MIRA INFORM REPORT

 

 

Report Date :

18.11.2013

 

IDENTIFICATION DETAILS

 

Name :

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

 

 

Registered Office :

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

 

 

Country :

Maldives

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

18.12.1980

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Subject is engaged in providing transportation service.

 

 

No. of Employees :

1,004

 

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 Limits :

USD $1,800,000

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Maldives

C1

C1

 

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 28% 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. Economic growth slowed to 3.4% of GDP in 2012, compared to 7.0% in 2011 because of slower tourist arrivals and weak global conditions. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are major near-term challenges facing the government. Gross foreign reserves at the end of November 2012 were approximately $356 million, compared with $326 million in 2011, and were sufficient to finance only 2.6 months of imports. 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

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

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

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Operational Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-680/1980

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Public Limited Company

Legal Form - Abbreviation

:

PLC

Operational Status of Business

:

Normal

Date of Registration

:

18 Dec, 1980

Employees

:

1,004

Capital

:

US$ 812,216

 

 

Report Details

 

 

Country

:

Maldives

Business Entity Name

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

Acronym

:

MTCC

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Tel

:

[+960]-3326822

Fax

:

[+960]-3323221

Email

:

info@mtcc.com.mv
logistics@mtcc.com.mv

Website Details

Website

:

www.mtcc.com.mv

Status

:

Normal - operational

Country of Registration

:

Maldives

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD $1,800,000

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Chairman

Name

:

Mrs. Aminath Athifa

Nationality

:

Maldivian

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Shifau Ali

Maldivian

Executive

Finance

2

Mr. Ismail Fariq

Maldivian

Executive

Logistical Operation

3

Mr. Usman Hafeez

Maldivian

Executive

Building Services & Security

4

Ms. Aishath Susan Haneef

Maldivian

Executive

Business Development

5

Mr. Mohamed Hilmy

Maldivian

Chief Financial Officer - CFO

-

6

Mr. Ibrahim Latheef

Maldivian

Executive

Procurement

7

Ms. Fathimath Liusha

Maldivian

Manager

Administration

8

Mr. Ahmed Naseem

Maldivian

Executive

Human Resources

9

Ms. Abida Rasheed

Maldivian

Executive

Administration

10

Mr. Ahmed Saeed

Maldivian

Executive

-

11

Mr. Ahmed Salaam

Maldivian

Executive

-

12

Mr. Ihusaan Shareef

Maldivian

Executive

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02481558

Name

:

Mr. Shifau Ali

 

Date of appointment

:

28 Mar, 2010

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF EAST LONDON

n/a

Accounting

 

 

Management Details - 2

Personal Unique Identifier

:

MI02481559

Name

:

Mr. Ismail Fariq

 

Date of appointment

:

26 Apr, 2010

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF QUEENSLAND

Bachelor's Degree

Business Management

 

 

Management Details - 3

Personal Unique Identifier

:

MI02481562

Name

:

Mr. Usman Hafeez

 

Date of appointment

:

1985

 

 

Management Details - 4

Personal Unique Identifier

:

MI02481567

Name

:

Ms. Aishath Susan Haneef

 

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF EAST LONDON

Master's Degree

Business Administration

 

 

Management Details - 5

Personal Unique Identifier

:

MI03555366

Name

:

Mr. Mohamed Hilmy

 

 

 

Management Details - 6

Personal Unique Identifier

:

MI02984526

Name

:

Mr. Ibrahim Latheef

 

Date of appointment

:

1999

 

 

Management Details - 7

Personal Unique Identifier

:

MI02481566

Name

:

Ms. Fathimath Liusha

 

 

 

Management Details - 8

Personal Unique Identifier

:

MI02481554

Name

:

Mr. Ahmed Naseem

 

Date of appointment

:

28 Mar, 2010

Country

University / College name

Qualification

Major

United Kingdom

COVENTRY UNIVERSITY

n/a

n/a

 

 

Management Details - 9

Personal Unique Identifier

:

MI02481555

Name

:

Ms. Abida Rasheed

 

Date of appointment

:

1983

 

 

Management Details - 10

Personal Unique Identifier

:

MI03555370

Name

:

Mr. Ahmed Saeed

 

 

 

Management Details - 11

Personal Unique Identifier

:

MI03555373

Name

:

Mr. Ahmed Salaam

 

 

 

Management Details - 12

Personal Unique Identifier

:

MI02481565

Name

:

Mr. Ihusaan Shareef

 

Date of appointment

:

1999

Country

University / College name

Qualification

Major

India

UNIVERSITY OF MADRAS

Bachelor's Degree

Science

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03555351

Name

:

Mr. Ahmed Aboobakuru

Nationality

:

Maldivian

 

2

 

 

Personal Unique Identifier

:

MI02481473

Name

:

Mr. Ali Shafeeu

Nationality

:

Maldivian

Date of Appointment

:

19 Aug, 2009

 

3

 

 

Personal Unique Identifier

:

MI02481466

Name

:

Mr. Hussain Haaly

Nationality

:

Maldivian

Date of Appointment

:

27 Aug, 2005

 

4

 

 

Personal Unique Identifier

:

MI03188661

Name

:

Mr. Imran Wajdhi

Nationality

:

Maldivian

 

5

 

 

Personal Unique Identifier

:

MI03188660

Name

:

Mr. Mohamed Ali

Nationality

:

Maldivian

 

6

 

 

Personal Unique Identifier

:

MI03555344

Name

:

Mr. Mohamed Nabeel

Nationality

:

Maldivian

 

7

 

 

Personal Unique Identifier

:

MI02481465

Name

:

Mr. Mohamed Shafeeq

Nationality

:

Maldivian

Date of Appointment

:

17 Jan, 2010

 

8

 

 

Personal Unique Identifier

:

MI03555353

Name

:

Mr. Nasrath Mohamed

Nationality

:

Maldivian

 

9

 

 

Personal Unique Identifier

:

MI03188658

Name

:

Mrs. Aminath Athifa

Nationality

:

Maldivian

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

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

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

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LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

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

:

Public shareholding traded via Stock Exchange

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

47.87

2

Public shareholding traded via Stock Exchange

Maldives

111,643

5,582,150

44.65

3

MALDIVES NATIONAL SHIPPING LTD

Maldives

18,696

934,800

7.48

Total

250,000

12,500,000

100.00

 

 

 

 

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

 

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

 

 

The following provides a summary of the number of businesses that are related to MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC:

 

 

TYPE

DOMESTIC

TOTAL

Subsidiaries

1

Joint-Ventures

-

Minority shareholdings

1

Affiliates

-

 

 

Domestic

 

 

 

Business Entity Name

:

BANK OF MALDIVES PLC

Global Identifier

:

P0766836

Country

:

Maldives

Relationship

:

Minority shareholding

Operational Address

:

BML Bldg 11 Boduthakurufaanu Magu, Male 200094

Primary Business Activity

:

Service

Industry

:

Financial Services - General

 

 

 

 

 

Business Entity Name

:

MALDIVES REAL ESTATE INVESTMENT CORP PVT LTD

Global Identifier

:

P2901097

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Primary Business Activity

:

Service

Industry

:

Financial Services - General

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

29,773,660

46,909,420

-3,797,136

2011 Annual  

32,903,993

43,966,085

-541,765

2012 Annual  

37,586,282

41,113,721

1,558,054

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Missing Financials

Reasons

2013, 3rd Qtr

Financials not yet released.

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2008 Annual

53,471,856

60,862,789

2,010,778

2009 Annual

36,986,599

56,577,796

-1,114,150

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Type: Consolidated

 

Balance Sheet

 

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Total Reserves

235,735,720

212,082,907

242,008,109

Assets 

Non Current Assets

267,976,825

203,485,647

210,433,222

Current Assets

336,871,903

471,393,752

423,129,225

Total Assets

600,440,570

674,879,399

633,562,447

Liabilities 

Non Current Liabilities

62,892,749

11,470,827

91,412,430

Current Liabilities

289,312,101

438,825,665

287,641,908

Total Liabilities

352,204,850

450,296,492

379,054,338

Capital and reserves 

Share Capital

12,500,000

12,500,000

12,500,000

Shareholders Funds

248,235,720

224,582,907

254,508,109

 

ASSETS 

Non-current assets 

Property, plant and equipment

201,690,887

183,686,812

187,869,238

Intangible assets

1,454,510

735,614

219,561

Capital work-in-progress

3,148,827

1,233,204

270,476

Assets held for sale

9,376,330

1,836,009

164,346

Investment in associate

2,521,727

-

-

Investment in subsidiary

40,968,228

-

-

Available-for-sale financial assets

4,408,158

15,994,008

21,909,601

Total Non-current assets

267,976,825

203,485,647

210,433,222

Current assets 

Inventories

116,915,880

125,625,236

123,023,027

Trade and other receivables

112,016,338

269,728,573

266,578,080

Cash and cash equivalents

107,939,685

76,039,943

33,528,118

Total Current assets

336,871,903

471,393,752

423,129,225

Total assets

600,440,570

674,879,399

633,562,447

EQUITY AND LIABILITIES 

Equity 

Capital and reserves attributable to equity holders of the Company 

Share capital

12,500,000

12,500,000

12,500,000

General reserve

149,539,082

149,539,082

149,539,082

Fair value reserve

28,941,426

13,604,706

19,520,299

Retained earnings

57,255,212

48,939,119

72,948,728

Total equity

248,235,720

224,582,907

254,508,109

Liabilities 

Non-current liabilities 

Borrowings

28,773,434

11,470,827

22,167,683

Loan from a shareholder

34,119,315

-

69,244,747

Total Non-current liabilities

62,892,749

11,470,827

91,412,430

Current liabilities 

Current business profit tax payable

-

136,584

1,832,480

Loan from a shareholder*

-

-

8,051,715

Trade and other payables

155,924,549

273,685,389

177,328,390

Borrowings*

133,387,552

165,003,692

100,429,323

Total Current liabilities

289,312,101

438,825,665

287,641,908

Total liabilities

352,204,850

450,296,492

379,054,338

Total equity and liabilities

600,440,570

674,879,399

633,562,447

Trade receivables

4,408,158

-

-

 

 

Income Statement

 

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

381,102,853

505,076,299

579,204,606

Profit (Loss) Before Tax

(48,603,335)

(8,179,509)

26,518,350

Profit After Tax attributable to Shareholders

(48,603,335)

(8,316,093)

24,009,609

 

Revenue

381,102,853

505,076,299

579,204,606

Cost of sales

(350,012,297)

(427,460,932)

(489,271,004)

Gross profit

31,090,556

77,615,367

89,933,602

Selling and marketing costs

(10,154,730)

(2,112,001)

(2,403,938)

Administrative expenses

(52,756,514)

(52,146,913)

(54,319,320)

Other income

9,385,548

17,865,687

18,153,518

Other operating expenses

(6,292,373)

(22,509,380)

(14,573,579)

Operating profit

(28,727,514)

18,712,760

36,790,283

Finance costs

(19,478,197)

(24,370,542)

(10,271,933)

Share of loss from associate / impairment of investment in associate

(397,625)

(2,521,727)

-

Profit/(loss) before tax

(48,603,335)

(8,179,509)

26,518,350

Business profit tax

-

(136,584)

(2,508,741)

Profit/(loss) after tax

(48,603,335)

(8,316,093)

24,009,609

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

(19.50)

32.53

14.68

Profitability 

Profit Margin (%)

(12.75)

(1.65)

4.15

Return on Equity (%)

(19.58)

(3.70)

9.43

Return on Assets (%)

(8.09)

(1.23)

3.79

Leverage 

Total Debt Equity (Times)

1.42

2.01

1.49

Current Debt Equity (Times)

1.17

1.95

1.13

Long Term Debt to Equity

0.25

0.05

0.36

Total Asset To Total Equity

2.42

3.01

2.49

Asset Management 

Total Assets Turnover (Times)

0.63

0.75

0.91

Fixed Assets Turnover (Times)

1.42

2.48

2.75

Liquidity 

Current Ratio

1.16

1.07

1.47

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.064977 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Auctions

Service

Building construction

Service

Construction equipment rental

Service

Contracting

Service

Dredging

Service

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Arrange Trans Freight/Cargo

4731

Service

Business Svcs, NEC

7389

Service

Chemical preparations, nspf

2899

Importing

Chemicals and Allied Products

2800

Importing

Chemicals/Allied Prdts, NEC

5169

Trading

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

3621

Importing

Equipment Rental/Leasing, NEC

7359

Service

Heavy Construction, NEC

1629

Service

Industrial gases

2813

Importing

Internal combustion engines, nspf

3519

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

Importing

Dredgers

8905100000

Service

Electric motors and generators (no sets)

8501

Importing

Engines and motors nesoi, and parts thereof

8412

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

Importing

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Equipment rental

Primary

Service

Ferry

Primary

Service

Logistic services

Primary

Service

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

Cables

Secondary

Importing

Coatings

Secondary

Importing

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC is Public transit network / transport services.

Key services include :

Auctions

Building construction

Construction equipment rental

Contracting

Dredging

Equipment rental

Ferry

Logistic services

Marine transportation

Reclamation

Road construction

Salvage operation

Sheet piling

Shipping agency

Shore-line protection

Transport contracting

Transport services

Transportation


An integral part of the core business includes:

Retailing - specialized goods

 

 

 

Supplementary Business

 

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

Importing

Importing - Finished products

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

45%

Imports

55%

 

 

 

 

 

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

 

 

 

 

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

:

BML Bldg 11 Boduthakurufaanu Magu Male 200094 (Head Office)

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

:

1Fl MTCC Tower 24 Boduthakurufaau Magu Male 2005 (Head Office)

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 AND CONTRACTING COMPANY PLC - THILAFUSHI

Branch Address

:

Thilafushi

Branch Email

:

tbd@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU

Branch Address

:

MTCC Plaza Buruzu, Magu

Branch Email

:

therentals@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - LAAMU ATOLL

Branch Address

:

Laamu Atoll

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - GDH THINADHOO

Branch Address

:

GDh Thinadhoo

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - ADDU MULAKU

Branch Address

:

Addu Mulaku

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE

Branch Address

:

Dhathuruvehi 3 Boduthakurufaanu, Magu, Male 20057

Branch Email

:

tsd@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE

Branch Address

:

H Sawmill Filigas, Magu, Male 20057

Branch Email

:

salesdept@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE

Branch Address

:

2Fl MTCC Tower Boduthakurufaanu, Magu, Male 20057

Branch Email

:

careers@mtcc.com.mv

 

Branch

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE

Branch Address

:

181 Boduthakurufaanu, Magu, Male

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Importing

Europe

Medium

Importing

Indonesia

Medium

Importing

Japan

High

Importing

Pakistan

Medium

Importing

Singapore

High

Importing

Spain

Medium

Importing

 

 

 

 

OVERSEAS SUPPLIERS

 

Name

Global Identifier

Country

CATERPILLAR FINANCIAL SERVICES ASIA PTE LTD

P0819894

Singapore

HIMOINSA FAR EAST PTE LTD

P0978335

Spain

SIGMAKALON INDONESIA PT

P0722650

Indonesia

SUZUKI MOTOR CORP

P0007043

Japan

YANMAR ASIA (SINGAPORE) CORP PTE LTD

P0040694

Singapore

YANMAR DIESEL INDONESIA PT

30634672

Indonesia

 

 

 

 

DOMESTIC SUPPLIERS

 

Name

Global Identifier

FUEL SUPPLIES MALDIVES PVT LTD

P1129081

MALDIVES AIRPORTS CO LTD

P0800718

STATE TRADING ORGANIZATION PLC

P0364725

 

 

 

 

DOMESTIC CUSTOMERS

 

Name

Global Identifier

MALDIVES AIRPORTS CO LTD

P0800718

MALDIVES TOURISM DEVELOPMENT CORP PLC

P1359321

STATE TRADING ORGANIZATION PLC

P0364725

 

 

 

 

AUDITORS

 

 

 

 

Auditor Name

PRICEWATERHOUSECOOPERS

 

 

 

 

LEGAL ADVISORS

 

 

 

 

Legal Advisor Name

MAZLAN & MURAD LAW & ASSOCIATES

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE

Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Country

:

Maldives

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

1980 - Dec

Incorporaterd as the first public company in the Maldives.

2006 - Feb

Opened Gdh. Thinadhoo Regional Office.

2006 - Oct

Opened L. Gan Regional Office.

2007 - Feb

Inaugurated MTCC Atoll Ferry Network by the Former President.

2007 - Apr

Opened Passenger Sales Office at MTCC Thinadhoo Regional Office.

2007 - May

Introduced Suzuki outboard engines to Maldivian market.

2007 - Jun

Inaugurated bus transfer services by Former President, Mr. Maumoon Abdul Gayyoom.

2008 - Mar

Opened Raa. Ungoofaaru Regional Office.

2011 - Feb

Launched Cargo Ferry & Airport Express Service.

 

 

 

 

AWARDS

 

 

 

 

#

Award Name

Awarded by

Awarded Date

1

2007 Achievement Award

SUZUKI CORP

2008 - Mar

 

 

 

 

APPROVED SIGNATURES

 

 

 

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

Name

Dr. Ahmed Adham Abdullah

Mrs. Aminath Athifa

Ms. Sheereen Naseem

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company

Address

:

MSL Bldg Orchid Magu, Male

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.06

UK Pound

1

Rs.101.15

Euro

1

Rs.84.95

 

 

INFORMATION DETAILS

 

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%)

 

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.