MIRA INFORM REPORT

 

 

Report Date :

21st February, 2007

 

IDENTIFICATION DETAILS

 

Correct Name :

BEHNOOSH IRAN BEVERAGES SSA

 

 

Registered Office :

Shahid Mahmoud Pouri Ave., Karaj Special Road, kilometre 9, P.O. Box: 13445-341, Tehran 19166, Iran

 

 

Country :

Iran

 

 

Financials (as on) :

30 June  2004

 

 

Date of Incorporation :

02.05.1966

 

 

Com. Reg. No.:

10620

 

 

Legal Form :

Public Joint Stock Company

 

 

Line of Business :

Manufacturers and distributors of soft drinks, fruit juices, carbonated water and non alcoholic malt beverages .

 

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 :

RIAL 5,000,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 COMPANY NAME

 

BEHNOOSH IRAN BEVERAGES SSA (Correct)

IRAN BEHNOOSH (Requested)

 

 

ADDRESS

 

Street                           :  Shahid Mahmoud Pouri Ave.,

Area                             :  Karaj Special Road, kilometre 9

P.O. Box           :  13445-341

Town                 :  Tehran 19166

Country             :  Iran

Telephone         :  (98 21) 4450 4777 / 4450 4778 / 4450 4781 / 4452 5795

Fax                   :  (98 21) 4450 4776 / 4450 4781 / 4450 4776

Also Known As :  Behnoush Iran Company

 

 

SENIOR COMPANY PERSONNEL

 

    Name                                                Position

 

1.  Mohammad Reza Heidari                   Chairman

 

2.  Mohammed Ali Nad Alian                   Managing Director

 

3.  Taahai Bahman                                 Factory Manager

 

4.  Bahaman Taghavian                          Financial Manager

 

 

Total Employees : 420

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Iranian importers.

 

Opinion on maximum credit : RIAL 5,000,000,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial capabilities.

 

 

PRINCIPAL BANKERS

 

NAME               : BANK MELLAT IRAN

Branch              : Vali e Asr Avenue

Street                           : Dameshgah Street 4

PO Box             : 11365/5964

Town                 : Tehran

Telephone         : (98 21) 646 0871

Fax                   : (98 21) 869 4111

SWIFT              : BKMT IR TH

 

The company also has an account with the following banks:

 

1.  Bank Saderat

    43 Somayeh Avenue

    PO Box   : 15745-631

    Tehran

    Telephone     : (98 21) 836091 

    Fax               : (98 21) 8883 3325

    SWIFT          : BSIR IR TH

 

 

2.  Bank Tejarat

    184 Taleghani Avenue

    PO Box   : 11365/1917

    Tehran

    Telephone     : (98 21) 890131 

    Fax               : (98 21) 882 8215 

    SWIFT          : BTEJ IR TH

 

2.  Bank Sepah

    Imam Khomeini Square

    PO Box   : 9569

    Tehran  11369

    Telephone     : (98 21) 311 6382 / 311 0642

    Fax               : (98 21)  311275 / 311 2138

    SWIFT          : SEPB IR TH

 

 

FINANCIAL INFORMATION

 

Latest Balance Sheets as at 30 June showed :

 

ASSETS

 

Cash & bank balances               : RIALS     968,000,000 - 2002 - exact

                                                : RIALS   3,528,000,000 - 2003 - exact

                                                : RIALS   4,179,000,000 - 2004 - exact

 

Trade notes & accounts              : RIALS  25,873,000,000 - 2002 - exact

receivable                                  : RIALS  20,810,000,000 - 2003 - exact

                                                : RIALS  20,618,000,000 - 2004 - exact

 

Other notes & accounts              : RIALS               0 - 2002 - exact

receivable                                  : RIALS   9,500,000,000 - 2003 - exact

                                                : RIALS   3,074,000,000 - 2004 - exact

 

Inventories                                 : RIALS  22,228,000,000 - 2002 - exact

                                                : RIALS  22,486,000,000 - 2003 - exact

                                                : RIALS  28,830,000,000 - 2004 - exact

 

Prepayments                             : RIALS               0 - 2002 - exact

                                                : RIALS   3,572,000,000 - 2003 - exact

                                                : RIALS   8,641,000,000 - 2004 - exact

 

Total current assets                               : RIALS  49,069,000,000 - 2002 - exact

                                                : RIALS  59,896,000,000 - 2003 - exact

                                                : RIALS  65,342,000,000 - 2004 - exact

 

Long term investment                 : RIALS               0 - 2002 - exact

                                                : RIALS  10,000,000,000 - 2003 - exact

                                                : RIALS   3,000,000,000 - 2004 - exact

 

Other assets                             : RIALS     293,000,000 - 2002 - exact

                                                : RIALS   3,075,000,000 - 2003 - exact

                                                : RIALS   5,765,000,000 - 2004 - exact

 

Property, plant & equipment        : RIALS  48,191,000,000 - 2002 - exact

net                                            : RIALS  67,132,000,000 - 2003 - exact

                                                : RIALS  96,249,000,000 - 2004 - exact

 

Total assets                              : RIALS  97,554,000,000 - 2002 - exact

                                                : RIALS 140,103,000,000 - 2003 - exact

                                                : RIALS 170,356,000,000 - 2004 - exact

 

LIABILITIES

 

Trade notes & accounts              : RIALS  25,902,000,000 - 2002 - exact

payable                                     : RIALS  11,055,000,000 - 2003 - exact

                                                : RIALS   8,548,000,000 - 2004 - exact

 

Other notes & accounts              : RIALS               0 - 2002 - exact

payable                                     : RIALS  12,858,000,000 - 2003 - exact

                                                : RIALS   9,393,000,000 - 2004 - exact

 

Advances received                     : RIALS               0 - 2002 - exact

                                                : RIALS   1,054,000,000 - 2003 - exact

                                                : RIALS     906,000,000 - 2004 - exact

 

Tax provision                             : RIALS   8,086,000,000 - 2002 - exact

                                                : RIALS   7,064,000,000 - 2003 - exact

                                                : RIALS   8,495,000,000 - 2004 - exact

 

Short term financial                    : RIALS  16,111,000,000 - 2002 - exact

facilities                                    : RIALS  30,366,000,000 - 2003 - exact

                                                : RIALS  33,183,000,000 - 2004 - exact

 

Proposed dividend &                   : RIALS   2,843,000,000 - 2002 - exact

dividend payable                        : RIALS  16,277,000,000 - 2003 - exact

                                                : RIALS  26,681,000,000 - 2004 - exact

 

Total current liabilities                 : RIALS  52,942,000,000 - 2002 - exact

                                                : RIALS  78,673,000,000 - 2003 - exact

                                                : RIALS  87,206,000,000 - 2004 - exact

 

Long term financial                     : RIALS               0 - 2002 - exact

facilities                                    : RIALS  12,775,000,000 - 2003 - exact

                                                : RIALS  32,620,000,000 - 2004 - exact

 

Staff termination benefits            : RIALS   3,525,000,000 - 2002 - exact

                                                : RIALS   4,813,000,000 - 2003 - exact

                                                : RIALS   5,316,000,000 - 2004 - exact

 

Total liabilities                            : RIALS  56,467,000,000 - 2002 - exact

                                                : RIALS  96,262,000,000 - 2003 - exact

                                                : RIALS 125,142,000,000 - 2004 - exact

 

Share capital                             : RIALS  17,048,000,000 - 2002 - exact

                                                : RIALS  31,402,000,000 - 2003 - exact

                                                : RIALS  41,152,000,000 - 2004 - exact

 

Legal reserve                             : RIALS   1,705,000,000 - 2002 - exact

                                                : RIALS   2,676,000,000 - 2003 - exact

                                                : RIALS   4,049,000,000 - 2004 - exact

 

Expansion reserve                      : RIALS               0 - 2002 - exact

                                                : RIALS   9,750,000,000 - 2003 - exact

                                                : RIALS               0 - 2004 - exact

 

Other reserves                           : RIALS  18,852,000,000 - 2002 - exact

                                                : RIALS      14,000,000 - 2003 - exact

                                                : RIALS      13,000,000 - 2004 - exact

 

Retained earnings                      : RIALS   3,482,000,000 - 2002 - exact

(accumulated deficit)                  : RIALS               0 - 2003 - exact

                                                : RIALS               0 - 2004 - exact

 

Total shareholders' equity           : RIALS  41,087,000,000 - 2002 - exact

                                                : RIALS  43,841,000,000 - 2003 - exact

                                                : RIALS  45,214,000,000 - 2004 - exact

 

PROFIT & LOSS ACCOUNT

 

Sales turnover                            : RIALS 101,873,000,000 - 2002 - exact

                                                : RIALS 127,892,000,000 - 2003 - exact

                                                : RIALS 160,063,000,000 - 2004 - exact

 

Cost of goods sold                                 : RIALS  61,326,000,000 - 2002 - exact

                                                : RIALS  79,644,000,000 - 2003 - exact

                                                : RIALS  94,196,000,000 - 2004 - exact

 

Gross profit                               : RIALS  40,547,000,000 - 2002 - exact

                                                : RIALS  48,248,000,000 - 2003 - exact

                                                : RIALS  65,867,000,000 - 2004 - exact

 

Sales & distribution                    : RIALS  16,245,000,000 - 2002 - exact

expenses                                  : RIALS  19,686,000,000 - 2003 - exact

                                                : RIALS               0 - 2004 - exact

 

General & administration            : RIALS               0 - 2002 - exact

Expenses                                  : RIALS               0 - 2003 - exact

                                                : RIALS  20,430,000,000 - 2004 - exact

 

Other operating income &           : RIALS               0 - 2002 - exact

expenses, net                            : RIALS  (2,258,000,000)- 2003 - exact

                                                : RIALS  (2,286,000,000)- 2004 - exact

 

Operating profit                          : RIALS  24,302,000,000 - 2002 - exact

                                                : RIALS  26,304,000,000 - 2003 - exact

                                                 : RIALS  43,151,000,000 - 2004 - exact

 

Financial expenses                    : RIALS   2,107,000,000 - 2002 - exact

                                                : RIALS   2,740,000,000 - 2003 - exact

                                                : RIALS   4,438,000,000 - 2004 - exact

 

Other income & expenses,         : RIALS     187,000,000 - 2002 - exact

net                                            : RIALS     926,000,000 - 2003 - exact

                                                : RIALS     624,000,000 - 2004 - exact

 

Directors bonus                         : RIALS     250,000,000 - 2002 - exact

                                                : RIALS     480,000,000 - 2003 - exact

                                                : RIALS     900,000,000 - 2004 - exact

 

Net profit (loss) before                : RIALS  22,132,000,000 - 2002 - exact

tax                                            : RIALS  24,010,000,000 - 2003 - exact

                                                : RIALS  38,437,000,000 - 2004 - exact

 

Tax                                           : RIALS               0 - 2002 - exact

                                                : RIALS   5,072,000,000 - 2003 - exact

                                                : RIALS   7,757,000,000 - 2004 - exact

 

Net profit (loss) after tax             : RIALS  22,132,000,000 - 2002 - exact

                                                : RIALS  18,938,000,000 - 2003 - exact

                                                : RIALS  30,680,000,000 - 2004 - exact

 

Fiscal year ends 30 June

 

The Iranian calendar modified the Islamic calendar, introducing a solar year with Farsi names for the months. The year begins on 21 March of the Gregorian calendar. Years are numbered by the years since the Hegira, so the Iranian year is 621 years less than the Gregorian year begining on 1 January.

 

Fiscal year end can vary by a few days from year to year. The subject company's fiscal years ended as follows:

 

2002 -  3 July

2003 - 25 June

2004 - 30 June

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 2 May 1966

 

History : The company was established in Iran on 2 May 1966.

 

C.R. No. : 10620

 

Commercial ID No: 372193

 

Membership of Chamber of Commerce start date: 26 April 1994

 

Paid up Capital : RIAL 41,152,000,000

 

 

Sherkat Sahami Aam (public joint stock company) with the following shareholders :

 

1.  Bonyad Mostazefan                                        60%

    (formerly Bonyad Mostazefan and Janbazan Foundation)

    Africa Square, Resalat Highway

    P.O. Box 14155-3988

    Tehran

    Tel                : (98 21) 888 0421

    Fax               : (98 21) 877 4166

Bonyad Mostazefan is a revolutionary foundation founded in 1979 to take over the former royal's family assets and is accountable directly to the ayatollah, religous leader of Iran. Operates the largest group of companies in Iran, second only to the government.

 

2.  Directors, employees and members of the general public        40%

   

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers and distributors of soft drinks, fruit juices, carbonated water and non alcoholic malt beverages .

 

Imports from Netherlands, Germany, Turkey, Greece, United Kingdom.

 

Exports to European countries, Gulf States, Lebanon, and Central Asian States.

 

 

FACILITIES

 

The Company has the following facilities :

 

Large owned factory and administrative offices at heading address, as well as a branch factory in:

 

Southern Chitgar Street

Karaj Special Road, kilometre 12

Tehran

Tel: (98 21) 6602 6811 / 6602 6718 / 6602 6021

Fax: (98 21) 6602 6811

 

The company formerly operated from Karaj Special Road, kilometre 7 Shahid Mahmoud Pouri Ave., Pars Khodro Forked Road, Tehran, moving to heading address.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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