MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	CANARIES RESORTS MALDIVES PVT LTD
Registered Office :	6Fl M Marina Bldg, Koli Umaru, Goalhi
Country :	Maldives
Date of Incorporation :	26.02.2014
Legal Form :	Private Company with Limited Liability
Line of Business :	Subject is specialized professional services of Hotel, Entertainment and Recreation.
No of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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.

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	:	CANARIES RESORTS MALDIVES PVT LTD
Address	:	6Fl M Marina Bldg, Koli Umaru, Goalhi
Country	:	Maldives
Phone (S)	:	[+960]-3013500
Facsimile	:	[+960]-3013501
Email	:	info@heratheraisland.com
Website	:	http://www.heratheraisland.com/
Primary Business Activity	:	Service
Key Industry	:	Hotel, Entertainment & Recreation

DIRECTORS/ MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Moosa Bidi	Maldivian	General Manager	-
2	Mr. Hussain Hilmy	Maldivian	Manager	Administration
3	Mr. Ilyas Mohamed	Maldivian	Manager	Public Relations

Management Details - 1

Personal Unique Identifier	:	MI03762308
Name	:	Mr. Moosa Bidi

Management Details - 2

Personal Unique Identifier	:	MI03762232
Name	:	Mr. Hussain Hilmy

Management Details - 3

Personal Unique Identifier	:	MI03762231
Name	:	Mr. Ilyas Mohamed

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

Due to the recent incorporation of the CANARIES RESORTS MALDIVES PVT LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

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

Capital

:

n/a^(1)

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

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to CANARIES RESORTS MALDIVES PVT LTD:

TYPE	INTERNATIONAL
	Africa	Asia / Pacific	Europe	Middle-East	North America	South America	TOTAL
Subsidiaries	-	-	-	-	-	-	-
Joint-Ventures	-	-	-	-	-	-	-
Minority shareholdings	-	-	-	-	-	-	-
Affiliates	-	1	-	-	-	-	1
Liaison / Representative Offices	-	-	-	-	-	-	-

International

Business Entity Name	:	CANARIES PTE LTD
Global Identifier	:	P3087800
Country	:	Singapore
Relationship	:	Affiliate
Operational Address	:	63 Ubi Ave 1 #06-01 408937
Primary Business Activity	:	Service
Industry	:	Professional Services

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

Key Facts
Registered Legal Address	:	5Fl M Marina Bldg, Koli Umaru, Goalhi
Operational Address	:	6Fl M Marina Bldg, Koli Umaru, Goalhi
Trading Name	:	HERATHERA ISLAND RESORT
Issuing Authority	:	MINISTRY OF ECONOMIC DEVELOPMENT - National
License Number	:	C-0169/2014
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	:	26 Feb, 2014
Employees	:	100

Report Details
Country	:	Maldives
Business Entity Name	:	CANARIES RESORTS MALDIVES PVT LTD
Primary Business Activity	:	Service
Primary Industry	:	Hotel, Entertainment & Recreation
Office Contact Details
Operating Address	:	6Fl M Marina Bldg, Koli Umaru, Goalhi
Tel	:	[+960]-3013500
Fax	:	[+960]-3013501
Email	:	info@heratheraisland.com hre@heratheraisland.com maleoffice@heratheraisland.com
Website Details
Website	:	http://www.heratheraisland.com/
Status	:	Normal - operational
Country of Registration	:	Singapore
Ownership Type	:	Registered ownership by unrelated third party.

Primary Products

Products / Materials / Services Description	Activity
Beach resorts	Service
Resorts	Service

SIC PRODUCT CLASSIFICATION & ACTIVITY

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

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CANARIES RESORTS MALDIVES PVT LTD is Specialized professional services, including:

Resorts

Key service include:

Beach resorts

OFFICE & FACILITIES

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

Name	:	CANARIES RESORTS MALDIVES PVT LTD - KOLI UMARU, GOALHI
Primary Use	:	Office & Administration facilities
Address	:	6Fl M Marina Bldg, Koli Umaru, Goalhi
Country	:	Maldives
Status	:	Operational

NOTES & COMMENTS

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.83
UK Pound	1	Rs.98.15
Euro	1	Rs.78.66

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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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