Favourite Choice Maldives Pvt Ltd

Company Description

“FavFavourite Choice Maldives Pvt Ltdite Choice Maldives is a Private Limited company registered at the Ministry of Trade and Industries, Male’, Republic of Maldives on the 9th June 2011 under the Act on Registration of companies in the Maldives. The registration number is C-363/2011.” Favourite Choice Maldives is a company specialised in selling and supplying of general goods to anywhere in the Maldives. Our product line ranges from food items, cookeries, groceries and general goods of any nature. Though established recently, the management consists of experienced personnel with well over 15 years of experience in procurement, logistics, retail and wholesale businesses. Our business operations are organized and coordinated by the management team with their direct involvement in the day to day running of the business. The management wishes to be as close as possible with the customers to ensure all their needs are addressed and fulfilled. The whole company believes that mere satisfaction of the customers does not suffice and our services to the customers do not end until we make the customer “delightful”. When the company started its operations last year, it only maintained a supply of chilled and frozen reef fish to well renowned restaurants in the Male’. It was never too late when it got the capacity to supply to famous and luxury branded hotels and resorts near Male. Now the company proudly boast a market of several resorts, restaurants, major construction sites, Safaries, factories etc. We foresee a well prosperous future for this company. We do not wish to constrain our business to supplying only but rather we wish expand our business portfolio to areas such as wholesale, retail, import, export and food catering. FACILITIES and OPERATIONS In order to cater for the increasing demand for our service and products, we maintain a cold storage facility of 900 sqft capable of storing 2.5 tonnes of fish at once in chilled and frozen conditions. Our fisheries products are directly purchased directly from fisherman from all nearby atolls. We currently hold the capacity of rolling 8-10 tonnes of reef fish and 7-8 tonnes of tuna per month. As we supply to luxury resorts, we maintain strict quality and hygiene standards in our storage facility. In order to provide our customers with the best quality of fish we do not accept fish if it has a temperature lower than our specified standard. Through years of trading in the procurement business, we have developed close ties with large grocery and wholesale traders all over Male’. This provides us with the potentiality to secure proportions of their stocks to our company so that a constant supply to our customers is ensured. Also we like to keep our customers worry free and so our delivery operations are well communicated to the customers keep them constantly informed and updated on the status of the delivery. OUR MANAGEMENT STYLE Though this company is in its infant stage, the management team has more than 15 years of experience and skill in the field of procurement and logistics. During this span of time the management team has learnt about their bad experiences and good experiences in dealing with different situations. When all these experiences and lessons are put together we find the best and the better ways of doing business. We believe that our success lies in the continuous improvement of how we do business. In line with this, our management always work close with the employees so as to understand their views and comments of doing things. The management constantly meet with the employees’ to talk and share the experiences of the management, while also the management team learns through the employees. By doing so, the management aims to fill the loop holes and mistakes in the business line until it is avoided or at least minimized. FUTURE PLANS AND OBJECTIVES Day by day our customer portfolio is expanding as it pretty much apparent from our current status, and yet is still continuing to expand and extend our market. By the grace of almighty we foresee a prosperous future for FCM. In line with this hope and optimism, we have devised short-term and long-term objectives for this company. Since the country is in an economic fluctuation, we aim to diversify our business portfolio to several different markets. Unlike most of the supply businesses who only supply to the resorts, FCM caters to five different business portfolios. We are currently in the process of increasing the volume of customers in each portfolio. Henceforth, a decline in one portfolio of the business is spontaneously compensated by the other portfolio thus securing our investments and business. Furthermore, apart from supplying we are also in the process of establishing a new business portfolio of import and distribution of general goods. By the grace of almighty we hope to achieve this goal by the end of this year by latest. We are also currently in the process of expanding our storage capacities as the current capacity is becoming inadequate to effectively address the current demand. In addition to that, we consider that increasing the foreign exchange cash flow will become an important strategic requirement after we establish the import and distribution business. In line with this need, we hope to export skip jack tuna and yellow fin tuna in the long-term. However, it is obvious that Maldives is always faced with the supply constrain for these species and hence makes it difficult to export. Nevertheless, we aim to seek better ways to secure a constant supply of tuna to export in order to increase our foreign exchange cash flow. Our long-term objective includes the establishment of a world renowned franchise in the Maldives. We are currently in the negotiation stage with the franchising partner about venturing in to the Maldives. Our aim is to establish the franchise business within 1.5 years by latest.