MIRA INFORM REPORT

 

 

Report Date :

23.10.2007

 

IDENTIFICATION DETAILS

 

Name :

IFFCO DISTRIBUTION LLC

 

 

Registered Office :

Al Zaiba Al Turki, P O Box 711, Ruwi 112

 

 

Country :

Sultanate of Oman

 

 

Date of Incorporation :

1st April 1976

 

 

Com. Reg. No.:

1043986

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products.

 

 

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 :

US$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : IFFCO DISTRIBUTION LLC

Previously Known As                              : BHAWAN FOOD CO LLC

Country of Origin                                    : Sultanate of Oman

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 1st April 1976

Commercial Registration Number            : 1043986

Membership Number                              : 196

Issued Capital                                        : RO 250,000

Paid up Capital                                      : RO 250,000

Total Workforce                                     : 250

Line of Business                                    : Distributors of general foodstuff products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

IFFCO DISTRIBUTION LLC

 

 

PREVIOUSLY KNOWN AS

 

BHAWAN FOOD CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Zaiba Al Turki

PO Box            : 711

Town                : Ruwi 112

Country             : Sultanate of Oman

Telephone         : (968-24) 492492 / 590832

Facsimile          : (968-24) 492496

Mobile              : (968-95) 232833

Email                : sa@iffco.com

 

 

Premises

 

Subject operates from a large suite of offices and a warehouse that are rented and located in the Central Business Area of Ruwi.

 

 

KEY PRINCIPALS

 

·       Rajev Kothla                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment : 1st April 1976

 

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

 

Commercial Reg. No.  : 1043986

 

Membership No.          : 196

 

Issued Capital             : RO 250,000

 

Paid up Capital           : RO 250,000

 

Name of Shareholder (s)

 

·       IFFCO Limited

PO Box : 4115

Sharjah

     United Arab Emirates

     Tel : (971-6) 5334969

     Fax : (971-6) 5333180

     Email : iffco@iffco.com

 

·       Suhail Bhawan Holding Co

 

·       Bhawan Trading Co

 

Non Omani Participation

 

The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani participation in capital and profits.

 

Note to the Legal Form

 

The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the  minimum capital is RO 10,000.

 

Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.

 

 

AFFILIATED COMPANIES

 

Subject is a member of the IFFCO Group of Companies, which consists of the following concerns :

 

·       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) 357966

 

·       Intergulf Services Ltd

     PO Box : 6131

     Sharjah

     United Arab Emirates

     Tel : (971-6) 281391

 

·       Emirates Grain Products Co Ltd

     PO Box : 4115

     Sharjah

     United Arab Emirates

     Tel : (971-6) 357966

 

·       Tiffany Foods Ltd

     PO Box : 4115

     Sharjah

     United Arab Emirates

     Tel : (971-6) 365195

 

·       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

 

·       Allana & Sons Pvt Ltd

Bombay

     India

 

·       Woodhouse Drake and Carey Limited

London

United Kingdom

 

·       Kupak SDN

Kuala Lumpur

Malaysia

 

·       Al Ain National Juice & Refreshment Co

 

·       Dubai Meat Packers Ltd

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of general foodstuff products.

 

Import Countries : Europe and the Far East.

 

Subject has a workforce of 250 employees.

 

 

FINANCIAL HIGHLIGHTS

 

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

 

 

BANKERS

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box : 6326

     Ruwi

     Tel : (968-24) 701769

     Fax : (968-24) 796488

 

 

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 involved in the import and distribution of general foodstuff products.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 300,000

 

 

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