MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	WATER FRONT PVT LTD , THE
Registered Office :	2Fl H Thandiraiymaage Roashanee, Magu, Male
Country :	Maldives
Date of Incorporation :	04.09.2005
Legal Form :	Private Company with Limited Liability
Line of Business :	Subject provides services of Hotel, Entertainment & Recreation
No. of Employees :	30

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

Company name and address

Company Details
Organization Name	:	WATER FRONT PVT LTD , THE
Address	:	2Fl H Thandiraiymaage Roashanee, Magu, Male
Country	:	Maldives
Phone (S)	:	[+960]-3343614
Facsimile	:	[+960]-3343615
Email	:	officemgr@halaveli.com
Website	:	http://www.constancehotels.com/
Primary Business Activity	:	Service
Key Industry	:	Hotel, Entertainment & Recreation

Key Facts
Registered Legal Address	:	2Fl H Thandiraiymaage Roashanee, Magu, Male
Operational Address	:	2Fl H Thandiraiymaage Roashanee, Magu, Male
Trading Name	:	CONSTANCE HALAVELI RESORTS
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	C-526/2005
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	:	4 Sep, 2005
Employees	:	30
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.

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Saeed Abdullasam	Maldivian	Representative	-
2	Mr. Dominik Kuenstle	Maldivian	General Manager	-

Management Details - 1

Personal Unique Identifier	:	MI03798442
Name	:	Mr. Saeed Abdullasam

Management Details - 2

Personal Unique Identifier	:	MI03799027
Name	:	Mr. Dominik Kuenstle

COMPANY DIRECTORS

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 Directors.

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing WATER FRONT PVT LTD , THE'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

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

LOCAL BRANCHES & MANAGEMENT

Branch	:	WATER FRONT PVT LTD , THE - MALE
Branch Address	:	2Fl East Wing 02-04 Aage, Male
Branch Tel	:	960-6660559
Branch Fax	:	960-6660564
Branch	:	WATER FRONT PVT LTD , THE - ALIFU ATOLL
Branch Address	:	Alifu, Alifu Atoll
Branch Tel	:	960-6667000
Branch Fax	:	960-6667001

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

N/a

ADDITIONAL INFORMATION

Report Details

Country	:	Maldives
Business Entity Name	:	WATER FRONT PVT LTD , THE
Primary Business Activity	:	Service
Primary Industry	:	Hotel, Entertainment & Recreation
Office Contact Details
Operating Address	:	2Fl H Thandiraiymaage Roashanee, Magu, Male
Tel	:	[+960]-3343614
	:	[+960]-3343613
Mobile	:	[+960]-7786307
Fax	:	[+960]-3343615
Email	:	officemgr@halaveli.com halaveli@dhivehinet.net.mv
Website Details
Website	:	http://www.constancehotels.com/
Status	:	Normal - operational
Country of Registration	:	USA
Ownership Type	:	Registered ownership by unrelated third party.
Owner Country	:	USA
Owner Name	:	PERFECT PRIVACY LLC

Primary Products

Products / Materials / Services Description	Activity
Resorts	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Amusement/Rec Svcs, NEC	7999	Service

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

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

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of WATER FRONT PVT LTD , THE is Specialized professional services, including:

Resorts
Key service include :

Resorts

OFFICE & FACILITIES

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

Name	:	WATER FRONT PVT LTD , THE - MAGU, MALE
Primary Use	:	Office & Administration facilities
Address	:	2Fl H Thandiraiymaage Roashanee, Magu, Male
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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.