MIRA INFORM REPORT

 

 

Report Date :           

17.09.2011

 

IDENTIFICATION DETAILS

 

Name :

STATE TRADING ORGANIZATION PLC

 

 

Registered Office :

STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

 

 

Country :

Maldives

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.08.2001

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Trader of Consumer Products

 

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 3,000,000.00

 

 

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

:

STATE TRADING ORGANIZATION PLC

Address

:

3Fl STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

Country

:

Maldives

Phone (S)

:

[+960]-3344333

Facsimile

:

[+960]-3344334

Email

 

info@stomaldives.net

Website

 

http://www.stomaldives.com

Primary Business Activity

 

Trader

Key Industry

 

Consumer Products

 

Key Facts

Registered Legal Address

:

STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

Operational Address

:

3Fl STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

License Number

:

C-0186/2001

Legal Form

:

Public Limited Company

Operational Status of Business

:

Normal

Date of Registration

 

14 Aug, 2001

Employees

 

1,005

Capital

 

US$ 4,513,887

 

Report Details

 

 

 

 

 

 

Country

:

Maldives

Business Entity Name

:

STATE TRADING ORGANIZATION PLC

Acronym

:

STO

Primary Business Activity

:

Trader

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

3Fl STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

Tel

:

[+960]-3344333

 

:

[+960]-3344300

 

:

[+960]-3344394

Fax

:

[+960]-3344334

 

:

[+960]-3344342

Email

:

info@stomaldives.net
cla@stomaldives.net
admin@stomaldives.net

Website Details

Website

:

http://www.stomaldives.com

Status

:

Normal – operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: USD 3,000,000.00

 

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Mohamed Nabeel Abdullah

Maldivian

General Manager

Marketing

2

Mr. Johnson Faviell Ivers Abeydheera

Maldivian

Manager

Finance

3

Mr. Ashraf Ali

Maldivian

General Manager

Administration

4

Mr. Shahid Ali

Maldivian

Managing Director

-

5

Mr. Muslim Anees

Maldivian

General Manager

Planning

6

Ms. Fathimath Ashan

Maldivian

General Manager

Human Resources

7

Mr. Adam Azim

Maldivian

General Manager

Merchandising

8

Mr. Fazly Faleel

Maldivian

Manager

Finance

9

Dr. Ibrahim Mahfooz

Maldivian

Auditor

-

10

Mr. Abdulla Shafeeu Mahmood

Maldivian

General Manager

Procurement

11

Ms. Sana Mansoor

Maldivian

Chief Financial Officer - CFO

-

12

Mr. Ibrahim Shareef Mohamed

Maldivian

General Manager

Corporate Affairs

13

Mr. Ismail Mukhthaba

Maldivian

Representative

Marketing

14

Mr. Ahmed Niyaz

Maldivian

General Manager

Logistics

15

Mr. Mohamed Nizar

Maldivian

General Manager

-

16

Ms. Mariyam Nuzla

Maldivian

Manager

Corporate Affairs

17

Mr. Hussain Rafeeu

Maldivian

Manager

Administration

18

Ms. Aishath Shaffana Rasheed

Maldivian

Company Secretary

-

19

Ms. Mariyam Sadiq

Maldivian

Manager

Human Resources

20

Mr. Mohamed Abdul Sattar

Maldivian

General Manager

-

21

Ms. Aiminath Shaayan

Maldivian

Representative

Marketing

22

Mr. Ahmed Shaheer

Maldivian

General Manager

Business Development

23

Mr. Ahmed Shifan

Maldivian

General Manager

Operations

24

Mr. Ahmed Zuhoor

Maldivian

General Manager

-

 

Management Details - 1

Personal Unique Identifier

:

MI02085068

Name

:

Mr. Mohamed Nabeel Abdullah

 

Date of appointment

:

1995

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF SHEFIELD

Bachelor's Degree

Software Enterprise Management

United Kingdom

UNIVERSITY OF LINCOLNSHIRE AND HUMBERSIDE

Master's Degree

Information Technology

 

 

Management Details - 2

Personal Unique Identifier

:

MI02951211

Name

:

Mr. Johnson Faviell Ivers Abeydheera

 

 

 

Management Details - 3

Personal Unique Identifier

:

MI02085074

Name

:

Mr. Ashraf Ali

 

Date of appointment

:

1990

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF BALLARAT

Master's Degree

Business Administration

 

 

Management Details - 4

Personal Unique Identifier

:

MI02485540

Name

:

Mr. Shahid Ali

 

Date of appointment

:

20 Nov, 2008

Country

University / College name

Qualification

Major

Malaysia

INTERNATIONAL ISLAMIC UNIVERSITY

Bachelor's Degree

Accounting

Australia

AUSTRALIAN NATIONAL UNIVERSITY

Master's Degree

Management

 

 

Management Details - 5

Personal Unique Identifier

:

MI02985533

Name

:

Mr. Muslim Anees

 

 

 

Management Details - 6

Personal Unique Identifier

:

MI02085071

Name

:

Ms. Fathimath Ashan

 

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF COVENTRY

Bachelor's Degree

Information Technology

United Kingdom

UNIVERSITY OF LINCOLN

Master's Degree

Business Administration

 

 

Management Details - 7

Personal Unique Identifier

:

MI02951199

Name

:

Mr. Adam Azim

 

Date of appointment

:

Jul, 2010

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF EAST LONDON

Bachelor's Degree

Accounting

United Kingdom

UNIVERSITY OF NOTTINGHAM

Master's Degree

Business Administration

 

 

Management Details - 8

Personal Unique Identifier

:

MI02951210

Name

:

Mr. Fazly Faleel

 

 

 

Management Details - 9

Personal Unique Identifier

:

MI02951186

Name

:

Dr. Ibrahim Mahfooz

 

Date of appointment

:

1996

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF NEW CASTLE

Ph.D

Business Administration

United Kingdom

OXFORD BROOKS UNIVERSITY

Bachelor's Degree

Accounting

Australia

CHARLES STUART UNIVERSITY

Master's Degree

Business Administration

 

 

Management Details - 10

Personal Unique Identifier

:

MI02485608

Name

:

Mr. Abdulla Shafeeu Mahmood

 

Date of appointment

:

2009

Previous Positions

Country

Company name

Position

 

Maldives

MALE' WATER & SEWERAGE CO PVT LTD

Company Secretary

 

 

 

 

Management Details - 11

Personal Unique Identifier

:

MI02085070

Name

:

Ms. Sana Mansoor

 

Date of appointment

:

20 Nov, 2008

Country

University / College name

Qualification

Major

Australia

GRIFFITH UNIVERSITY

Bachelor's Degree

Commerce

Previous Positions

Country

Company name

Position

 

Maldives

MALDIVES STRUCTURAL PRODUCTS PVT LTD

Director

 

Sri Lanka

STO LANKA PVT LTD

Director

 

 

Other Positions

Country

Company name

Position

 

Maldives

MALDIVES SECURITIES DEPOSITORY CO PVT LTD

Director

 

Maldives

MALDIVES STOCK EXCHANGE CO PVT LTD

Director

 

 

 

 

Management Details - 12

Personal Unique Identifier

:

MI02085067

Name

:

Mr. Ibrahim Shareef Mohamed

 

Date of appointment

:

1986

Country

University / College name

Qualification

Major

United Kingdom

HUMBERSIDE POLYTECHNIC

Master's Degree

Management

Other Positions

Country

Company name

Position

 

Maldives

ALLIED INSURANCE CO MALDIVES PVT LTD

Chairman

 

Maldives

MALDIVE GAS PVT LTD

Company Director

 

 

 

 

Management Details - 13

Personal Unique Identifier

:

MI02951208

Name

:

Mr. Ismail Mukhthaba

 

 

 

Management Details - 14

Personal Unique Identifier

:

MI02485611

Name

:

Mr. Ahmed Niyaz

 

Date of appointment

:

1998

Country

University / College name

Qualification

Major

United Kingdom

NORTHUMBRIA UNIVERSITY

Bachelor's Degree

Electronics & Electrical Engineering

 

 

Management Details - 15

Personal Unique Identifier

:

MI02485633

Name

:

Mr. Mohamed Nizar

 

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF SOUTH AUSTRALIA

Master's Degree

Business Administration

 

 

Management Details - 16

Personal Unique Identifier

:

MI02951217

Name

:

Ms. Mariyam Nuzla

 

 

 

Management Details - 17

Personal Unique Identifier

:

MI02485655

Name

:

Mr. Hussain Rafeeu

 

 

 

Management Details - 18

Personal Unique Identifier

:

MI02085064

Name

:

Ms. Aishath Shaffana Rasheed

 

Date of appointment

:

2004

Country

University / College name

Qualification

Major

Sri Lanka

AUSTRALIAN COLLEGE OF BUSINESS AND TECHNOLOGY

Bachelor's Degree

Management

 

 

Management Details - 19

Personal Unique Identifier

:

MI02951206

Name

:

Ms. Mariyam Sadiq

 

 

 

Management Details - 20

Personal Unique Identifier

:

MI02085061

Name

:

Mr. Mohamed Abdul Sattar

 

Other Positions

Country

Company name

Position

 

Maldives

MALDIVES STRUCTURAL PRODUCTS PVT LTD

Company Director

 

 

 

 

Management Details - 21

Personal Unique Identifier

:

MI02951207

Name

:

Ms. Aiminath Shaayan

 

 

 

Management Details - 22

Personal Unique Identifier

:

MI02085066

Name

:

Mr. Ahmed Shaheer

 

Date of appointment

:

1994

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF CHARLES STUART

Bachelor's Degree

Marketing

Australia

UNIVERSITY OF ADELAIDE

Master's Degree

Business Administration

 

 

Management Details - 23

Personal Unique Identifier

:

MI02085073

Name

:

Mr. Ahmed Shifan

 

Date of appointment

:

2004

Country

University / College name

Qualification

Major

United Kingdom

MIDDLESEX UNIVERSITY

Bachelor's Degree

Business Studies

New Zealand

AUCKLAND UNIVERSITY OF TECHNOLOGY

Master's Degree

Business Administration

 

 

Management Details - 24

Personal Unique Identifier

:

MI02485641

Name

:

Mr. Ahmed Zuhoor

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02485575

Name

:

Mr. Ahmed Arif

Nationality

:

Maldivian

Date of Appointment

:

20 Dec, 2008

 

2

 

 

Personal Unique Identifier

:

MI02985527

Name

:

Mr. Arif Abdul Samad

Nationality

:

Maldivian

 

3

 

 

Personal Unique Identifier

:

MI02485556

Name

:

Mr. Farooq Umar

Nationality

:

Maldivian

Date of Appointment

:

20 Nov, 2008

 

4

 

 

Personal Unique Identifier

:

MI02485581

Name

:

Mr. Masood Ali

Nationality

:

Maldivian

Date of Appointment

:

26 Jun, 2008

 

5

 

 

Personal Unique Identifier

:

MI02485519

Name

:

Mr. Mohamed Ahmed

Nationality

:

Maldivian

Date of Appointment

:

20 Nov, 2008

 

6

 

 

Personal Unique Identifier

:

MI02485540

Name

:

Mr. Shahid Ali

Nationality

:

Maldivian

Date of Appointment

:

20 Nov, 2008

 

7

 

 

Personal Unique Identifier

:

MI02085070

Name

:

Ms. Sana Mansoor

Nationality

:

Maldivian

Date of Appointment

:

20 Nov, 2008

 

 

 

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

:

57,777,750

Paid-up Capital

:

56,345,500

 

Date

Authorized Capital - History

2000

52,000,000

2001

53,302,000

2003

56,345,000

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

1,126,910

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

REPUBLIC OF MALDIVES

Maldives

919,867

45,993,350

81.63

2

Public Shareholding traded via Stock Exchange

Maldives

207,043

10,352,150

18.37

Total

1,126,910

56,345,500

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 30~90 days

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2005

495,921,835

94,732,370

12,914,189

2006

456,062,901

117,688,859

12,565,200

2007

434,349,738

159,881,638

13,291,166

2008

501,383,802

168,105,656

14,640,027

 

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2009 Annual

2010 Annual

2011 2nd Qtr

Total Reserves

 

-

-

Assets 

Non Current Assets

482,426,153

724,822,930

21,919,374

 

Current Assets

2,106,781,482

1,947,567,599

1,214,413,145

 

Total Assets

2,589,207,636

2,672,390,529

1,236,332,520

 

Liabilities 

Non Current Liabilities

8,293,667

1,718,320

98,934,720

 

Current Liabilities

1,528,610,463

1,547,080,678

1,104,979,250

 

Total Liabilities

1,536,904,130

1,548,798,998

1,203,913,970

 

Capital and reserves 

Share Capital

56,345,500

56,345,500

-

 

Shareholders Funds

1,052,303,506

1,123,591,532

32,418,550

 

 

ASSETS 

Non-current assets 

Property, plant and equipment

423,516,090

642,493,854

-

 

Intangible asset

5,853,591

45,483,947

-

 

Investments in associates

4,002,342

4,160,192

-

 

Available for sale investment

48,056,800

32,684,938

-

 

Trade and other receivables

997,330

-

-

 

Total non-current assets

482,426,153

724,822,930

21,919,374

 

Current assets 

Inventories

445,662,426

318,305,007

-

 

Trade and other receivables *

1,042,018,572

921,009,400

-

 

Reinsurance contracts

130,157,077

82,321,349

-

 

Investment held to maturity

21,894,631

42,904,097

-

 

Cash and cash equivalents

467,048,776

583,027,746

-

 

Total current assets

2,106,781,482

1,947,567,599

1,214,413,145

 

Total assets

2,589,207,636

2,672,390,529

1,236,332,520

 

EQUITY 

Capital and reserves attributable to equityholders of the Company 

Share capital

56,345,500

56,345,500

-

 

Share premium

27,814,500

27,814,500

-

 

Currency translation reserve

441,483

372,643

-

 

Claim equalization reserve

5,366,087

8,043,015

-

 

General reserves

289,334,485

313,115,325

-

 

Fair value reserves

23,684,408

28,941,426

-

 

Retained earnings

642,714,020

683,170,495

-

 

Total capital and reserves

1,045,700,483

1,117,802,904

-

 

Minority interest

6,603,023

5,788,628

-

 

Total equity

1,052,303,506

1,123,591,532

32,418,550

 

LIABILITIES 

Non-current liabilities 

Borrowings

8,293,667

-

-

 

Deferred revenue

-

1,718,320

-

 

Current liabilities 

Trade and other payables

571,378,530

641,188,573

-

 

Insurance contracts

125,315,709

160,245,535

-

 

Borrowings *

831,916,224

745,646,569

-

 

Total liabilities

1,536,904,130

1,548,798,998

-

 

Total equity and liabilities

2,589,207,636

2,672,390,529

1,236,332,520

 

 

 

Income Statement

 

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2009 Annual

2010 Annual

2011 2nd Qtr

Turnover

4,981,707,397

4,742,312,415

1,671,017,327

Profit (Loss) Before Tax

174,328,157

147,871,354

56,022,988

Profit After Tax attributable to Shareholders

172,145,974

142,981,271

-

 

Sales

4,981,707,397

4,742,312,415

1,671,017,327

 

Cost of sales

(4,360,915,202)

(4,054,142,854)

(1,569,247,147)

 

Gross profit

620,792,195

688,169,560

101,770,180

 

Other operating income

47,583,589

55,517,302

16,161,768

 

Gross income

668,375,784

743,686,862

-

 

Selling and marketing costs

(191,943,876)

(237,927,612)

-

 

Administrative expenses

(227,265,325)

(268,861,631)

-

 

Other operating cost

(3,673,227)

(3,902,332)

-

 

Operating profit

245,493,356

232,995,287

35,011,988

 

Financial income

18,364,691

10,256,448

21,011,000

 

Financial cost

(87,962,063)

(95,538,231)

-

 

Finance cost - net

(69,597,372)

(85,281,783)

-

 

Share of profit / (loss) of associates

(1,567,827)

157,850

-

 

Profit before zakat

174,328,157

147,871,354

56,022,988

 

Zakat

(2,182,183)

(4,890,084)

-

 

Profit after zakat

172,145,974

142,981,271

-

 

Attributable to: 

Equity holders of the Company

169,912,290

143,544,123

-

 

Minority interest

2,233,684

(562,852)

-

 

Profit after zakat *

172,145,974

142,981,271

-

 

Earnings per share for profit attributable to the equityholders of the Company during the year (expressed in Rf per - basic share)

151

127

-

 

 

 

Financial Ratios

 

Financial Highlights

2009 Annual

2010 Annual

2011 2nd Qtr

Growth % 

Year-on-Year Growth

(22.38)

(4.81)

-

 

Profitability 

Profit Margin (%)

3.46

3.02

-

 

Return on Equity (%)

16.36

12.73

-

 

Return on Assets (%)

6.65

5.35

-

 

Leverage 

Total Debt Equity (Times)

1.46

1.38

37.14

 

Current Debt Equity (Times)

1.45

1.38

34.08

 

Long Term Debt to Equity

0.01

0.00

3.05

 

Total Asset To Total Equity

2.46

2.38

38.14

 

Asset Management 

Total Assets Turnover (Times)

1.92

1.77

1.35

 

Fixed Assets Turnover (Times)

10.33

6.54

76.23

 

Liquidity 

Current Ratio

1.38

1.26

1.10

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Beet and cane sugar, molasses, and byproducts

2062

Importing, Trading

Canned and cured fish and seafoods

2091

Trading, Importing

Construction Materials, NEC

5039

Importing, Trading

Drugs/Druggists' Sundries

5122

Importing, Trading

Electrical Appliances

5064

Importing, Trading

Electronic & Electric Equip.

3600

Importing, Trading

Food and Kindred Products

2000

Trading, Importing

Food products, nspf

2099

Trading, Importing

Furniture

5021

Importing, Trading

General Merchandise Stores

5300

Service

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

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

9900

Service

Electric domestic appliance parts

8509904000

Trading, Importing

Electromech domestic appliances; parts

8509

Trading, Importing

Electronic integrated circuits & microassembl, parts

8542

Trading, Importing

Electronic integrated circuits ,nesoi, and microassemblies

8542500000

Trading, Importing

Food preparations

2106

Trading, Importing

Furniture nesoi and parts thereof

9403

Importing, Trading

Medical, surgical, dental or vet inst, no elec, part

9018

Trading, Importing

Miscellaneous manufactured articles

9600

Trading, Importing

Pharmaceutical products

3000

Trading, Importing

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Cookers

Primary

Importing, Trading

DVD (digital video discs)

Primary

Importing, Trading

DVD camcorders

Primary

Importing, Trading

Digital electronic

Primary

Importing, Trading

Domestic appliances

Primary

Importing, Trading

Flour

Primary

Importing, Trading

Health foods

Primary

Importing, Trading

Home appliances

Primary

Importing, Trading

Industrial goods

Primary

Importing, Trading

Juicers

Primary

Importing, Trading

Roofing materials

Secondary

Importing, Trading

Supermarkets

Secondary

Service

Trade organization

Secondary

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of STATE TRADING ORGANIZATION PLC is:

General trading - Finished products

 

 

 

 

Supplementary Business

 

In addition to the core business, STATE TRADING ORGANIZATION PLC also is engaged in the following areas of business:

Importing

Importing - Finished products

Service

Specialized professional services

Supermarkets

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

 

 

 

 

STOCK EXCHANGE LISTING DETAILS

 

 

 

Country

:

Maldives

Name of Stock Exchange

:

Name

Acronym

MALDIVES STOCK EXCHANGE

MSE

Stock Symbol / No.

:

STO

Date of listing

:

15 Aug, 2001

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

 

 

Direct Parent

:

REPUBLIC OF MALDIVES

Global Identifier

:

P1825628

Country

:

Maldives

 

REPUTATION

 

Reference checking for the purpose of establishing the STATE TRADING ORGANIZATION PLC's reputation within the respective industry failed to reveal any adverse information.

 

 

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.