MIRA INFORM REPORT

Report No. :	309553
Report Date :	12.03.2015

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) :	01.12.2013
Date of Incorporation :	18.12.1980
Legal Form :	Public Listed Company
Line of Business :	Transportation Services
No. of Employee :	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 Limit :	USD $1,830,000
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	:	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 Listed Company
Legal Form - Abbreviation	:	PLC
Operational Status of Business	:	Normal
Date of Registration	:	18 Dec, 1980
Employees	:	1,004
Capital	:	US$ 819,672

Current Credit Limit: USD $1,830,000  based on  90 days

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Igbal Adam
Nationality	:	Maldivian

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ismail Adhuham	Maldivian	General Manager	-
2	Mr. Ahmed Shiham Ali	Maldivian	Chief Executive Officer - CEO	-
3	Mr. Shifau Ali	Maldivian	Executive	Finance
4	Mr. Ismail Fariq	Maldivian	Executive	Logistical Operation
5	Mr. Usman Hafeez	Maldivian	Executive	Building Services & Security
6	Ms. Aishath Susan Haneef	Maldivian	General Manager	-
7	Mr. Mohamed Hilmy	Maldivian	Chief Financial Officer - CFO	-
8	Mr. Ibrahim Latheef	Maldivian	General Manager	-
9	Ms. Fathimath Liusha	Maldivian	Manager	Administration
10	Mr. Ahmed Naseem	Maldivian	Executive	Human Resources
11	Ms. Abida Rasheed	Maldivian	Executive	Administration
12	Mr. Ahmed Saeed	Maldivian	General Manager	-
13	Mr. Ahmed Salaam	Maldivian	Executive	-
14	Mr. Ihusaan Shareef	Maldivian	Executive	-

Management Details - 1

Personal Unique Identifier	:	MI03830156
Name	:	Mr. Ismail Adhuham

Management Details - 2

Personal Unique Identifier	:	MI03830124
Name	:	Mr. Ahmed Shiham Ali
Date of appointment	:	24 Dec, 2013

Management Details - 3

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 - 4

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 - 5

Personal Unique Identifier	:	MI02481562
Name	:	Mr. Usman Hafeez
Date of appointment	:	1985

Management Details - 6

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 - 7

Personal Unique Identifier	:	MI03555366
Name	:	Mr. Mohamed Hilmy

Management Details - 8

Personal Unique Identifier	:	MI02984526
Name	:	Mr. Ibrahim Latheef
Date of appointment	:	1999

Management Details - 9

Personal Unique Identifier	:	MI02481566
Name	:	Ms. Fathimath Liusha

Management Details - 10

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 - 11

Personal Unique Identifier	:	MI02481555
Name	:	Ms. Abida Rasheed
Date of appointment	:	1983

Management Details - 12

Personal Unique Identifier	:	MI03555370
Name	:	Mr. Ahmed Saeed

Management Details - 13

Personal Unique Identifier	:	MI03555373
Name	:	Mr. Ahmed Salaam

Management Details - 14

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

Date of Appointment

:

29 May, 2013

2

Personal Unique Identifier

:

MI03830140

Name

:

Mr. Ahmed Azmeel

Date of Appointment

:

24 Dec, 2013

3

Personal Unique Identifier

:

MI03830124

Name

:

Mr. Ahmed Shiham Ali

Date of Appointment

:

24 Dec, 2013

4

Personal Unique Identifier

:

MI02481473

Name

:

Mr. Ali Shafeeu

Date of Appointment

:

19 Aug, 2009

Other Positions
Country	Company name	Position
Maldives	MALDIVES AIRPORTS CO LTD	Officer

5

Personal Unique Identifier

:

MI02481466

Name

:

Mr. Hussain Haaly

Date of Appointment

:

27 Aug, 2005

6

Personal Unique Identifier

:

MI03830143

Name

:

Mr. Hussain Saalim

Date of Appointment

:

24 Dec, 2013

7

Personal Unique Identifier

:

MI03830130

Name

:

Mr. Igbal Adam

Date of Appointment

:

5 Jan, 2014

8

Personal Unique Identifier

:

MI02481465

Name

:

Mr. Mohamed Shafeeq

Date of Appointment

:

17 Jan, 2010

9

Personal Unique Identifier

:

MI03555353

Name

:

Mr. Nasrath Mohamed

Date of Appointment

:

29 May, 2013

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing 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

DEBT	No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: MVR - Maldives Rufiyaa)

Share Value	:	50
Authorized Capital	:	12,500,000
Paid-up Capital	:	12,500,000

SHAREHOLDERS

Total number of shareholders	:	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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%
International Sales (Export)	0%

Annual Purchases Analysis	Percentage
Local Purchases	45%
Imports	55%

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

OVERSEAS SUPPLIERS

Business Entity 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

Business Entity Name	Global Identifier
FUEL SUPPLIES MALDIVES PVT LTD	P1129081
MALDIVES AIRPORTS CO LTD	P0800718
STATE TRADING ORGANIZATION PLC	P0364725

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	-
Liaison / Representative Offices	-

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	Turnover	Assets	Net Income
2011 Annual	32,903,993	43,966,085	-541,765
2012 Annual	37,586,282	41,113,721	1,558,054
2013 Annual (*)	36,601,083	40,176,401	1,735,703

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

Missing Financials	Reasons
2014, Annual	Financials not yet released.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	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
2010 Annual	29,773,660	46,909,420	-3,797,136

FINANCIAL STATEMENT - DETAILED

Type: Consolidated

Balance Sheet

Currency	:	MVR
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Total Reserves(*)	212,082,907	242,008,109	265,005,286
Assets
Non Current Assets(*)	203,485,647	210,433,222	199,683,681
Current Assets(*)	471,393,752	423,129,225	419,434,660
Total Assets(*)	674,879,399	633,562,447	619,118,341
Liabilities
Non Current Liabilities(*)	11,470,827	91,412,430	37,034,622
Current Liabilities(*)	438,825,665	287,641,908	304,578,433
Total Liabilities(*)	450,296,492	379,054,338	341,613,055
Capital and reserves
Share Capital(*)	12,500,000	12,500,000	12,500,000
Shareholders Funds(*)	224,582,907	254,508,109	277,505,286
ASSETS
Non-current assets
Property, plant and equipment	183,686,812	187,869,238	173,692,532
Intangible assets	735,614	219,561	1,228,096
Capital work-in-progress	1,233,204	270,476	2,853,452
Assets held for sale	1,836,009	164,346	-
Available-for-sale financial assets	15,994,008	21,909,601	21,909,601
Total Non-current assets	203,485,647	210,433,222	199,683,681
Current assets
Inventories	125,625,236	123,023,027	134,217,515
Trade and other receivables	269,728,573	266,578,080	277,793,042
Cash and cash equivalents	76,039,943	33,528,118	7,424,103
Total Current assets	471,393,752	423,129,225	419,434,660
Total assets	674,879,399	633,562,447	619,118,341
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	13,604,706	19,520,299	19,520,299
Retained earnings	48,939,119	72,948,728	95,945,905
Total equity	224,582,907	254,508,109	277,505,286
Liabilities
Non-current liabilities
Borrowings	11,470,827	22,167,683	20,173,933
Loan from a shareholder	-	69,244,747	16,860,689
Total Non-current liabilities	11,470,827	91,412,430	37,034,622
Current liabilities
Current business profit tax payable	136,584	1,832,480	7,094,427
Loan from a shareholder*	-	8,051,715	24,583,266
Trade and other payables	273,685,389	177,328,390	168,239,551
Borrowings*	165,003,692	100,429,323	104,661,189
Total Current liabilities	438,825,665	287,641,908	304,578,433
Total liabilities	450,296,492	379,054,338	341,613,055
Total equity and liabilities	674,879,399	633,562,447	619,118,341

Note: (*)

Financial Highlights

Income Statement

Currency	:	MVR
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	505,076,299	579,204,606	564,022,694
Profit (Loss) Before Tax(*)	(8,179,509)	26,518,350	34,938,782
Profit After Tax attributable to Shareholders(*)	(8,316,093)	24,009,609	26,747,178
Revenue	505,076,299	579,204,606	564,022,694
Cost of sales	(427,460,932)	(489,271,004)	(486,804,509)
Gross profit	77,615,367	89,933,602	77,218,185
Selling and marketing costs	(2,112,001)	(2,403,938)	(7,548,912)
Administrative expenses	(52,146,913)	(54,319,320)	(63,096,466)
Other income	17,865,687	18,153,518	49,304,484
Other operating expenses	(22,509,380)	(14,573,579)	(3,426,933)
Operating profit	18,712,760	36,790,283	52,450,358
Finance income	-	81,653	384,627
Finance costs	(24,370,542)	(10,271,933)	(17,896,203)
Finance costs - net	-	(10,190,280)	(17,511,576)
Share of loss from associate / impairment of investment in associate	(2,521,727)	-	-
Profit/(loss) before tax	(8,179,509)	26,518,350	34,938,782
Business profit tax	(136,584)	(2,508,741)	(8,191,604)
Profit/(loss) after tax	(8,316,093)	24,009,609	26,747,178
Earnings per share attributable to the equity holders of the Company	-	96	107

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	32.53	14.68	(2.62)
Profitability
Profit Margin (%)	(1.65)	4.15	4.74
Return on Equity (%)	(3.70)	9.43	9.64
Return on Assets (%)	(1.23)	3.79	4.32
Leverage
Total Debt Equity (Times)	2.01	1.49	1.23
Current Debt Equity (Times)	1.95	1.13	1.10
Long Term Debt to Equity	0.05	0.36	0.13
Total Asset To Total Equity	3.01	2.49	2.23
Asset Management
Total Assets Turnover (Times)	0.75	0.91	0.91
Fixed Assets Turnover (Times)	2.48	2.75	2.82
Liquidity
Current Ratio	1.07	1.47	1.38

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	:	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

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	Importing
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

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 - MAGU, MALE
Branch Address	:	H Sawmill Filigas, Magu, Male 20057
Branch Tel	:	960-3320045
Branch Fax	:	960-3323022
Branch Email	:	salesdept@mtcc.com.mv
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE
Branch Address	:	Dhathuruvehi 3 Boduthakurufaanu, Magu, Male 20057
Branch Tel	:	960-3346051
Branch Fax	:	960-3344924
Branch Email	:	tsd@mtcc.com.mv
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - ADDU MULAKU
Branch Address	:	Addu Mulaku
Branch Tel	:	960-6893400
Branch Fax	:	960-6893221
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - GDH THINADHOO
Branch Address	:	GDh Thinadhoo
Branch Tel	:	960-6640664
Branch Fax	:	960-6640523
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - LAAMU ATOLL
Branch Address	:	Laamu Atoll
Branch Tel	:	960-6800762
Branch Fax	:	960-6800761
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU
Branch Address	:	MTCC Plaza Buruzu, Magu
Branch Tel	:	960-3317070
Branch Fax	:	960-3322828
Branch Email	:	therentals@mtcc.com.mv
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - THILAFUSHI
Branch Address	:	Thilafushi
Branch Tel	:	960-6640664
Branch Fax	:	960-6640523
Branch Email	:	tbd@mtcc.com.mv
License Status	:	License exists - Normal.
Primary use of location	:	#1. Office administration
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE
Branch Address	:	181 Boduthakurufaanu, Magu, Male
Branch	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE
Branch Address	:	2Fl MTCC Tower Boduthakurufaanu, Magu, Male 20057
Branch Tel	:	960-3001145
Branch Fax	:	960-3323221
Branch Email	:	careers@mtcc.com.mv
Primary use of location	:	#1. Office administration

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

DOMESTIC CUSTOMERS

Business Entity Name	Global Identifier
MALDIVES AIRPORTS CO LTD	P0800718
MALDIVES TOURISM DEVELOPMENT CORPORATION PLC	P1359321
STATE TRADING ORGANIZATION PLC	P0364725

AUDITORS

Auditor Name

PRICEWATERHOUSECOOPERS

LEGAL ADVISORS

Legal Advisor Name

MAZLAN & MURAD LAW & ASSOCIATES

OFFICE & FACILITIES

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

Name	:	MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC - MAGU, MALE
Primary Use	:	Office & Administration facilities
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

Mr. Ahmed Shiham Ali

Mr. Igbal Adam

Mr. Mohamed Hilmy

PREVIOUS CONTACT DETAILS

Company Address

:

MSL Bldg Orchid Magu, Male

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.