|
|
|
MIRA INFORM REPORT
|
Report No. : |
505673 |
|
Report Date : |
28.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
STATE TRADING ORGANIZATION PLC |
|
|
|
|
Registered Office : |
STO Head Office Bldg Boduthakurufaanu Magu,
Maafannu, Male 20345 |
|
|
|
|
Country : |
Maldives |
|
|
|
|
Financials (as on) : |
December 2017 |
|
|
|
|
Date of Incorporation : |
14.08.2001 |
|
|
|
|
Com. Reg. No.: |
C-186/2001 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Retail sale via stalls and markets of other goods |
|
|
|
|
No. of Employees : |
2050 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
24.000.000 USD |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Maldives |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALDIVES - ECONOMIC OVERVIEW
Maldives has quickly become a middle-income country, driven by the rapid
growth of its tourism and fisheries sectors, but the country still contends with
a large and growing fiscal deficit. Economic growth slowed to 2.8% in 2015,
mainly because of a decline in tourists from China and Russia. Despite lower
growth, tourism-related tax receipts increased by 13% in 2015 because of higher
tax rates. This increase in tax receipts led to higher usable foreign exchange
reserves that helped partially fund increases in construction related imports.
In 2015, Maldives’ Parliament passed a constitutional amendment
legalizing foreign ownership of land; foreign land-buyers must reclaim at least
70% of the desired land from the ocean and invest at least $1 billion in a
construction project approved by Parliament.
Diversifying the economy beyond tourism and fishing, reforming public
finance, increasing employment opportunities, and combating corruption,
cronyism, and a growing drug problem are 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 |
Company
Summary
|
|
|
Business 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 |
|
Country |
MALDIVES |
|
Company Registration Number |
C-186/2001 |
|
Main Activity Code |
4789 |
|
Main Activity Description |
Retail sale via stalls and markets of other goods |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
611.409.633 |
|
Latest Shareholder Equity Figure |
2.270.763.536 |
|
Credit Limit |
24.000.000 USD |
Basic
Information
|
|
|
Business 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 |
|
Registered Company Name |
STATE TRADING ORGANIZATION PLC |
|
Company Registration Number |
C-186/2001 |
|
Country |
MALDIVES |
|
VAT Registration Number |
|
|
VAT Registration Date |
|
|
Date of Company Registration |
2001-08-14 |
|
Date of Starting Operations |
2001-08-14 |
|
Commercial Court |
|
|
Legal Form |
Public Listed Company |
|
Type of Ownership |
Registered ownership by Subject Business Entity |
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+960]-3344332 [+960]-3344354 [+960]-3344333 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
STO Head Office Bldg Boduthakurufaanu Magu,
Maafannu, Male 20345 |
MALDIVES |
[+960]-3344332 [+960]-3344354 [+960]-3344333 |
Other
Address
|
|
No other addresses for this company. |
Previous
Address
|
|
Address
Country |
|
Block 5 Ameenee Magu, Male MALDIVES |
Activities
|
|
Activity Code
Activity Description |
|
4789 Retail sale via stalls
and markets of other goods |
Email
Addresses
|
Web
Pages
|
Previous
Names
|
|
|
Previous Name |
Date Changed from Previous Name |
|
ATHIREEMAAFANNU TRADING ACCOUNT |
1964-12-20 |
|
STATE TRADING ORGANIZATION |
1979-06-09 |
|
STATE TRADING ORGANISATION LTD |
1998-06-28 |
|
STATE TRADING ORGANIZATION PLC |
2001-08-14 |
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 2050 |
Banker
Information
|
|
Banker Name Banker Address Phone Number |
|
BANK OF CEYLON |
Advisors
Information
|
|
Auditor Name Solicitor Name |
|
Ibrahim Mahfooz |
Miscellaneous
Information
|
|
|
Fax Number |
[+960]-3344334 [+960]-3344342 [+960]-3344511 |
|
Export Countries |
|
|
Import Countries |
Asia / Pacific, Europe, Middle-East, North
America. |
|
Additional Business Information |
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, n 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. |
|
Additional Rating Information |
High Credit Qulaity: Credit can proceed with favorable &
flexible financing terms.
Proposed Credit Limit:
USD $24,000,000, Revision of Credit Limit: Annual,
Risk Index: Low. |
|
Additional Payment Information |
Selling Type; Local Terms; Cash on delivery
(COD), Credit - Unsecured 30~90 days. Purchasing
Type; Import Terms; Letter of Credit (At-sight), Telegraphic
Transfer (T/T) - Executed at time of transaction. Type; Local Terms;
Credit - Unsecured 30~90 days, Cash on delivery (COD). |
|
Additional Financial Information |
Financial Statements were prepared as at 31.12.17;
31.12.16 and 31.12.15. (Year; Turnover; Assets; Net |
|
|
Income): 2005 Annual; 495,921,835,
94,732,370, 12,914,189, 2006 Annual; 456,062,901, 117,688,859, |
|
|
12,565,200, 2007 Annual: 434,349,738, 159,881,638,
13,291,166, 2008 Annual: 501,383,802, 168,105,656, |
|
|
14,640,027, 2009 Annual: 389,195,890, 202,281,847,
13,448,904, 2010 Annual: 370,493,157, 208,780,510, |
|
|
11,170,412, 2011 Annual: 616,600,942, 357,628,679,
12,532,809, 2012 Annual: 603,066,005, 371,746,201, |
|
|
15,497,800, 2013 Annual: 722,363,009, 356,486,280,
14,916,462, 2014 Annual: 611,409,633, 364,060,130, |
|
|
31,995,179, |
|
Number of Employees at Address |
2050 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
|
|
trading name |
STO PEOPLE'S CHOICE MEDICAL PHARMACY, STO PEOPLE'S
CHOICE STAPLE FOODS, STO PEOPLE'S CHOICE SUPERMART, STO PEOPLE'S
CHOICE SUPERMART PHARMACY. |
|
Registered Legal Address |
STO Head Office Bldg Boduthakurufaanu Magu,
Maafannu, Male 20345 |
|
Issuing Authority |
MINISTRY OF TRADE & INDUSTRIES |
|
Legal Form - Category |
Public Listed Company |
|
Capital |
US$ 6,485,084 |
|
Domestic Sales and Purchases (Annual Domestic
Sales; 100%, Local Purchases; 60%, Imports; 40%. Sales Analysis; Percentage) (Annual Purchases
Analysis; Percentage) |
|
|
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. |
|
Share Value |
50.00 |
|
Capital (Date; Authorized Capital - History) |
2000; 52,000,000, 2001; 53,302,000, 2003;
56,345,000, 2004; 57,777,750, 2013; 100,000,000. |
|
Reputation |
The STATE TRADING ORGANIZATION PLC maintains
a good and well-established reputation in the local
market |
|
Nega-Scan - Adverse Data Monitoring |
Dishonored checks ; Debt; Civil
litigation; Performance defaults; Adverse local media coverage / adverse
filing history; No record found |
|
Bank Details |
SWIFT Code: BCEYMVMV, Bank Name: BANK OF MALDIVES PLC, Global Identifier: P0766836, Branch: BANK OF MALDIVES PLC - MALE,
Branch Address: BML Bldg 11
Boduthakurufaanu Magu, Male 200094, SWIFT Code:
MALBMVMV, Bank Name: HABIB BANK LTD, Global
Identifier: P0899936, Branch Address:
Ground Fl Ship Plaza
1/6 Orchid Magu, Male 2002, 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, SWIFT Code: HSBCMVMV, Bank
Name: STATE BANK OF INDIA, Global Identifier: P1066361, Branch:
Male, SWIFT Code: SBINMVMV. |
|
Local Branches and 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 , holesale 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: 960-3344302, 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, ranch 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
: 960-3344136 Branch Fax :
960-3344142 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 |
|
|
Domestic Suppliers (Business Entity Name;
Global Identifier) |
COMMERCE DEVELOPMENT AND
ENVIRONMENT PVT LTD; P3828935,
MALDIVES TRANSPORT AND CONTRACTING
COMPANY PLC; P1359291. |
|
Domestic Customers (Business Entity Name;
Global Identifier) |
MALDIVES TRANSPORT AND CONTRACTING COMPANY PLC;
P1359291 |
|
Auditors |
KPMG |
|
Office and Facilities |
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 - MAAFANNU, MALE, Address: Block 393 Handhuvaree Hingun, Maafannu, Male 20393, 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 215 Haveeree Hingun, Maafannu, Male 20215,
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 - MACHCHANGOLHI, MALE, Address: Block 378 Boduthakurufaanu Magu,
Machchangolhi, Male 20378, 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 - HAA DHAALU |
|
ATOLL, Address: Bandaara Magu Kulhudhuffushi, Haa Dhaalu
Atoll, 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 - MALE, Address:
Block 120 K Thilafushi, Male,
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 - MACHCHANGOLHI, MALE, Address: Koshi 7 Block 240 Ameenee Magu, Machchangolhi, Male 20240,
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) |
Best AVM Growth Award 2008; PHILIPS; n/a |
|
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. AASANDHA PVT LTD;
Maldives, ADDU INTERNATIONAL
AIRPORT PVT LTD; Maldives,
ALLIED INSURANCE COMPANY OF
THE MALDIVES
PVT LTD; Maldives, FUEL SUPPLIES
MALDIVES PVT LTD; Maldives,
LAFARGE MALDIVES CEMENT PVT LTD; Maldives,
MALDIVE GAS PVT LTD; Maldives, MALDIVES NATIONAL
OIL CO
LTD; Maldives, MALDIVES STRUCTURAL PRODUCTS PVT LTD;
Maldives, STATE ELECTRIC COMPANY LTD;
Maldives, STO HOTELS & RESORTS PVT
LTD; Maldives, STO MALDIVES
(SINGAPORE) PTE LTD; Singapore. |
|
Quality Accreditation (Name; Accreditation
Category) |
INTERNATIONAL STANDARDS ORGANIZATION (ISO);
9001:2008 |
|
Deal Making |
Date of Deal:
4 Jun, 2014,
Nature of Deal:
Memorandum of understanding (MOU), Party involved #1: MINISTRY OF HEALTH, Details: Signed an
agreement for Island
pharmacy project. |
|
Acquisition - Sbe Has Purchased A Business Entity |
Acquisition ( 1 ); Date of Acquisition: 29
Sep, 2016, Circumstances Involved: Strategic acquisition, arties Involved;
Business Entity Name; Country, MALDIVES INDUSTRIAL FISHERIES CO LTD;
Maldives. |
|
Approved Signatures (Name) |
Mr. Ahmed Shaheer, Mr. Hussain Salim Mohamed, Mr.
Mohamed Mihad. |
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 |
|
Financial Year |
2017-12 |
2016-12 |
2015-12 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
MVR |
MVR |
MVR |
|
Consolidated Accounts |
Yes |
Yes |
Yes |
Profit
and Loss
|
|||
|
Revenue |
2.024.153.090 |
6.939.049.552 |
7.313.248.218 |
|
Operating Costs |
1.785.394.310 |
5.564.274.710 |
5.807.900.492 |
|
Operating Profit |
238.758.780 |
1.374.774.842 |
1.505.347.726 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
- |
26.193.084 |
29.550.031 |
|
Financial Expenses |
22.762.087 |
124.899.646 |
196.031.435 |
|
Extraordinary Income |
11.631.058 |
86.554.887 |
74.975.547 |
|
Extraordinary Costs |
173.710.167 |
870.848.016 |
893.897.034 |
|
Profit before Tax |
53.917.584 |
491.775.151 |
519.944.835 |
|
Tax |
7.874.697 |
61.181.288 |
84.595.598 |
|
Profit after Tax |
46.042.887 |
430.593.863 |
435.349.237 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
4.396.114 |
4.864.273 |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
46.042.887 |
426.197.749 |
430.484.964 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
0 |
0 |
0 |
|
Total Tangible Assets |
2.197.386.474 |
1.649.795.308 |
1.213.093.827 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
0 |
0 |
0 |
|
Total Intangible Assets |
0 |
14.474.093 |
18.456.818 |
|
Investments |
145.257.902 |
777.525.592 |
677.915.002 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
47.861.097 |
53.997.859 |
72.884.944 |
|
Total Other Fixed Assets |
193.118.999 |
831.523.451 |
750.799.946 |
|
Total Fixed Assets |
2.390.505.473 |
2.495.792.852 |
1.982.350.591 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
0 |
|
Total Inventories |
665.129.644 |
1.033.988.273 |
706.376.537 |
|
Trade Receivables |
2.962.882.584 |
648.190.054 |
567.371.937 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
0 |
2.105.778.398 |
1.758.609.575 |
|
Total Receivables |
2.962.882.584 |
2.753.968.452 |
2.325.981.512 |
|
Cash |
158.871.721 |
765.761.706 |
697.711.840 |
|
Other Current Assets |
0 |
0 |
0 |
|
Total Current Assets |
3.786.883.949 |
4.553.718.431 |
3.730.069.889 |
|
Total Assets |
6.177.389.422 |
7.049.511.283 |
5.712.420.480 |
|
Trade Payables |
2.567.944.796 |
2.188.460.599 |
1.586.766.445 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
0 |
809.002.957 |
490.729.031 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
848.633.385 |
720.438.941 |
599.102.879 |
|
Total Current Liabilities |
3.416.578.181 |
3.717.902.497 |
2.676.598.355 |
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|
Other Loans or Finance due after 1 year |
490.047.705 |
873.544.160 |
811.480.567 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
16.444.858 |
13.696.349 |
|
Total Long Term Liabilities |
490.047.705 |
889.989.018 |
825.176.916 |
|
Total Liabilities |
3.906.625.886 |
4.607.891.515 |
3.501.775.271 |
|
Called Up Share Capital |
56.345.500 |
56.345.500 |
56.345.500 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
1.508.110.654 |
1.661.937.730 |
1.489.660.990 |
|
Other Reserves |
706.307.382 |
723.336.538 |
664.638.719 |
|
Total Shareholders Equity |
2.270.763.536 |
2.441.619.768 |
2.210.645.209 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
370.305.768 |
835.815.934 |
1.053.471.534 |
|
Net Worth |
0 |
2.427.145.675 |
2.192.188.391 |
Ratios
|
|||
|
Pre Tax Profit Margin |
2.66 |
7.09 |
7.11 |
|
Return On Capital Employed |
1.95 |
14.76 |
17.13 |
|
Return On Total Assets Employed |
0.87 |
6.98 |
9.1 |
|
Return On Net Assets Employed |
2.37 |
20.14 |
23.52 |
|
Sales / Net Working Capital |
5.47 |
8.3 |
6.94 |
|
Stock Turnover Ratio |
32.86 |
14.9 |
9.66 |
|
Debtor Days |
534.27 |
34.1 |
28.32 |
|
Creditor Days |
463.06 |
115.11 |
79.19 |
|
Current Ratio |
1.11 |
1.22 |
1.39 |
|
Liquidity Ratio Or Acid Test |
0.91 |
0.95 |
1.13 |
|
Current Debt Ratio |
1.5 |
1.52 |
1.21 |
|
Gearing |
|||
|
Equity In Percentage |
|
34.71 |
38.82 |
|
Total Debt Ratio |
1.72 |
1.89 |
1.58 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
Name |
Gender |
Address |
Position |
|
Hussain Salim Mohamed |
Male |
|
Chairman (2012-06-14) |
|
Ramzee Aboobakuru |
Male |
|
General Manager |
|
Fathimath Ashan |
Female |
1Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
Senior General Manager |
|
Musthafa Azmy |
Male |
4Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
Chief Information Officer |
|
Mariyam Paruveen Abdul Faththah |
Female |
|
General Manager |
|
Abdulla Shafeeu Mahmood |
Male |
|
Senior General Manager |
|
Muslih Maseeh |
Male |
|
General Manager |
|
Mohamed Mihad |
Male |
2Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
Chief Financial Officer - CFO |
|
Abdul Wahid Moosa |
Male |
5Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
General Manager |
|
Mohamed Murad |
Male |
STO Home Improvement Bldg Haveeree Hingun Maafannu
Male 20219 |
General Manager |
|
Mohamed Nizam |
Male |
|
Chief Officer |
|
Mariyam Nuzla |
Female |
|
General Manager |
|
Aishath Shaffana Rasheed |
Female |
|
General Manager |
|
Ahmed Kurik Riza |
Male |
|
General Manager |
|
Aminath Shiuna Ahmed Saeed |
Female |
|
Executive Secretary |
|
Ahmed Shaheer |
Male |
6Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
Managing Director (2013-12-26) |
|
Ahmed Shifan |
Male |
4Fl STO Head Office Bldg Boduthakurufaanu Magu
Maafannu Male 20345 |
Senior General Manager |
|
Mohamed Shujau |
Male |
|
General Manager |
|
Hussain Sobaah |
Male |
|
General Manager |
|
Aishath Rayaheen Shareef |
Male |
|
Director |
|
Amir Mansoor |
Male |
Ma Manas
Nikagas Hingun Male 20205 |
Director (2012-05-07) |
|
Aishath Rafiyya |
Female |
|
Director |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital 100.000.000 |
|
Issued Share Capital 56.345.500 |
Shareholders
|
||
|
Shareholder |
Address |
% Shares Held |
|
REPUBLIC OF MALDIVES |
Maldives |
81.63 |
|
Public Shareholding traded via Stock Exchange |
|
18.37 |
Ultimate
Holding Parent
|
Name |
Status |
Registration Number |
Address |
|
REPUBLIC OF MALDIVES |
Active |
P1825628 |
Boduthakurufaanu Magu Male 20113 |
Immediate
Holding Parent
|
|
No Immediate Holding Parent for this company. |
Subsidaries
|
|||
|
Name |
Status |
Registration Number |
Address |
|
AASANDHA PVT LTD |
Active |
P3200482 |
2Fl Fen Bldg Ameenee, Magu, Male |
|
ALLIED INSURANCE COMPANY
OF THE
MALDIVES PVT LTD |
Active |
P1129078 |
04-06 STO Trade Center Orchid, Magu, Male |
|
BANK OF MALDIVES PLC |
Active |
P0766836 |
BML Bldg 11 Boduthakurufaanu Magu, Male 200094 |
|
FUEL SUPPLIES MALDIVES PVT LTD |
Active |
P1129081 |
4Fl STO Aifaanu Bldg - Block A Boduthakurufaanu
Magu, Male |
|
MALDIVE GAS PVT LTD |
Active |
P1129082 |
Rm 21, 2Fl STO Trade Centre Orchid, Magu, Male 20188 |
|
MALDIVES INDUSTRIAL FISHERIES CO LTD |
Active |
P3220898 |
Block 389 Hilaalee, Magu, Male |
|
MALDIVES NATIONAL OIL CO LTD |
Active |
P1129085 |
Boduthakurufaanu Magu, Maafannu, Male |
|
STO HOTELS & RESORTS PVT LTD |
Active |
P2883092 |
6Fl STO Head
Office Bldg Boduthakurufaanu, Magu, Male Maafannu 20345 |
|
STO MALDIVES (SINGAPORE) PTE LTD |
Active |
P0364720 |
International Plaza 10 Anson Rd #39-10 079903 |
Affiliates
|
|||
|
Name |
Status |
Registration Number |
Address |
|
ADDU INTERNATIONAL AIRPORT PVT LTD |
Active |
P2337925 |
Bldg 95 &100 Gan International Airport, Addu
19070 |
|
ENSIS FISHERIES PVT LTD |
Active |
P3305432 |
Industrial Zone M15-18
Midhili Magu Hulhumale, Magu, Male 23000 |
|
ISLAND AVIATION SERVICES LTD |
Active |
P0766914 |
M Raaverige Majeedhee Magu, Male 20345 |
|
LAFARGE MALDIVES CEMENT PVT LTD |
Active |
P1129086 |
01-01 STO Trade Center Orchid Magu, Male 2002 |
|
MALDIVES AIRPORTS COMPANY LTD |
Active |
P0800718 |
Male International Airport
Airport Main Rd, Hulhule,
Male 22000 |
|
MALDIVES MARKETING & PUBLIC RELATIONS CORP |
Active |
P2093034 |
4Fl Velaanaage Bldg Ameer Ahmed, Magu, Male 20094 |
|
MALDIVES PORTS LTD |
Active |
P2079082 |
MPL Bldg Boduthakurufannu Magu, Male 20250 |
|
MALDIVES STRUCTURAL PRODUCTS PVT LTD |
Active |
P1129084 |
2Fl Marlinspike Bldg 2/10 Alikilegefaanu Magu,
Male |
|
RAINBOW ENTERPRISES PVT LTD |
Active |
P2882778 |
1Fl G Maarana Alikilegefaanu Magu, Male 20129 |
Negative
Information
|
|
No negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
MVR |
1 |
INR 4.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.