MIRA INFORM REPORT

 

 

Report No. :

309555

Report Date :

10.03.2015

 

IDENTIFICATION DETAILS

 

Name :

STATE TRADING ORGANIZATION PLC

 

 

Registered Office :

STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 20345

 

 

Country :

Maldives

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

14.08.2001

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Subject is Trader of Consumer Products

 

products include :Canned foods, Cement , Construction materials, Consumable goods, Consumer electronics, Cookers, DVD (digital video discs), DVD camcorders, Digital electronic, Domestic appliances, Flour, Health foods, Home appliances, Industrial goods, Juicers, Medical products, Office furniture, Petroleum products, Pharmaceutical, Plywoods , Prescription drug, Refrigerators, Rice, River sands, Shavers, Sugar, Televisions, Timber, VCD (video compact discs), VCR, Video camera , Washers

 

 

No. of Employee :

1,263

 

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 $36,500,00

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Maldives

B1

B1

 

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 nearly 30% of GDP and more than 60% of foreign exchange receipts. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Lower than expected tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. In recent years, gross foreign reserves have hovered around $300 million, sufficient to finance about two to three months of imports. Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other near-term challenges facing the government. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

STATE TRADING ORGANIZATION PLC

Address

:

STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 20345

Country

:

Maldives

Phone (S)

:

[+960]-3344332

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, Maafannu, Male 20345

Operational Address

:

STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 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-186/2001

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

:

14 Aug, 2001

Employees

:

1,263

Capital

:

US$ 3,788,705

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD $36,500,000  based on  90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Ahmed Niyaz

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ramzee Aboobakuru

Maldivian

General Manager

-

2

Ms. Fathimath Ashan

Maldivian

Senior General Manager

-

3

Mr. Adam Azim

Maldivian

Managing Director

-

4

Mr. Musthafa Azmy

Maldivian

Chief Information Officer

-

5

Ms. Mariyam Paruveen Abdul Faththah

Maldivian

General Manager

-

6

Dr. Ibrahim Mahfooz

Maldivian

Auditor

-

7

Mr. Abdulla Shafeeu Mahmood

Maldivian

Senior General Manager

-

8

Mr. Mohamed Mihad

Maldivian

Chief Financial Officer - CFO

-

9

Mr. Abdul Wahid Moosa

Maldivian

General Manager

-

10

Mr. Mohamed Murad

Maldivian

General Manager

-

11

Ms. Mariyam Nuzla

Maldivian

General Manager

-

12

Ms. Aishath Shaffana Rasheed

Maldivian

General Manager

-

13

Ms. Aminath Shiuna Ahmed Saeed

Maldivian

Executive Secretary

-

14

Mr. Ahmed Shaheer

Maldivian

Senior General Manager

-

15

Mr. Hussain Sobaah

Maldivian

General Manager

-

16

Mr. Ibrahim Ziyath

Maldivian

General Manager

-

 

Management Details - 1

Personal Unique Identifier

:

MI03669395

Name

:

Mr. Ramzee Aboobakuru

 

 

Management Details - 2

Personal Unique Identifier

:

MI02085071

Name

:

Ms. Fathimath Ashan

 

Email

:

hrd@stomaldives.net,admin@stomaldives.net

Tel

:

960-3344281

Registered address

:

1Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

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

Other Positions

Country

Company name

Position

 

Maldives

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

Director

 

 

 

Management Details - 3

Personal Unique Identifier

:

MI02951199

Name

:

Mr. Adam Azim

 

Email

:

md.bureau@stomaldives.net

Tel

:

960-3344395

Registered address

:

7Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

Date of appointment

:

18 Nov, 2013

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 - 4

Personal Unique Identifier

:

MI03543590

Name

:

Mr. Musthafa Azmy

 

Email

:

ict@stomaldives.net

Tel

:

960-3344255

Registered address

:

4Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

Country

University / College name

Qualification

Major

United Kingdom

LONDON METROPOLITAN UNIVERSITY

Bachelor's Degree

Computer Science

Other Positions

Country

Company name

Position

 

Maldives

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

Director

 

 

 

Management Details - 5

Personal Unique Identifier

:

MI03669416

Name

:

Ms. Mariyam Paruveen Abdul Faththah

 

 

Management Details - 6

Personal Unique Identifier

:

MI02951186

Name

:

Dr. Ibrahim Mahfooz

 

Email

:

ia@stomaldives.net

Tel

:

960-3344312

Registered address

:

1Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

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

 

Email

:

procurement@stomaldives.net

Tel

:

960-3344399

Registered address

:

5Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

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

:

MI03669410

Name

:

Mr. Mohamed Mihad

 

Email

:

finance@stomaldives.net

Tel

:

960-3344240

Registered address

:

2Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

 

Management Details - 9

Personal Unique Identifier

:

MI03669403

Name

:

Mr. Abdul Wahid Moosa

 

Email

:

transport@stomaldives.net

Tel

:

960-3344239

Registered address

:

5Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

 

Management Details - 10

Personal Unique Identifier

:

MI03669400

Name

:

Mr. Mohamed Murad

 

Email

:

pnr@stomaldives.net

Tel

:

960-3012510

Registered address

:

STO Home Improvement Bldg Haveeree Hingun Maafannu Male 20219

Country of Residence

:

Maldives

 

Management Details - 11

Personal Unique Identifier

:

MI03669419

Name

:

Ms. Mariyam Nuzla

 

Email

:

cla@stomaldives.net

Tel

:

960-3344394

Registered address

:

3Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

 

Management Details - 12

Personal Unique Identifier

:

MI02085064

Name

:

Ms. Aishath Shaffana Rasheed

 

Email

:

cs@stomaldives.net

Tel

:

960-3344383

Registered address

:

7Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

Date of appointment

:

2004

Country

University / College name

Qualification

Major

Sri Lanka

AUSTRALIAN COLLEGE OF BUSINESS AND TECHNOLOGY

Bachelor's Degree

Management

 

Management Details - 13

Personal Unique Identifier

:

MI03829827

Name

:

Ms. Aminath Shiuna Ahmed Saeed

 

 

Management Details - 14

Personal Unique Identifier

:

MI02085066

Name

:

Mr. Ahmed Shaheer

 

Email

:

bd@stomaldives.net

Tel

:

960-3344209

Registered address

:

6Fl STO Head Office Bldg Boduthakurufaanu Magu Maafannu Male 20345

Country of Residence

:

Maldives

Date of appointment

:

26 Dec, 2013

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 - 15

Personal Unique Identifier

:

MI03669415

Name

:

Mr. Hussain Sobaah

 

 

Management Details - 16

Personal Unique Identifier

:

MI03533782

Name

:

Mr. Ibrahim Ziyath

 

Email

:

construction@stomaldives.net

 

COMPANY DIRECTORS

1

 

 

 

Personal Unique Identifier

:

MI03533762

 

Name

:

Mr. Abdul Hadi Hussain Fulhu

 

Date of Appointment

:

7 May, 2012

 

 

 

2

 

 

 

Personal Unique Identifier

:

MI02951199

 

Name

:

Mr. Adam Azim

 

Email

:

md.bureau@stomaldives.net

Tel

:

960-3344395

Registered Address

:

7Fl STO Head Office Bldg Boduthakurufaanu Magu ,Maafannu ,Male 20345

 

 

 

Country of Residence

:

Maldives

 

 

 

Date of Appointment

:

18 Nov, 2013

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

3

 

 

 

 

 

Personal Unique Identifier

:

MI02485611

 

 

 

Name

:

Mr. Ahmed Niyaz

 

 

 

Date of Appointment

:

23 Dec, 2013

 

 

 

 

 

 

 

Country

University / College name

Qualification

Major

United Kingdom

NORTHUMBRIA UNIVERSITY

Bachelor's Degree

Electronics & Electrical Engineering

 

 

 

 

 

 

 

Other Positions

Country

Company name

Position

 

Maldives

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

Director

 

 

 

 

 

 

 

 

4

 

 

 

 

 

Personal Unique Identifier

:

MI02085066

 

 

 

Name

:

Mr. Ahmed Shaheer

 

 

 

Email

:

bd@stomaldives.net

Tel

:

960-3344209

Registered Address

:

6Fl STO Head Office Bldg Boduthakurufaanu Magu ,Maafannu ,Male 20345

 

 

 

Country of Residence

:

Maldives

 

 

 

Date of Appointment

:

26 Dec, 2013

 

 

 

 

 

 

 

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF CHARLES STUART

Bachelor's Degree

Marketing

Australia

UNIVERSITY OF ADELAIDE

Master's Degree

Business Administration

 

 

 

 

 

 

 

5

 

 

 

 

 

Personal Unique Identifier

:

MI03188395

 

 

 

Name

:

Mr. Amir Mansoor

 

 

 

Date of Appointment

:

7 May, 2012

 

 

 

 

 

 

 

6

 

 

 

 

 

Personal Unique Identifier

:

MI03411453

 

 

 

Name

:

Mr. Mohamed Farshath

 

 

 

Date of Appointment

:

14 Jun, 2012

 

 

 

 

 

 

 

7

 

 

 

 

 

Personal Unique Identifier

:

MI03829696

 

 

 

Name

:

Ms. Aishath Rafiyya

 

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

The STATE TRADING ORGANIZATION PLC maintains a good and well-established reputation in the local market.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

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

 

 

 

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

2004

57,777,750

 

SHAREHOLDERS

 

 

Total number of shareholders

:

Public shareholding traded via Stock Exchange

Total number of shares

:

1,126,910

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

REPUBLIC OF MALDIVES

Maldives

919,869

45,993,450

81.63

2

Public Shareholding traded via Stock Exchange

n/a

207,041

10,352,050

18.37

Total

1,126,910

56,345,500

100.00

 

 

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

60%

Imports

40%

 

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

 

DOMESTIC SUPPLIERS

Business Entity Name

Global Identifier

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

P1359291

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to STATE TRADING ORGANIZATION PLC:

 

TYPE

DOMESTIC

INTERNATIONAL

TOTAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

6

-

1

-

-

-

-

1

Joint-Ventures

1

-

-

-

-

-

-

-

Minority shareholdings

3

-

-

-

-

-

-

-

Affiliates

3

-

-

-

-

-

-

-

Liaison / Representative Offices

-

-

-

-

-

-

-

-

 

Domestic

 

Business Entity Name

:

AASANDHA PVT LTD

Global Identifier

:

P3200482

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

2Fl Fen Bldg Ameenee, Magu, Male

Primary Business Activity

:

Service

Industry

:

Financial Services - General

 

Business Entity Name

:

ADDU INTERNATIONAL AIRPORT PVT LTD

Global Identifier

:

P2337925

Country

:

Maldives

Relationship

:

Minority shareholding

Operational Address

:

Bldg 95 &100 Gan International Airport, Addu 19070

Primary Business Activity

:

Service

Industry

:

Transportation

 

Business Entity Name

:

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

Global Identifier

:

P1129078

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

04-06 STO Trade Center Orchid, Magu, Male

Primary Business Activity

:

Service

Industry

:

Financial Services - Trade Insurance

 

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

:

FUEL SUPPLIES MALDIVES PVT LTD

Global Identifier

:

P1129081

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

4Fl STO Aifaanu Bldg - Block A Boduthakurufaanu Magu, Male

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

ISLAND AVIATION SERVICES LTD

Global Identifier

:

P0766914

Country

:

Maldives

Relationship

:

Affiliate

Operational Address

:

26 Ameer Ahmed, Magu, Male 20026

Primary Business Activity

:

Service

Industry

:

Transportation

 

Business Entity Name

:

LAFARGE MALDIVES CEMENT PVT LTD

Global Identifier

:

P1129086

Country

:

Maldives

Relationship

:

Minority shareholding

Operational Address

:

01-01 STO Trade Center Orchid Magu, Male 2002

Primary Business Activity

:

Trader

Industry

:

Construction & Construction Materials

 

Business Entity Name

:

MALDIVE GAS PVT LTD

Global Identifier

:

P1129082

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

1Fl H Maizaan Sosun Magu, Male

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

MALDIVES MARKETING & PUBLIC RELATIONS CORP

Global Identifier

:

P2093034

Country

:

Maldives

Relationship

:

Affiliate

Operational Address

:

4Fl Velaanaage Bldg Ameer Ahmed, Magu, Male 20094

Primary Business Activity

:

Service

Industry

:

Professional Services

 

Business Entity Name

:

MALDIVES NATIONAL OIL CO LTD

Global Identifier

:

P1129085

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

Boduthakurufaanu Magu, Maafannu, Male

Primary Business Activity

:

Trader

Industry

:

Petrochemicals

 

Business Entity Name

:

MALDIVES PORTS LTD

Global Identifier

:

P2079082

Country

:

Maldives

Relationship

:

Affiliate

Operational Address

:

Boduthakurufannu Magu, Male 20250

Primary Business Activity

:

Service

Industry

:

Transportation

 

Business Entity Name

:

MALDIVES STRUCTURAL PRODUCTS PVT LTD

Global Identifier

:

P1129084

Country

:

Maldives

Relationship

:

Joint-Venture

Operational Address

:

2Fl Marlinspike Bldg 2/10 Alikilegefaanu Magu, Male

Primary Business Activity

:

Trader

Industry

:

Construction & Construction Materials

 

Business Entity Name

:

STO HOTELS & RESORTS PVT LTD

Global Identifier

:

P2883092

Country

:

Maldives

Relationship

:

Subsidiary

Operational Address

:

6Fl STO Head Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345

Primary Business Activity

:

Service

Industry

:

Professional Services

 

International

Business Entity Name

:

STO MALDIVES (SINGAPORE) PTE LTD

Global Identifier

:

P0364720

Country

:

Singapore

Relationship

:

Subsidiary

Operational Address

:

International Plaza 10 Anson Rd #39-10 079903

Primary Business Activity

:

Service

Industry

:

Professional Services

 

 

STRATEGIC PARTNER/S & ALLIANCES

 

 

Group / Alliance name

:

STO GROUP OF COMPANIES

Recognition Status

:

The STO GROUP OF COMPANIES is not a formally registered business entity name in Maldives. It is understood to be used by both the Subject Business Entity (SBE), as well as other overseas firms, to collectively identify the network of independently owned companies participating in the same industry sector and used primarily for collective marketing purposes.

Holding Company

:

STATE TRADING ORGANIZATION PLC

Country

:

Maldives

 

 

#

Member companies belonging to STO GROUP OF COMPANIES

1

ADDU INTERNATIONAL AIRPORT PVT LTD

2

ALLIED INSURANCE COMPANY OF THE MALDIVES PVT LTD

3

FUEL SUPPLIES MALDIVES PVT LTD

4

LAFARGE MALDIVES CEMENT PVT LTD

5

MALDIVE GAS PVT LTD

6

MALDIVES NATIONAL OIL CO LTD

7

MALDIVES STRUCTURAL PRODUCTS PVT LTD

8

STO HOTELS & RESORTS PVT LTD

9

STO MALDIVES (SINGAPORE) PTE LTD

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

603,066,005

371,746,201

15,497,800

2013 Annual  

722,363,009

356,486,280

14,916,462

2014 3rd Qtr  

157,810,451

313,351,915

9,101,578

 

 

Sales Trend – Analysis

2006

2007

2008

2009

2010

2011

2012

2013

2014

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FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2005 Annual

495,921,835

94,732,370

12,914,189

2006 Annual

456,062,901

117,688,859

12,565,200

2007 Annual

434,349,738

159,881,638

13,291,166

2008 Annual

501,383,802

168,105,656

14,640,027

2009 Annual

389,195,890

202,281,847

13,448,904

2010 Annual

370,493,157

208,780,510

11,170,412

2011 Annual

616,600,942

357,628,679

12,532,809

 

FINANCIAL STATEMENT - DETAILED

Type: Consolidated

Balance Sheet

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 3rd Qtr

Assets 

Non Current Assets(*)

1,833,959,934

2,013,329,255

1,621,359,874

Current Assets(*)

3,894,649,030

3,480,124,320

3,078,918,852

Total Assets(*)

5,728,608,964

5,493,453,575

4,700,278,726

Liabilities 

Non Current Liabilities(*)

115,677,470

16,462,672

1,598,613,307

Current Liabilities(*)

4,217,864,319

3,944,445,292

2,834,058,183

Total Liabilities(*)

4,333,541,789

3,960,907,964

3,101,665,419

Capital and reserves 

Share Capital(*)

56,345,500

56,345,500

56,345,500

Shareholders Funds(*)

1,395,067,175

1,532,545,611

1,598,613,307

 

ASSETS 

Non-current assets 

Property, plant and equipment

1,453,448,757

1,538,652,639

1,419,901,845

Intangible asset

38,584,198

42,528,407

-

Deferred business profit tax assets

27,191,151

59,503,822

-

Investment in Subsidiaries

-

-

117,249,835

Investments in associates

52,517,898

118,592,351

10,567,267

Investment in joint venture

38,273,487

35,742,588

4,700,000

Available-for-sale financial assets

166,653,410

170,222,400

12,615,800

Trade and other receivables

57,291,033

48,087,048

-

Deferred Tax Asset

-

-

56,325,127

Total non-current assets

1,833,959,934

2,013,329,255

1,621,359,874

Current assets 

Inventories

595,366,749

794,072,038

657,583,653

I. Trade and other receivables

2,268,915,531

1,948,664,746

1,909,684,395

Reinsurance contracts

92,493,780

147,366,122

-

Investment held to maturity

70,684,817

62,643,934

-

Cash and cash equivalents

867,188,153

527,377,480

511,650,804

Total current assets

3,894,649,030

3,480,124,320

3,078,918,852

Total assets

5,728,608,964

5,493,453,575

4,700,278,726

EQUITY 

Share capital

56,345,500

56,345,500

56,345,500

Share premium

27,814,500

27,814,500

27,814,500

Claim equalization reserve

17,465,979

23,495,445

-

Currency translation reserve

246,165

646,237

-

General reserves

373,969,167

401,350,213

498,769,931

Fair value reserves

27,112,898

19,113,088

19,113,088

Retained earnings

885,444,856

995,335,400

996,570,288

Total

1,388,399,065

1,524,100,383

-

Non-controlling interest

6,668,110

8,445,228

-

Total equity

1,395,067,175

1,532,545,611

1,598,613,307

LIABILITIES 

Non-current liabilities 

Borrowings

92,489,882

-

1,598,613,307

Deferred revenue

2,320,119

3,104,500

-

Derivative financial instruments

17,390,510

10,011,577

-

Deferred business profit tax liabilities

3,476,959

3,346,595

-

Total non-current liabilities

115,677,470

16,462,672

1,598,613,307

Current liabilities 

Current tax liabilities

29,375,035

20,556,000

65,862,751

I. Derivative financial instruments

8,296,975

7,878,932

10,011,577

Trade and other payables

2,779,901,669

2,452,781,894

1,701,952,695

Insurance contracts

159,360,955

244,599,685

-

I. Borrowings

1,240,929,685

1,218,628,781

1,056,231,159

Total current liabilities

4,217,864,319

3,944,445,292

2,834,058,183

Total liabilities

4,333,541,789

3,960,907,964

3,101,665,419

Total equity and liabilities

5,728,608,964

5,493,453,575

4,700,278,725

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

MVR

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 3rd Qtr

Turnover(*)

9,293,247,144

11,131,613,970

2,367,156,760

Profit (Loss) Before Tax(*)

266,069,056

243,328,100

158,733,620

Profit After Tax attributable to Shareholders(*)

238,821,091

229,862,676

136,523,668

 

Revenue

9,293,247,144

11,131,613,970

2,367,156,760

Cost of sales

(8,110,929,917)

(9,822,126,433)

(1,977,213,521)

Gross profit

1,182,317,227

1,309,487,537

389,943,239

Other operating income

101,880,369

129,744,172

16,504,744

Total

1,284,197,596

1,439,231,709

406,447,983

Selling and marketing costs

(314,683,344)

(414,228,711)

(104,390,481)

Administrative expenses

(347,728,033)

(330,859,953)

(96,787,034)

Other operating expenses

(2,001,634)

(950,218)

(6,083,358)

Operating profit

619,784,585

693,192,827

199,187,109

Finance income

42,151,921

32,072,263

-

Finance costs

(435,761,530)

(553,659,839)

-

Finance costs - net

(393,609,609)

(521,587,576)

(40,453,489)

Share of profit of associates

31,668,165

66,253,748

-

Share of profit of joint venture

8,225,915

5,469,101

-

Profit before tax

266,069,056

243,328,100

158,733,620

Business profit tax expense

(27,247,965)

(13,465,424)

(22,209,952)

Profit after tax

238,821,091

229,862,676

136,523,668

Attributable to: 

Equity holders of the parent / company

237,711,706

227,819,306

136,523,668

Non-controlling interests

1,109,385

2,043,370

-

I. Total

238,821,092

229,862,676

136,523,668

Earnings per share attributable to equity holders of the parent / Company during the year (expressed in MVR per share) - basic

211

202

121

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 3rd Qtr

Growth % 

Year-on-Year Growth

(1.81)

19.78

-

Profitability 

Profit Margin (%)

2.57

2.06

5.77

Return on Equity (%)

17.12

15.00

8.54

Return on Assets (%)

4.17

4.18

2.90

Leverage 

Total Debt Equity (Times)

3.11

2.58

1.94

Current Debt Equity (Times)

3.02

2.57

1.77

Long Term Debt to Equity

0.08

0.01

1.00

Total Asset To Total Equity

4.11

3.58

2.94

Asset Management 

Total Assets Turnover (Times)

1.62

2.03

0.50

Fixed Assets Turnover (Times)

5.07

5.53

1.46

Liquidity 

Current Ratio

0.92

0.88

1.09

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065574 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

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

:

STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 20345

Tel

:

[+960]-3344332

 

:

[+960]-3344354

 

:

[+960]-3344333

 

:

[+960]-3344300

 

:

[+960]-3344394

Fax

:

[+960]-3344334

 

:

[+960]-3344342

 

:

[+960]-3344511

Email

:

info@stomaldives.net
medicals@stomaldives.net
addupaint@stomaldives.net
media@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.

Key products include :

·         Canned foods

·         Cement

·         Construction materials

·         Consumable goods

·         Consumer electronics

·         Cookers

·         DVD (digital video discs)

·         DVD camcorders

·         Digital electronic

·         Domestic appliances

·         Flour

·         Health foods

·         Home appliances

·         Industrial goods

·         Juicers

·         Medical products

·         Office furniture

·         Petroleum products

·         Pharmaceutical

·         Plywoods

·         Prescription drug

·         Refrigerators

·         Rice

·         River sands

·         Shavers

·         Sugar

·         Televisions

·         Timber

·         VCD (video compact discs)

·         VCR

·         Video camera

·         Washers

 

Supplementary Business

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

1.     Importing

·         Importing - Finished products

2.     Service

·         Specialized professional services, including:

§  Supermarkets

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

Legal Form Category

:

Government-owned Organization

Country

:

Maldives

Operational Address

:

Boduthakurufaanu Magu Male 20113

Primary Business Activity

:

Service

 

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

:

BANK OF MALDIVES PLC - MALE

SWIFT Code

:

MALBMVMV

 

Bank Name

:

HABIB BANK LTD

Global Identifier

:

P0899936

Branch

:

Male

Branch Address

:

Ground Fl Ship Plaza 1/6 Orchid Magu Male 2002 (Head Office)

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 - MAAFANNU, MALE

Branch Address

:

6Fl STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 20345

Branch Tel

:

960-3344388

Branch Fax

:

960-3344599

Branch Email

:

hotels@stomaldives.net

Primary use of location

:

#1. Office administration

 

Branch

:

STATE TRADING ORGANIZATION PLC - HAA DHAALU ATOLL

Branch Address

:

Kulhudhuffushi Regional Hospital Bandaara Magu Kulhudhuffushi, Haa Dhaalu Atoll

Branch Tel

:

960-6528301

Branch Fax

:

960-6528302

Branch Email

:

pharmacysr18@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Block 388 Handhuvaree Hingun, Maafannu, Male 20388

Branch Tel

:

960-3012561

Branch Fax

:

960-3006773

Branch Email

:

lgs@stomaldives.net

Primary use of location

:

#1. Office administration

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

STO Peoples Choice Wholesale Centre Faalandhoshu Hingun, Maafannu, Male 20219

Branch Tel

:

960-3012418

Branch Email

:

wholesale@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

STO Wholesale Centre Faalandhoshu Hingun, Maafannu, Male 20219

Branch Tel

:

960-3344177

Branch Fax

:

960-3006779

Branch Email

:

sm@stomaldives.net

Primary use of location

:

#1. Office administration

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

STO Home Improvement Bldg Haveeree Hingun, Maafannu, Male 20219

Branch Tel

:

960-3012510

Branch Email

:

pnr@stomaldives.net

Primary use of location

:

#1. Retail outlet

#2. Office administration

 

Branch

:

STATE TRADING ORGANIZATION PLC - VILIMALE, MALE

Branch Address

:

Kalhuthukkalaa Magu, Vilimale, Male

Branch Tel

:

960-3012590

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - HULHUMALE, NORTH MALE ATOLL

Branch Address

:

Hulhumale Commercial Unit Huvandhumaa Hingun, Hulhumale, North Male Atoll

Branch Tel

:

960-3355605

Branch Email

:

pharmacyhm@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - ADDU ATOLL

Branch Address

:

Bahaandhee Magu (Bodu Magu) Hulhumeedhoo, Addu Atoll

Branch Tel

:

960-6894904

Branch Email

:

sto164@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - HAA DHAALU ATOLL

Branch Address

:

Funavalu Magu Kulhudhuffushi, Haa Dhaalu Atoll

Branch Tel

:

960-6528277

Branch Email

:

sto165@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Haveeree Hingun, Maafannu, Male 20219

Branch Tel

:

960-3344173

Branch Email

:

home_imp@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MALE

Branch Address

:

Ground Fl STO Trade Centre Orchid Magu Maafannu, Male 20188

Branch Tel

:

960-3012480

Branch Fax

:

960-3313182

Branch Email

:

supermart@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Ziyaaraiyth Faanu Magu Hithadhoo, Seenu Atoll

Branch Tel

:

960-6885954

Branch Email

:

sto137@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Shaafee Hingun Maradhoofeydhoo, Seenu Atoll

Branch Tel

:

960-6891831

Branch Email

:

sto159@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Orchid Magu Feydhoo, Seenu Atoll

Branch Tel

:

960-6892098

Branch Email

:

sto123@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Branch Address

:

Gan, Seenu Atoll

Branch Tel

:

960-6898034

Branch Email

:

sto141@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - FUVAHMULAH, GNAVIYANI ATOLL

Branch Address

:

Velifaanu Magu Maadhandu, Fuvahmulah, Gnaviyani Atoll

Branch Tel

:

960-6860038

Branch Fax

:

960-6862032

Branch Email

:

sto136@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - THINADHOO, GAAFU DHAALU ATOLL

Branch Address

:

59 Dhaan'naa Magu, Thinadhoo, Gaafu Dhaalu Atoll

Branch Tel

:

960-6841013

Branch Fax

:

960-6842013

Branch Email

:

sto138@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - VILLLINGILI, GAAFU ALIFU ATOLL

Branch Address

:

Haveeree Hingun, Villlingili, Gaafu Alifu Atoll

Branch Tel

:

960-6820110

Branch Fax

:

960-6820098

Branch Email

:

sto163@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - FONADHOO, LAAMU ATOLL

Branch Address

:

Block 32 Medhu Avah, Fonadhoo, Laamu Atoll

Branch Tel

:

960-6800048

Branch Email

:

sto134@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - HULHUMALE, NORTH MALE ATOLL

Branch Address

:

Hulhumale Commercial Unit Bageechaa Hingun, Hulhumale, North Male Atoll

Branch Tel

:

960-3350051

Branch Fax

:

960-3350052

Branch Email

:

sto162@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - HAA ALIF ATOLL

Branch Address

:

Ghaazee Hingun Hoarafushi, Haa Alif Atoll

Branch Tel

:

960-6500015

Branch Fax

:

960-6500583

Branch Email

:

sto122@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - BAA ATOLL

Branch Address

:

Nolhi Magu Medhu Avah Eydhafushi, Baa Atoll

Branch Tel

:

960-6608315

Branch Fax

:

960-6508445

Branch Email

:

sto132@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Block 393 Handhuvaree Hingun, Maafannu, Male 20393

Branch Tel

:

960-3012606

Branch Email

:

staple@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Indhira Gandhi Memorial Hospital Kanba Aisa Rani Hingun, Maafannu, Male 20402

Branch Tel

:

960-3344242

Branch Fax

:

960-3344142

Branch Email

:

pharmacy@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Branch Address

:

Handhuvaree Hingun, Maafannu, Male

Branch Tel

:

960-3344242

Branch Fax

:

960-3313261

Branch Email

:

medical@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - KAAFU ATOLL

Branch Address

:

Funadhoo Island, Kaafu Atoll

Branch Tel

:

960-6645900

Branch Fax

:

960-6645901

Branch Email

:

fuel@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

Branch

:

STATE TRADING ORGANIZATION PLC - MAGU, MALE

Branch Address

:

Ground Fl Umar Shopping Arcade Chandhanee Magu, Magu, Male

Branch Tel

:

960-3317140

Branch Fax

:

960-3333183

Branch Email

:

electronics@stomaldives.net

Primary use of location

:

#1. Retail outlet

 

 

 

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

 

DOMESTIC CUSTOMERS

Business Entity Name

Global Identifier

MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC

P1359291

 

 

AUDITORS

 

 

Auditor Name

PRICEWATERHOUSECOOPERS

 

OFFICE & FACILITIES

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

Name

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Primary Use

:

Office & Administration facilities

Address

:

STO Head Office Bldg Boduthakurufaanu Magu, Maafannu, Male 20345

Country

:

Maldives

Status

:

Operational

 

WAREHOUSING FACILITIES

 

Name

:

STATE TRADING ORGANIZATION PLC - MACHCHANGOLHI, MALE

Address

:

Koshi 7 Block 240 Ameenee Magu, Machchangolhi, Male 20240

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - HULHUMALE, NORTH MALE ATOLL

Address

:

Plot M2-01, M2-02, M2-03 Midhili Magu, Hulhumale, North Male Atoll

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MALE

Address

:

Block 120 K Thilafushi, Male

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - SEENU ATOLL

Address

:

Block 290 Gan, Seenu Atoll

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - HAA DHAALU ATOLL

Address

:

Bandaara Magu Kulhudhuffushi, Haa Dhaalu Atoll

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - HAA DHAALU ATOLL

Address

:

Harbour Area Kulhudhuffushi, Haa Dhaalu Atoll

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MACHCHANGOLHI, MALE

Address

:

Block 378 Boduthakurufaanu Magu, Machchangolhi, Male 20378

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MACHCHANGOLHI, MALE

Address

:

Koshi 5 Block 248 Ameenee Magu, Machchangolhi, Male 20248

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Address

:

Block 215 Haveeree Hingun, Maafannu, Male 20215

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Address

:

Block 388 Handhuvaree Hingun, Maafannu, Male 20388

Country

:

Maldives

Status

:

Operational

 

Name

:

STATE TRADING ORGANIZATION PLC - MAAFANNU, MALE

Address

:

Block 393 Handhuvaree Hingun, Maafannu, Male 20393

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

n/a

Maldives

2005

Gulf Craft Int'l Boat Show

n/a

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

 

APPROVED SIGNATURES

 

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

Name

Mr. Adam Azim

Mr. Mohamed Mihad

 

PREVIOUS CONTACT DETAILS

Company Address

:

Block 5 Ameenee Magu, Male

 

 

 

 

 

NOTES & COMMENTS

 

N/a

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.61

UK Pound

1

Rs.94.39

Euro

1

Rs.67.96

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ASH

 

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.