MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IFFCO
INTERNATIONAL FOODSTUFF CO LLC |
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Registered Office : |
Shop No. 134,
Hamriya Vegetable and Fruit Market, Al Khaleej Street, Corniche, Al Aweer, Deira,
P O Box 2595, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10th November 1982 |
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Com. Reg. No.: |
42946, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products and beverages. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : IFFCO INTERNATIONAL FOODSTUFF CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 10th November 1982
Commercial Registration Number :
42946,
Trade Licence Number : 202871
Membership Number : 9805
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Line of Business : Distributors of general foodstuff products and beverages.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
IFFCO INTERNATIONAL
FOODSTUFF CO LLC
ADDRESS
Registered & Physical Address
Location : Shop No. 134, Hamriya Vegetable
and Fruit Market
Street :
Area : Corniche, Al Aweer, Deira
PO Box : 2595
Town :
Country :
Telephone : (971-4) 3202777 / 3330555
Facsimile : (971-4) 3202682 / 3330550
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Allana
Feroz Abdul Razaq Indian Managing Director
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Allana
Shiraz Abdul Razaq Indian Director
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Iqbal
Usman Mohamed Pakistani Director
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Nader
Mohamed Sharif Mohamed Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 10th
November 1982
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42946,
Trade Licence No. : 202871
(Expires 2nd November 2007)
Membership No. : 9805
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Nader
Mohamed Sharif Mohamed 51%
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Allana
Feroz Abdul Razaq 20%
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Allana
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Iqbal
Usman Mohamed
9%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Subject is a member of the IFFCO group of companies, that consists of
the following concerns:
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International
Packaging Co LLC
New Industrial Area
PO Box : 2990
Tel : (971-6) 7436814
Fax: (971-6) 7435503
Email: ipc@iffco.com
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Emirates
Industrial & Trading Co Ltd (EITCO)
PO Box : 4115 / 6906
Sharjah
Tel : (971-6) 5334696
Fax : (971-6) 5333180
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International
Foodstuff Co (IFFCO)
Sharjah Industrial Area
Sharjah
Tel: (971-6) 5334969 / 5029000
Fax: (971-6) 5029190
Email: info@iffco.com
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Emirates
Refining Co Ltd (ERCO)
PO Box : 4115
Sharjah
Tel : (971-6) 5357966
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Intergulf
Services Ltd
PO Box : 6131
Sharjah
Tel : (971-6) 281391
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Allana
International Ltd
Jebel Ali Free Zone
PO Box : 16787
Tel : (971-4) 816120
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Delmon
Products Ltd
Jebel Ali Free Zone
PO Box : 16787
Tel : (971-4) 816504
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Seville
Products Ltd (LLC)
Al Ramool Industrial Area
PO Box : 10596
Tel : (971-4) 850066
Fax : (971-4) 850066 / 855724
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Al Ain
National Juice & Refreshment Co
PO Box : 15937
Al Ain
Tel : (971-3) 7216555
Fax : (971-3) 7215208
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Gateway
Chemicals LLC
PO Box : 10596
Tel : (971-4) 3386116
Fax : (971-4) 3384416
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IFFCO
Street 262, Villa 10B
New Maadi
Tel : (20-2) 7545841 / 7545842 / 7545843 /
7545847
Fax : (20-2) 5164554
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Civil
Product Ltd
Tel : (971-4) 2850066
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Unipex Dairy
Products Co Ltd
Sharjah Industrial Area No. 2
PO Box : 5646 & 77
Sharjah
Tel : (971-6) 5337864 / 5326339 / 5321146 / 5337434
Fax : (971-6) 5336312
Email : unipex@emirates.net.ae
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Tiffany
Foods Ltd
Al Liya Area, Sharjah Seaport
PO Box : 6597 & 4115
Sharjah
Tel : (971-6) 5285195
Fax : (971-6) 5080504 / 5324100
Email : tiffany@emirates.net.ae
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Dubai
Meat Packers Ltd
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products and beverages.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 5,430,000 UAE Dh
6,000,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1982, subject is involved in the import and distribution of general foodstuff
products and beverages.
The company enjoys
a good reputation for the quality of its products and is a member of the well
known IFFCO group of companies.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 150,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)