products include :

• Beer
• Cigar
• Liquors
• Wines

An integral part of the core business includes:

• Distribution

Supplementary Business

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

1. Trading
• Trading - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%
International Sales (Export)	0%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

IMPORT AGENCY LISTING

Supplier

:

CHAMPAGNE PHILIPPONNAT SA

Global Identifier

:

P2095910

Country of Origin

:

France

Product Description

:

Liquors

Brand/s

:

#1	Champagne Philipponnat

Year

:

2011

Supplier

:

SILENI ESTATES LTD

Global Identifier

:

P1026232

Country of Origin

:

New Zealand

Product Description

:

Wines

Liquors

Brand/s

:

#1	Sileni Estates

Year

:

2011

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
South America	Medium	Importing
Australia	Medium	Importing
Chile	Medium	Importing
France	Medium	Importing
Italy	Medium	Importing
New Zealand	Medium	Importing

OFFICE & FACILITIES

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

Name	:	GRAPE EXPECTATIONS PVT LTD - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	3Fl H Coal Field Kalhuhuraa, Magu, Male
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Analysis Done by :	SUB DIV RAS SUM KAR
Report Prepared by :	PDT

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.