MIRA INFORM REPORT

 

 

Report Date :           

17.09.2011

 

IDENTIFICATION DETAILS

 

Name :

MALDIVES TRANSPORT & CONTRACTING CO PLC

 

 

Registered Office :

MSL Bldg Orchid Magu, Male

 

 

Country :

Maldives

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.12.1980

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Transportation Services

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 100,000.00  

 

 

Status :

Satisfactory

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Maldives

c1

c1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC

Address

:

MTCC Tower 24 Boduthakurufaau Magu, Male 2005

Country

:

Maldives

Phone (S)

:

[+960]-3326822

Facsimile

:

[+960]-3323221

Email

 

info@mtcc.com.mv

Website

 

www.mtcc.com.mv

Primary Business Activity

 

Service

Key Industry

 

Transportation

 

Key Facts

Registered Legal Address

:

MSL Bldg Orchid Magu, Male

Operational Address

:

MTCC Tower 24 Boduthakurufaau Magu, Male 2005

License Number

:

C-680/1980

Legal Form

:

Public Limited Company

Operational Status of Business

:

Normal

Date of Registration

 

18 Dec, 1980

Employees

 

650

Capital

 

US$ 976,563

 

Report Details

 

 

 

 

 

 

Country

:

Maldives

Business Entity Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC

Acronym

:

MTCC

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

MTCC Tower 24 Boduthakurufaau Magu, Male 2005

Tel

:

[+960]-3326822

Fax

:

[+960]-3323221

Email

:

info@mtcc.com.mv

Website Details

Website

:

www.mtcc.com.mv

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

CREDIT RECOMENDATION

 

Current Credit Limit: USD 100,000.00  

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Abdulla Thasleem Abdulla Thasleem

Maldivian

Executive

-

2

Ms. Leela Ahmed

Maldivian

Chief Financial Officer - CFO

-

3

Mr. Shifau Ali

Maldivian

Executive

-

4

Mr. Husen Amru

Maldivian

Chief Executive Officer - CEO

-

5

Mr. Ismail Faariq

Maldivian

Executive

-

6

Mr. Usman Hafeez

Maldivian

Executive

-

7

Ms. Aishath Suzan Haneef

Maldivian

Executive

-

8

Ms. Hawwa Huzaima

Maldivian

Executive

-

9

Mr. Ibrahim Latheef

Maldivian

Executive

-

10

Ms. Fathimath Liusha

Maldivian

Manager

Administration

11

Mr. Hamid Nasheed Mohamed

Maldivian

Executive

-

12

Mr. Ahmed Naseem

Maldivian

Executive

Human Resources

13

Mr. Hamid Naseem

Maldivian

Executive

-

14

Ms. Sheereen Naseem

Maldivian

Company Secretary

-

15

Ms. Abida Rasheed

Maldivian

Executive

-

16

Mr. P. M. Sakthivel

Maldivian

Executive

-

17

Mr. Mohamed Shafeeq

Maldivian

Managing Director

-

18

Mr. Hussain Shaheed

Maldivian

Executive

-

19

Mr. Ihusaan Shareef

Maldivian

Executive

-

20

Mr. Mohamed Zameel

Maldivian

Chief Operating Officer - COO

-

 

Management Details - 1

Personal Unique Identifier

:

MI02481553

Name

:

Mr. Abdulla Thasleem Abdulla Thasleem

 

 

 

Management Details - 2

Personal Unique Identifier

:

MI02481552

Name

:

Ms. Leela Ahmed

 

 

 

Management Details - 3

Personal Unique Identifier

:

MI02481558

Name

:

Mr. Shifau Ali

 

 

 

Management Details - 4

Personal Unique Identifier

:

MI02984468

Name

:

Mr. Husen Amru

 

Date of appointment

:

28 Sep, 2010

 

 

Management Details - 5

Personal Unique Identifier

:

MI02481559

Name

:

Mr. Ismail Faariq

 

Date of appointment

:

26 Apr, 2010

 

 

Management Details - 6

Personal Unique Identifier

:

MI02481562

Name

:

Mr. Usman Hafeez

 

 

 

Management Details - 7

Personal Unique Identifier

:

MI02481567

Name

:

Ms. Aishath Suzan Haneef

 

 

 

Management Details - 8

Personal Unique Identifier

:

MI02481560

Name

:

Ms. Hawwa Huzaima

 

 

 

Management Details - 9

Personal Unique Identifier

:

MI02984526

Name

:

Mr. Ibrahim Latheef

 

Date of appointment

:

1999

 

 

Management Details - 10

Personal Unique Identifier

:

MI02481566

Name

:

Ms. Fathimath Liusha

 

 

 

Management Details - 11

Personal Unique Identifier

:

MI02481557

Name

:

Mr. Hamid Nasheed Mohamed

 

 

 

Management Details - 12

Personal Unique Identifier

:

MI02481554

Name

:

Mr. Ahmed Naseem

 

Date of appointment

:

28 Mar, 2010

 

 

Management Details - 13

Personal Unique Identifier

:

MI02481564

Name

:

Mr. Hamid Naseem

 

Date of appointment

:

28 Mar, 2010

 

 

Management Details - 14

Personal Unique Identifier

:

MI02481287

Name

:

Ms. Sheereen Naseem

 

 

 

Management Details - 15

Personal Unique Identifier

:

MI02481555

Name

:

Ms. Abida Rasheed

 

 

 

Management Details - 16

Personal Unique Identifier

:

MI02481556

Name

:

Mr. P. M. Sakthivel

 

 

 

Management Details - 17

Personal Unique Identifier

:

MI02481465

Name

:

Mr. Mohamed Shafeeq

 

Date of appointment

:

17 Jan, 2010

 

 

Management Details - 18

Personal Unique Identifier

:

MI02481563

Name

:

Mr. Hussain Shaheed

 

Date of appointment

:

26 Apr, 2010

 

 

Management Details - 19

Personal Unique Identifier

:

MI02481565

Name

:

Mr. Ihusaan Shareef

 

 

 

Management Details - 20

Personal Unique Identifier

:

MI02984520

Name

:

Mr. Mohamed Zameel

 

Date of appointment

:

1 Dec, 2010

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02984497

Name

:

Mr. Abdulla Saaid

Nationality

:

Maldivian

Date of Appointment

:

30 Dec, 2010

 

2

 

 

Personal Unique Identifier

:

MI02481471

Name

:

Mr. Abdullah Shaariu

Nationality

:

Maldivian

Date of Appointment

:

4 Feb, 2009

 

3

 

 

Personal Unique Identifier

:

MI02481473

Name

:

Mr. Ali Shafeeu

Nationality

:

Maldivian

Date of Appointment

:

19 Aug, 2009

 

4

 

 

Personal Unique Identifier

:

MI02481467

Name

:

Mr. Ameen Ibrahim

Nationality

:

Maldivian

Date of Appointment

:

25 Jun, 2006

 

5

 

 

Personal Unique Identifier

:

MI02984468

Name

:

Mr. Husen Amru

Nationality

:

Maldivian

Date of Appointment

:

28 Sep, 2010

 

6

 

 

Personal Unique Identifier

:

MI02481466

Name

:

Mr. Hussain Haalee

Nationality

:

Maldivian

Date of Appointment

:

27 Aug, 2005

 

7

 

 

Personal Unique Identifier

:

MI02481464

Name

:

Mr. Hussain Hilmy

Nationality

:

Maldivian

Date of Appointment

:

4 Feb, 2009

 

8

 

 

Personal Unique Identifier

:

MI02481468

Name

:

Mr. Mansoor Zubair

Nationality

:

Maldivian

Date of Appointment

:

29 Apr, 2009

 

9

 

 

Personal Unique Identifier

:

MI02984475

Name

:

Mr. Mohamed Nizam

Nationality

:

Maldivian

Date of Appointment

:

30 Dec, 2010

 

10

 

 

Personal Unique Identifier

:

MI02481465

Name

:

Mr. Mohamed Shafeeq

Nationality

:

Maldivian

Date of Appointment

:

17 Jan, 2010

 

 

 

NEGATIVE INFORMATION

 

 

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

 

CAPITAL (Currency: MVR - Maldives Rufiyaa)

Share Value

:

50

Authorized Capital

:

12,500,000

Paid-up Capital

:

12,500,000

SHAREHOLDERS

 

 

Total number of shareholders

:

3

Total number of shares

:

250,000

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

MINISTRY OF FINANCE & TREASURY

Maldives

119,661

5,983,050

47.86

2

Public Shareholding traded via Stock Exchange

n/a

111,628

5,581,400

44.65

3

MALDIVES NATIONAL SHIP MANAGEMENT LTD

Maldives

18,711

935,550

7.48

Total

250,000

12,500,000

100.00

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.078125 USD
United States Dollars

 

 

 

PAYMENT INFORMATION

 

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

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2008 Annual

2009 Annual

2010 Annual

Total Reserves

147,061,214

105,039,936

149,539,082

Assets 

Non Current Assets

417,883,396

384,840,217

333,776,121

Current Assets

361,160,308

339,355,571

372,781,023

Total Assets

779,043,704

724,195,788

706,557,144

Liabilities 

Non Current Liabilities

146,837,222

126,762,783

139,564,415

Current Liabilities

305,391,248

303,951,769

286,044,499

Total Liabilities

452,228,470

430,714,552

425,608,913

Capital and reserves 

Share Capital

12,500,000

12,500,000

12,500,000

Shareholders Funds

326,815,234

293,481,236

280,948,320

 

ASSETS 

Non-current assets 

Property, plant and equipment

-

-

201,751,279

Capital work-in progress

-

-

11,566,221

Investment properties

-

-

0

Intangible assets

-

-

1,455,906

Assets held for sale

-

-

9,376,330

Financial investments

-

-

40,968,228

Trade and other receivables

-

-

68,658,158

Total non-current assets

-

-

333,776,121

Current assets 

Inventories

-

-

113,416,738

Goods in transit

-

-

3,499,141

Trade and other receivables*

-

-

147,282,017

Cash and cash equivalents

-

-

108,583,126

Total current assets

-

-

372,781,023

TOTAL ASSETS

-

-

706,557,144

Equity and Liabilities 

Equity 

Share capital

-

-

12,500,000

General reserve

-

-

149,539,082

Fair value reserve

-

-

28,941,426

Retained earnings

-

-

89,967,722

Total equity

-

-

280,948,320

Liabilities 

Non-current liabilities 

Borrowings

-

-

28,773,434

Trade payables

-

-

110,790,981

Total non-current liabilities

-

-

139,564,415

Current liabilities 

Borrowings*

-

-

133,387,552

Trade and other payables

-

-

152,656,946

Total current liabilities

-

-

286,044,499

Total liabilities

-

-

425,608,913

TOTAL EQUITY AND LIABILITIES

-

-

706,557,144

 

Income Statement

 

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2008 Annual

2009 Annual

2010 Annual

Turnover

684,439,753

473,428,464

419,324,345

Profit (Loss) Before Tax

 

 

-

Profit After Tax attributable to Shareholders

25,737,961

(14,261,118)

(15,072,214)

 

Revenue

-

-

419,324,345

Cost of goods sold

-

-

(349,291,668)

Gross profit

-

-

70,032,677

Other income

-

-

4,255,054

Selling and distribution expenses

-

-

(10,154,730)

Administrative expenses

-

-

(52,854,464)

Other expenses

-

-

(6,133,959)

Operating profit

-

-

5,144,578

Finance costs

-

-

(20,216,792)

Profit for the year

-

-

(15,072,214)

 

 

Financial Ratios

 

Financial Highlights

2008 Annual

2009 Annual

2010 Annual

Growth % 

Year-on-Year Growth

-

(30.83)

(11.43)

Profitability 

Profit Margin (%)

3.76

(3.01)

(3.59)

Return on Equity (%)

7.88

(4.86)

(5.36)

Return on Assets (%)

3.30

(1.97)

(2.13)

Leverage 

Total Debt Equity (Times)

1.38

1.47

1.51

Current Debt Equity (Times)

0.93

1.04

1.02

Long Term Debt to Equity

0.45

0.43

0.50

Total Asset To Total Equity

2.38

2.47

2.51

Asset Management 

Total Assets Turnover (Times)

0.88

0.65

0.59

Fixed Assets Turnover (Times)

1.64

1.23

1.26

Liquidity 

Current Ratio

1.18

1.12

1.30

 

 

 

FOREIGN EXCHANGE RATES

 

Na

 

ADDITIONAL INFORMATION

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Arrange Trans Freight/Cargo

4731

Service

Business Svcs, NEC

7389

Service

Chemical preparations, nspf

2899

Trading, Importing

Chemicals and Allied Products

2800

Trading, Importing

Chemicals/Allied Prdts, NEC

5169

Trading

Electric motors, generators, generator sets, rotating converters, and parts and accessories, nspf

3621

Trading, Importing

Equipment Rental/Leasing, NEC

7359

Service

Heavy Construction, NEC

1629

Service

Industrial gases

2813

Trading, Importing

Internal combustion engines, nspf

3519

Trading, Importing

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Chemical products and preparations of the chemical or allied industries

3824909060

Trading, Importing

Dredgers

8905100000

Service

Electric motors and generators (no sets)

8501

Trading, Importing

Engines and motors nesoi, and parts thereof

8412

Trading, Importing

Equipment rental and leasing, nec

9913

Service

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

Heavy construction

9818

Service

Highway and street construction

9815

Service

Insulated wire, cable etc; opt sheath fib cables

8544

Trading, Importing

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Marine transportation

Primary

Service

Reclamation

Primary

Service

Road construction

Primary

Service

Salvage operation

Primary

Service

Sheet piling

Primary

Service

Shipping agency

Primary

Service

Shore-line protection

Primary

Service

Transport contracting

Primary

Service

Transport services

Primary

Service

Cables

Secondary

Trading, Importing

Castrol lubricant & oil

Secondary

Trading, Importing

Coatings

Secondary

Trading, Importing

Diesel engines

Secondary

Trading, Importing

Generator sets

Secondary

Trading, Importing

Industrial gas

Secondary

Trading, Importing

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of MALDIVES TRANSPORT & CONTRACTING CO PLC is:

Specialized professional services

Building construction

Equipment rental

Marine transportation

Road construction

Shipping agency

Transportation

 

 

 

 

Supplementary Business

 

In addition to the core business, MALDIVES TRANSPORT & CONTRACTING CO PLC also is engaged in the following areas of business:

Importing

Importing - Finished products

Trading

General trading

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

 

 

 

 

STOCK EXCHANGE LISTING DETAILS

 

 

 

Country

:

Maldives

Name of Stock Exchange

:

Name

Acronym

MALDIVES STOCK EXCHANGE

MSE

Stock Symbol / No.

:

MTCC

Date of listing

:

n/a

 

 

REPUTATION

 

Reference checking for the purpose of establishing the MALDIVES TRANSPORT & CONTRACTING CO PLC's reputation within the respective industry failed to reveal any adverse information.

 

BANK DETAILS

 

 

 

Bank Name

:

BANK OF CEYLON

Global Identifier

:

P1047829

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

BCEYMVMV

 

Bank Name

:

BANK OF MALDIVES PLC

Global Identifier

:

P0766836

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

MALBMVMV

 

Bank Name

:

HABIB BANK LTD

Global Identifier

:

P0899936

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

HABBMVMV

 

Bank Name

:

HONG KONG & SHANGHAI BANKING CORP LTD, THE

Global Identifier

:

P0324977

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

HSBCMVMV

 

Bank Name

:

STATE BANK OF INDIA

Global Identifier

:

P1066361

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

SBINMVMV

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - THILAFUSHI

Branch Address

:

Thilafushi

Branch Email

:

tbd@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC

Branch Address

:

MTCC Tower - Block 134 Buruzu Magu

Branch Email

:

therentals@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - LAAMU ATOLL

Branch Address

:

Laamu Atoll

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - GDH THINADHOO

Branch Address

:

GDh Thinadhoo

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - ADDU MULAKU

Branch Address

:

Addu Mulaku

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Branch Address

:

Dhathuruvehi 3 Boduthakurufaanu, Magu, Male 20057

 

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Branch Address

:

H Sawmill Filigas, Magu, Male 20013

Branch Email

:

salesdept@mtcc.com.mv

 

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Indonesia

Medium

Importing

Spain

Medium

Importing

 

 

 

 

OVERSEAS SUPPLIERS

 

Name

Global Identifier

Country

HIMOINSA FAR EAST PTE LTD

P0978335

Spain

SIGMAKALON INDONESIA PT

P0722650

Indonesia

YANMAR DIESEL INDONESIA PT

30634672

Indonesia

 

 

 

 

AUDITORS

 

 

 

 

Auditor Name

ERNST & YOUNG

KPMG FORD, RHODES, THORNTON & CO

 

 

 

 

LEGAL ADVISORS

 

 

 

 

Legal Advisor Name

MAZLAN & MURAD LAW & ASSOCIATES

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MALE

Address

:

MTCC Tower 24 Boduthakurufaau Magu, Male 2005

Country

:

Maldives

Status

:

Operational

 

 

NOTES & COMMENTS

 

Na

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.47

UK Pound

1

Rs.74.96

Euro

1

Rs.65.79

 

 

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.