MIRA INFORM REPORT

 

 

Report Date :

29.11.2007

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL FOODSTUFF CO (IFFCO)

 

 

Registered Office :

Industrial Area No. 1, P O Box 29220 & 4115, Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

8th May 1976

 

 

Com. Reg. No.:

2826, Sharjah

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged as operators of grain flour mill.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : INTERNATIONAL FOODSTUFF CO (IFFCO)

Also Known As                                      : IFFCO LIMITED

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 8th May 1976

Commercial Registration Number            : 2826, Sharjah

Trade Licence Number                            : 12445

Membership Number                              : 2343

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 300

Line of Business                                    : Operators of a grain flour mill.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

INTERNATIONAL FOODSTUFF CO (IFFCO)

 

 

ALSO KNOWN AS

 

IFFCO LIMITED

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area No. 1

PO Box             : 29220 & 4115

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5334969 / 5029000

Facsimile          : (971-6) 5029190

Email                : info@iffco.com

 

 

Premises

 

Subject operates from a large suite of offices and a mill that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                           Nationality                     Position

 

·       Alana Shiraz Abdulrazzak                              Indian                            Managing Director

 

·       Ali Nasser Al Faradan                                    Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th May 1976

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 2826, Sharjah

 

Trade Licence No.       : 12445 (Expires 7th March 2008)

 

Membership No.          : 2343

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

 

Name of Shareholder (s)         Percentage

 

·       Ali Nasser Al Faradan                                                                        51%

 

·       Alana Shiraz Abdulrazzak                                                                  49%

 

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 150,000, 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 United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

 

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:

 

·       International Packaging Co LLC

     New Industrial Area

     PO Box : 2990

     Ajman

     United Arab Emirates

     Tel : (971-6) 7436814

     Fax: (971-6) 7435503

     Email: ipc@iffco.com

 

·       Emirates Industrial & Trading Co Ltd (EITCO)

     Sharjah Port

     PO Box : 4115 / 6906

     Sharjah

     United Arab Emirates

     Tel : (971-6) 5334696

     Fax : (971-6) 5333180

 

·       Emirates Refining Co Ltd (ERCO)

PO Box : 4115

Sharjah

United Arab Emirates

Tel : (971-6) 5357966

 

·       Intergulf Services Ltd

     PO Box : 6131

     Sharjah

     United Arab Emirates

     Tel : (971-6) 281391

 

·       Allana International Ltd

Jebel Ali Free Zone

PO Box : 16787

Dubai

United Arab Emirates

Tel : (971-4) 816120

 

·       Delmon Products Ltd

Jebel Ali Free Zone

PO Box : 16787

Dubai

United Arab Emirates

Tel : (971-4) 816504

 

·       Seville Products Ltd (LLC)

Al Ramool Industrial Area

PO Box : 10596

Dubai

United Arab Emirates

Tel : (971-4) 850066

Fax : (971-4) 850066 / 855724

 

·       Al Ain National Juice & Refreshment Co

PO Box : 15937

Al Ain

United Arab Emirates

Tel : (971-3) 7216555

Fax : (971-3) 7215208

 

·       Gateway Chemicals LLC

PO Box : 10596

Dubai

United Arab Emirates

Tel : (971-4) 3386116

Fax : (971-4) 3384416

 

·       IFFCO Egypt SAE

Street 262, Villa 10B

New Maadi

Cairo

Egypt

Tel : (20-2) 7545841 / 7545842 / 7545843 / 7545847

Fax : (20-2) 5164554

 

·       Civil Product Ltd

Dubai

       United Arab Emirates

     Tel : (971-4) 2850066

 

·       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

 

·       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

 

·       Dubai Meat Packers Ltd

 

 

LINE OF BUSINESS

 

Operations : Engaged as operators of grain flour mill which produces a complete range of wheat flours, semolina and animal feed grade products, as well as a range of bakery pre-mixes and ingredients. Major product groups include bread mixes/improvers, cake/muffin mixes, speciality flours and instant custard. Under a manufacturing agreement with General Mills, USA, IFFCO produces the world famous Betty Crocker range. IFFCO produces a comprehensive range of pasta products and instant noodles as well as ice creams and frozen desserts.

 

Import Countries : Europe and the United States of America.

 

Subject has a workforce of 300 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Sharjah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       ABN Amro Bank

Al Zayani Building

PO Box : 1971

Sharjah

Tel : (971-6) 5355021

 

·       HSBC Bank Middle East

Al Arooba Street

PO Box : 25

Sharjah

Tel : (971-6) 5537222

Fax : (971-6) 5537880

 

·       Bank of Baroda

Mina Road

Al Maraijah

PO Box: 1671

Sharjah

Tel: (971-6) 5354231

Fax: (971-6) 5543025

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Established in 1976, subject is a member of the IFFCO group of companies and is involved as operators of grain flour mill.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 1,000,000

 

 

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.

 

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

 

 

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