MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

STATE TRADING ORGANIZATION PLC

 

 

Formerly Known As :

STATE TRADING ORGANISATION LTD                                 

 

 

Registered Office :

STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

 

 

Country :

Maldives

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

14.08.2001

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Importer & Trader of

·         Canned foods

Cement

Construction materials

Consumable goods

Consumer electronics

 

 

No. of Employees :

1,005 employees

 

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

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Maldvies - ECONOMIC OVERVIEW

 

Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. 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. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling 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 eased with a December 2009, $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during 2012. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major 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

:

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

Trading Name

:

STO PEOPLE'S CHOICE CONSTRUCTION MATERIALS
STO PEOPLE'S CHOICE ELECTRONICS
STO PEOPLE'S CHOICE FUEL & LUBRICANTS
STO PEOPLE'S CHOICE HOME IMPROVEMENT
STO PEOPLE'S CHOICE MEDICALS
STO PEOPLE'S CHOICE MEDICAL PHARMACY
STO PEOPLE'S CHOICE STAPLE FOODS
STO PEOPLE'S CHOICE SUPERMART
STO PEOPLE'S CHOICE SUPERMART PHARMACY

Name History

:

Business Entity Name                                                                Effective Date

ATHIREEMAAFANNU TRADING ACCOUNT                            20 Dec, 1964

STATE TRADING ORGANIZATION                                           9 Jun, 1979

STATE TRADING ORGANISATION LTD                                   28 Jun, 1998

STATE TRADING ORGANIZATION PLC                                   14 Aug, 2001

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-0186/2001

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Public Listed Company

Legal Form - Abbreviation

:

PLC

Operational Status of Business

:

Normal

Date of Registration

:

14 Aug, 2001

Employees

:

1,005

Capital

:

US$ 3,793,680

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Abdulla Faiz

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Mohamed Nabeel Abdullah

Maldivian

General Manager

Marketing

2

Mr. Shahid Ali

Maldivian

Managing Director

-

3

Mr. Muslim Anees

Maldivian

General Manager

Planning

4

Ms. Fathimath Ashan

Maldivian

General Manager

Human Resources

5

Mr. Adam Azim

Maldivian

General Manager

Merchandising

6

Dr. Ibrahim Mahfooz

Maldivian

Auditor

-

7

Mr. Abdulla Shafeeu Mahmood

Maldivian

General Manager

Procurement

8

Ms. Sana Mansoor

Maldivian

Chief Financial Officer - CFO

-

9

Mr. Ibrahim Shareef Mohamed

Maldivian

General Manager

Corporate Affairs

10

Mr. Ahmed Niyaz

Maldivian

General Manager

Logistics

11

Ms. Aishath Shaffana Rasheed

Maldivian

Company Secretary

-

12

Mr. Ahmed Shaheer

Maldivian

General Manager

Business Development

 

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

:

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 - 3

Personal Unique Identifier

:

MI02985533

Name

:

Mr. Muslim Anees

 

 

 

Management Details - 4

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 - 5

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 - 6

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 - 7

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 - 8

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 - 9

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 - 10

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 - 11

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 - 12

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

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03188394

Name

:

Mr. Abdul Hadi Hussain

Nationality

:

Maldivian

 

2

 

 

Personal Unique Identifier

:

MI03188393

Name

:

Mr. Abdulla Faiz

Nationality

:

Maldivian

 

3

 

 

Personal Unique Identifier

:

MI02485611

Name

:

Mr. Ahmed Niyaz

Nationality

:

Maldivian

Date of Appointment

:

1998

 

4

 

 

Personal Unique Identifier

:

MI03188395

Name

:

Mr. Amir Mansoor

Nationality

:

Maldivian

 

5

 

 

Personal Unique Identifier

:

MI02485581

Name

:

Mr. Masood Ali

Nationality

:

Maldivian

Date of Appointment

:

26 Jun, 2008

 

6

 

 

Personal Unique Identifier

:

MI02485540

Name

:

Mr. Shahid Ali

Nationality

:

Maldivian

Date of Appointment

:

20 Nov, 2008

 

7

 

 

Personal Unique Identifier

:

MI03188396

Name

:

Ms. Vizaad Ali

Nationality

:

Maldivian

 

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Abdulla Faiz

Mr. Farooq Umar

Mr. Masood Ali

Mr. Shahid Ali

Ms. Sana Mansoor

 

 

NEGATIVE INFORMATION

 

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.

 

 

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

:

US$ 3,793,680

 

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

 

 

 

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

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

REPUBLIC OF MALDIVES

Global Identifier

:

P1825628

Country

:

Maldives

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

Business Entity Name

:

ADDU INT'L AIRPORT PVT LTD

Global Identifier

:

P2337925

Country

:

Maldives

Relationship

:

Invested Entity - Minor Equity

 

Business Entity Name

:

ALLIED INSURANCE CO MALDIVES PVT LTD

Global Identifier

:

P1129078

Country

:

Maldives

Relationship

:

Subsidiary

Primary Business Activity

:

Service

Industry

:

Professional Services

 

Business Entity Name

:

FUEL SUPPLIES MALDIVES PVT LTD (FSM)

Global Identifier

:

P1129081

Country

:

Maldives

Relationship

:

Subsidiary

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

LAFARGE MALDIVES CEMENT PVT LTD

Global Identifier

:

P1129086

Country

:

Maldives

Relationship

:

Invested Entity - Minor Equity

Primary Business Activity

:

Trader

Industry

:

Construction & Construction Materials

 

Business Entity Name

:

MALDIVE GAS PVT LTD

Global Identifier

:

P1129082

Country

:

Maldives

Relationship

:

Subsidiary

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

MALDIVES NATIONAL OIL CO LTD

Global Identifier

:

P1129085

Country

:

Maldives

Relationship

:

Subsidiary

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

MALDIVES STRUCTURAL PRODUCTS PVT LTD

Global Identifier

:

P1129084

Country

:

Maldives

Relationship

:

Joint-Venture

Primary Business Activity

:

Trader

Industry

:

Consumer Products

 

Business Entity Name

:

STO MALDIVES (SINGAPORE) PTE LTD

Global Identifier

:

P0364720

Country

:

Singapore

Relationship

:

Subsidiary

Primary Business Activity

:

Service

Industry

:

Professional Services

 

STRATEGIC PARTNER/S & ALLIANCES

 

Group / Alliance name

:

STO GROUP

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010

 

370,493,157

208,780,510

11,170,412

2011

 

616,600,942

357,628,679

12,532,809

2012

 

261,024,521

609,449,904

n/a

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

 

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

2009

389,195,890

202,281,847

13,448,904

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 2nd Qtr

 

Total Reserves

1,067,246,032

1,167,225,640

1,907,831,017

 

Assets 

Non Current Assets

724,822,930

1,566,429,542

2,727,220,846

 

 

Current Assets

1,947,567,599

3,923,170,673

6,554,701,199

 

 

Total Assets

2,672,390,529

5,489,600,215

9,281,922,044

 

 

Liabilities 

Non Current Liabilities

1,718,320

139,616,249

554,949,266

 

 

Current Liabilities

1,547,080,678

4,126,412,826

6,762,796,261

 

 

Total Liabilities

1,548,798,998

4,266,029,075

7,317,745,527

 

 

Capital and reserves 

Share Capital

56,345,500

56,345,500

56,345,500

 

 

Shareholders Funds

1,123,591,532

1,223,571,140

1,964,176,517

 

 

 

ASSETS 

Non-current assets 

Property, plant and equipment

642,493,853

1,310,198,503

-

 

 

Intangible asset

45,483,947

37,610,809

-

 

 

Deferred tax asset

-

6,051,440

-

 

 

Investments in associates

4,160,192

14,849,733

-

 

 

Available for sale investment

32,684,938

151,810,318

-

 

 

Trade and other receivables

-

45,908,739

-

 

 

Total non-current assets

724,822,930

1,566,429,542

2,727,220,846

 

 

Current assets 

Inventories

318,305,008

784,813,048

-

 

 

Trade and other receivables*

921,009,400

1,801,817,879

-

 

 

Reinsurance contracts

82,321,349

76,017,331

-

 

 

Investment held to maturity

42,904,097

316,768,099

-

 

 

Cash and cash equivalents

583,027,746

943,754,316

-

 

 

Total current assets

1,947,567,600

3,923,170,673

6,554,701,199

 

 

Total assets

2,672,390,530

5,489,600,215

9,281,922,044

 

 

EQUITY 

Share capital

56,345,500

56,345,500

-

 

 

Share premium

27,814,500

27,814,500

-

 

 

Claim equalization reserve

8,043,015

11,162,078

-

 

 

Currency translation reserve

372,643

604,793

-

 

 

General reserves

313,115,325

342,439,071

-

 

 

Fair value reserves

28,941,426

12,941,806

-

 

 

Retained earnings

683,170,494

766,704,667

-

 

 

Total

1,117,802,903

1,218,012,415

-

 

 

Non-controlling interest

5,788,628

5,558,725

-

 

 

Total equity

1,123,591,531

1,223,571,140

1,964,176,517

 

 

LIABILITIES 

Non- current liabilities 

Borrowings

-

112,334,776

-

 

 

Deferred revenue

1,718,320

1,205,988

-

 

 

Derivative financial instruments

-

26,075,485

-

 

 

Current liabilities 

Current tax liabilities

-

21,703,179

-

 

 

Derivative financial instruments*

-

8,268,975

-

 

 

Trade and other payables

641,188,574

2,522,169,687

-

 

 

Insurance contracts

160,245,535

168,537,758

-

 

 

Borrowings*

745,646,570

1,405,733,227

-

 

 

Total liabilities

1,548,798,999

4,266,029,075

7,317,745,527

 

 

Total equity and liabilities

2,672,390,530

5,489,600,215

9,281,922,044

 

 

 

Income Statement

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 2nd Qtr

 

Turnover

4,742,312,415

9,464,824,457

3,975,403,457

 

Profit (Loss) Before Tax

147,871,354

208,030,350

77,015,949

 

Profit After Tax attributable to Shareholders

142,981,271

192,378,611

-

 

 

Revenue

4,742,312,414

9,464,824,457

3,975,403,457

 

 

Cost of sales

(4,054,142,854)

(8,637,190,022)

(3,581,357,170)

 

 

Gross profit

688,169,560

827,634,435

394,046,287

 

 

Other operating income

55,517,301

93,907,592

12,064,054

 

 

Selling and marketing costs

(237,927,612)

(291,664,520)

-

 

 

Administrative expenses

(268,861,631)

(321,186,880)

-

 

 

Other operating cost

(3,902,332)

(4,589,827)

-

 

 

Operating profit

232,995,286

304,100,800

158,128,555

 

 

Financial income

10,256,449

71,372,873

-

 

 

Financial cost

(95,538,231)

(168,132,864)

(81,112,607)

 

 

Finance cost - net

(85,281,782)

(96,759,991)

-

 

 

Share of profit from associates

157,850

689,541

-

 

 

Profit before tax and zakat

147,871,354

208,030,350

77,015,949

 

 

Business profit tax / zakat

(4,890,084)

(15,651,739)

-

 

 

Profit after tax and zakat

142,981,270

192,378,611

-

 

 

 

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 2nd Qtr

 

Growth % 

Year-on-Year Growth

(4.81)

99.58

-

 

 

Profitability 

Profit Margin (%)

3.02

2.03

-

 

 

Return on Equity (%)

12.73

15.72

-

 

 

Return on Assets (%)

5.35

3.50

-

 

 

Leverage 

Total Debt Equity (Times)

1.38

3.49

3.73

 

 

Current Debt Equity (Times)

1.38

3.37

3.44

 

 

Long Term Debt to Equity

0.00

0.11

0.28

 

 

Total Asset To Total Equity

2.38

4.49

4.73

 

 

Asset Management 

Total Assets Turnover (Times)

1.77

1.72

0.43

 

 

Fixed Assets Turnover (Times)

6.54

6.04

1.46

 

 

Liquidity 

Current Ratio

1.26

0.95

0.97

 

 

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065660 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Employees

:

1,005

 

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

 

Primary Products

Products / Materials / Services Description

Activity

Canned foods

Importing, Trading

Cement

Importing, Trading

Construction materials

Importing, Trading

Consumable goods

Importing, Trading

Consumer electronics

Importing, Trading

 

 

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 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, including:

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

 

 

 

BANK DETAILS

Bank Name

:

BANK OF CEYLON

Global Identifier

:

P1047829

Branch

:

Male

Branch Address

:

Male 20006 (Head Office)

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

:

STATE TRADING ORGANIZATION PLC - MALE

Branch Address

:

Funavalu Magu, Male

Branch Email

:

sto165@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - GDH THINADHOO

Branch Address

:

9 Dhaan'naa Magu, GDh Thinadhoo

Branch Email

:

sto138@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MALE

Branch Address

:

Bahaandhee Magu, Male

Branch Email

:

sto164@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MALE

Branch Address

:

Haveeree Hingun, Male

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

STO Trade Centre Orchid Magu, Maafannu, Male

Branch Email

:

supermart@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Ameenee Magu, Maafannu, Male

Branch Email

:

construction@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAGU, MALE

Branch Address

:

Ground Fl Umar Shopping Arcade Chandhanee Magu, Magu, Male

Branch Email

:

electronics@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - KAAFU ATOLL

Branch Address

:

Funadhoo Island, Kaafu Atoll

Branch Email

:

fuel@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Haveeree Higun, Maafannu, Male

Branch Email

:

home_imp@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Handhuvaree Hingun, Maafannu, Male

Branch Email

:

medical@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Indhira Gandhi Memorial Hospital Maafannu, Maafannu, Male

Branch Email

:

pharmacy@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Block 393 Handhuvaree Hingun, Maafannu, Male

Branch Email

:

staple@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - BAA ATOLL

Branch Address

:

Nolhi Magu Medhu Avah Eydhafushi, Baa Atoll

Branch Email

:

sto132@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - HAA ALIF ATOLL

Branch Address

:

Ghaazee Hingun Hoarafushi, Haa Alif Atoll

Branch Email

:

sto122@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - KAAFU ATOLL

Branch Address

:

Commercial Unit Bageechaa Hingun Hulhumale, Kaafu Atoll

Branch Email

:

islandsales@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - LAAMU ATOLL

Branch Address

:

Block 32 Medhu Avah Fonadhoo, Laamu Atoll

Branch Email

:

sto134@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - GAAFU ALIFU ATOLL

Branch Address

:

Haveeree Hingun Villlingili, Gaafu Alifu Atoll

Branch Email

:

sto163@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - GAAFU DHAALU ATOLL

Branch Address

:

59 Dhaan¿naa MaguThinadhoo, Gaafu Dhaalu Atoll

Branch Email

:

sto138@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - GNAVIYANI ATOLL

Branch Address

:

Velifaanu Magu Maadhan'dhu Fuvahmulah, Gnaviyani Atoll

Branch Email

:

sto136@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Gan Seenu Atoll, Seenu Atoll

Branch Email

:

sto141@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Orchid Magu Feydhoo, Seenu Atoll

Branch Email

:

sto123@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Shaafee Hingun Maradhoo Feydhoo, Seenu Atoll

Branch Email

:

sto159@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Ziyaaraiyth Faanu Magu Hithadhoo, Seenu Atoll

Branch Email

:

sto137@stomaldives.net

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAGU, MALE

Branch Address

:

Block 5 Ameenee, Magu, Male

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Middle-East

Medium

Importing

North America

Medium

Importing

 

AUDITORS

 

Auditor Name

KPMG FORD, RHODES, THORNTON & CO

PRICEWATERHOUSECOOPERS

 

OFFICE & FACILITIES

Name

:

STATE TRADING ORGANIZATION PLC - MAGU, MALE MAAFANNU

Address

:

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

Country

:

Maldives

Status

:

Operational

 

TRADE SHOWS

Exhibition

Acronym

Country

Participating Year

Maldives Hotel & Trade Exhibition

MHTE

Maldives

2002, 2003, 2004, 2005, 2010

ICON IT Fair

 

Maldives

2005

Gulf Craft Int'l Boat Show

 

Maldives

2010

 

 

COMPANY HISTORY

Date

Details

1964 - Dec

Established as a government company.

1998 - Jun

Became a private company.

2001 - Aug

Changed legal form into a public limited company.

 

AWARDS

 

#

Award Name

Awarded by

Awarded Date

1

Best AVM Growth Award 2008

PHILIPS

n/a

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2008

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

INFORMATION DETAILS

 

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.