MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	ISLAND EXPERT PVT LTD
Registered Office :	4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Country :	Maldives
Date of Incorporation :	10.11.2010
Legal Form :	Private Company with Limited Liability
Line of Business :	Engaged as Design/Build Construction of New Home, Construction/Remodeling of Residential Structures, Project Management/Renovation & Maintenance of High Class Resorts.
No. of Employees	600

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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Maldives	C1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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		:		ISLAND EXPERT PVT LTD
Address		:		4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Country		:		Maldives
Phone (S)		:		[+960]-3306000
Facsimile		:		[+960]-3303033
Email		:		admin@island-expert.com
Website		:		http://www.island-expert.com
Main Business Activity		:		Engaged as Design/Build Construction of New Home, Construction/Remodeling of Residential Structures, Project Management/Renovation & Maintenance of High Class Resorts.
Key Facts
Registered Legal Address	:		4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Operational Address	:		4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Issuing Authority	:		MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:		C-0675/2010
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 Nov, 2010
Employees	:		600
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	:	ISLAND EXPERT PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Tel	:	[+960]-3306000
	:	[+960]-3323032
Fax	:	[+960]-3303033
Email	:	admin@island-expert.com info@island-expert.com
Website Details
Website	:	http://www.island-expert.com
Status	:	Normal - operational

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Maximilien Ulysse Arthur Groh
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Shaffa Fathitham	Maldivian	Assistant	Administration
2	Ms. Rachel Perez	Filipino	Accountant	-
3	Mr. Anon Songpanya	Maldivian	Chief Executive Officer - CEO	-
4	Ms. Khadheeja Umeyla	Maldivian	Company Secretary	-

Management Details - 1

Personal Unique Identifier	:	MI03794974
Name	:	Ms. Shaffa Fathitham

Management Details - 2

Personal Unique Identifier	:	MI03794490
Name	:	Ms. Rachel Perez

Management Details - 3

Personal Unique Identifier	:	MI03794376
Name	:	Mr. Anon Songpanya

Management Details - 4

Personal Unique Identifier	:	MI03794397
Name	:	Ms. Khadheeja Umeyla
Date of appointment	:	Jul, 2012

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03794392
Name	:	Mr. Ahmed Mujuthaba
2
Personal Unique Identifier	:	MI03794376
Name	:	Mr. Anon Songpanya
3
Personal Unique Identifier	:	MI03794388
Name	:	Mr. Ibrahim Moosa
4
Personal Unique Identifier	:	MI03794382
Name	:	Mr. Maximilien Ulysse Arthur Groh

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 ISLAND EXPERT 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.

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
Building construction	Service
Construction	Service
Engineering	Service
Painting works	Service
Plaster work	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Engineering & Management Svcs	8700	Service
Engineering Svcs	8711	Service
Heavy Construction, NEC	1629	Service
Management Services	8741	Service
Plaster/Wall/Insulation Work	1742	Service
Services, NEC	8900	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business services, health, financial/insur. legal/real estate, hotels, and misc repairs	9900	Service
Engineering services	9866	Service
Heavy construction	9818	Service
Management services	9874	Service
Plastering, drywall, and insulation work	9822	Service

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Project management	Primary	Service
Re-modeling	Primary	Service
Roof installation	Primary	Service

Main Business Activity

Engaged as Design/Build Construction of New Home, Construction/Remodeling of Residential Structures, Project Management/Renovation & Maintenance of High Class Resorts.

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ISLAND EXPERT PVT LTD is Specialized professional services, including:

· Construction

· Engineering

· Painting works

· Project management

Key services include :

• Plaster work
• Building construction
• Re-modeling

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

OFFICE & FACILITIES

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

Name	:	ISLAND EXPERT PVT LTD - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	4Fl H Meerubahuruge Apartment A Ameeru Ahmed, Magu, Male 20077
Country	:	Maldives
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address

:

3Fl H Maaram Bldg Ameeru Ahmed, Magu, Male

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.97.12
Euro	1	Rs.76.93

INFORMATION DETAILS

Analysis Done by :	div
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%)

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.