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Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
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Name : |
IFFCO DISTRIBUTION LLC |
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Formerly Known as: |
BHAWAN FOOD CO
LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.04.1976 |
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Com. Reg. No.: |
1/04398/6 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates under the following business segments: Impulse Foods Segment (Biscuits, Wafers, Snacks, Cakes, Chocolates, Confectionery,
Ice-Cream) Agri Business Segment (Flour, Pasta, Feeds Pulses, Fresh Poultry, Eggs, Fruits, Bakery Ingredients, Frozen Foods) Oils & Fats Segment (Industrial Fats, Oil
Trading, Personal
Care, Culinary Spices) Packaging Segment (Plastics, Corrugated
Boxes) Sales
& Distribution segment (Food
Services, Distribution Companies) Subject also manufactures related derivatives and
intermediates associated with these business segments. |
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No. of Employees : |
265 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Oman ECONOMIC OVERVIEW
Oman is a
middle-income economy that is heavily dependent on dwindling oil resources.
Because of declining reserves and a rapidly growing labor force, Muscat has actively
pursued a development plan that focuses on diversification, industrialization,
and privatization, with the objective of reducing the oil sector's contribution
to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of
Omanis entering the workforce. Tourism and gas-based industries are key
components of the government's diversification strategy. However, increases in
social welfare benefits, particularly since the Arab Spring, will challenge the
government's ability to effectively balance its budget if oil revenues decline.
By using enhanced oil recovery techniques, Oman succeeded in increasing oil
production, giving the country more time to diversify, and the increase in
global oil prices through 2011 provided the government greater financial
resources to invest in non-oil sectors. In 2012, continued surpluses resulting
from sustained high oil prices and increased enhanced oil recovery allowed the
government to maintain growth in social subsidies and public sector job
creation. However, the Sultan made widely reported statements indicating this
would not be sustainable, and called for expanded efforts to support SME
development and entrepreneurship. Government agencies and large oligarchic
group companies heeded his call, announcing new initiatives to spin off
non-essential functions to entrepreneurs, incubate new businesses, train and
mentor up and coming business people, and provide financing for start-ups. In
response to fast growth in household indebtedness, the Central Bank reduced the
ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped
the percentage of consumer loans at 50% of borrower's salaries for personal
loans and 60% for housing loans, and limited maximum repayment terms to 10 and
25 years respectively. In 2012 the Central Bank also issued final regulations
governing Islamic banking and two full-fledged Islamic banks held
oversubscribed IPOs while four traditional banks opened sharia-compliant
Islamic windows.
|
Source : CIA |
Company Name : IFFCO DISTRIBUTION LLC
Previously Known As : BHAWAN FOOD CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1976
Commercial Registration Number : 1/04398/6
Chamber Membership Number : 196
Issued Capital : RO 350,000
Paid up Capital : RO 350,000
Total Workforce : 265
Activities :
Subject operates
several business segments including Impulse Foods, Agri Business, Oils &
Fats, Packaging, Sales and Distribution.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
IFFCO DISTRIBUTION
LLC
BHAWAN FOOD CO LLC
Registered &
Physical Address
Street : Muscat Highway
Area : Ghala
Industrial Area
PO Box : 711, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24614880 / 24614888
Facsimile : (968) 24614889 / 24614890
Mobile : (968) 95232833
Email : aiyer@iffco.com / mghag@iffco.com / mahsiddiqui@iffco.com / sa@iffco.com
Please note that
subject’s previous address was, Al Zaiba Al Turki, Muscat.
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Central Business Area of Muscat.
Name Position
·
Zubair
Siddiqui General
Manager
·
Mahes
Damodargagh Director
·
Avinash
Iyer Financial
Controller
·
Rejesh
Meghan Operations
Manager
·
Krishna
Parsad Shatti Marketing
Manager
·
Rajev Kothla Finance
Manager
Date of Establishment : 1st April
1976
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/04398/6
Chamber Member No. : 196
Issued Capital : RO 350,000
Paid up Capital : RO 350,000
Name of Shareholder
(s) Percentage
·
IFFCO
Limited 100%
PO Box: 4115
Sharjah
United Arab Emirates
Tel: (971-6) 5334969
Fax: (971-6) 5333180
Email: iffco@iffco.com
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) 5357966
·
Tiffany
Foods Ltd
PO Box: 4115
Sharjah
United Arab Emirates
Tel: (971-6) 5365195
·
Allana
International Ltd
Jebel Ali Free Zone
PO Box: 16787
Dubai
United Arab Emirates
Tel: (971-4) 8816120
·
Delmon
Products Ltd
Jebel Ali Free Zone
PO Box: 16787
Dubai
United Arab Emirates
Tel: (971-4) 8816504
·
Seville
Products Ltd (LLC)
Al Ramool Industrial Area
PO Box: 10596
Dubai
United Arab Emirates
Tel: (971-4) 8850066
Fax: (971-4) 8850066 / 8855724
·
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
Activities: Subject operates under the following business segments:
Impulse Foods segment
(Biscuits, Wafers, Snacks, Cakes, Chocolates, Confectionery,
Ice-Cream)
Agri Business Segment
(Flour, Pasta, Feeds Pulses, Fresh Poultry, Eggs, Fruits, Bakery Ingredients, Frozen Foods)
Oils & Fats Segment
(Industrial Fats, Oil Trading, Personal Care, Culinary Spices)
Packaging Segment
(Plastics, Corrugated Boxes)
Sales
and Distribution Segment
(Food Services,
Distribution Companies)
Subject also manufactures related derivatives and
intermediates associated with these business segments.
Import
Countries: Europe and the
Far East
Subject has a
workforce of approximately 265 employees.
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.
·
Bank of
Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326
Ruwi
Tel: (968) 24701769
Fax:
(968) 24796488
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
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|
1 |
Rs.103.12 |
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Euro |
1 |
Rs.84.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.