MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
HAKAN AGRO
COMMODITIES TRADING CO LLC |
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Registered Office : |
Green Tower, 9th
Floor, Suite 904, Baniyas Road, Rigga Al Bateen, Deira, P O Box 31489, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17th October 1996 |
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Com. Reg. No.: |
47821, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the import and distribution of fresh fruit and vegetables, frozen foods, food ingredients, pulses, oilseeds, frozen poultry, animal feed ingredients and speciality products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HAKAN AGRO COMMODITIES TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 17th October 1996
Commercial Registration Number :
47821,
Trade Licence Number : 243856
Membership Number : 40876
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 32
Line of Business : Distributors of fresh fruit and vegetables, general foodstuff and
beverages.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HAKAN AGRO
COMMODITIES TRADING CO LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Rigga Al Bateen, Deira
PO Box : 31489
Town :
Country :
Telephone : (971-4) 2287818
Facsimile : (971-4) 2274434
Email : hakan@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
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Al
Kuwaiti Building, 4th Floor, Office No. 401 Rented office premises
Deira
KEY PRINCIPALS
Name Nationality Position
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Hakan
Bahceci Belizian Managing
Director
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Sudhakar
Vardhan Singh Tomar Indian Director
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Essa Abdullah
Mohamed Zaman Kamali Emirati Director
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Mrs
Ashley Anderson Bahceci - Director
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John
Francois Andrist - Chief
Executive Officer
LEGAL FORM &
OWNERS
Date of Establishment : 17th
October 1996
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 47821,
Trade Licence No. : 243856
(Expires 16th October 2007)
Membership No. : 40876
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Essa
Abdullah Mohamed Zaman Kamali 51%
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Hakan
Bahceci 44%
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Sudhakar
Vardhan Singh Tomar 5%
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
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Shakun
Trading Co LLC
Ras Al Khor Industrial Area, Al Aweer
PO Box: 26957
Tel: (971-4) 3332095
Fax: (971-4) 3337197
Email: shakun@emirates.net.ae
Mr Essa Abdullah Mohamed Zaman Kamali has a 51% stake in the above company’s ownership.
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Hakan
Gidah
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American
Oil Seeds and Grains
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Hakan
BG Imports & Exports
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United
Agro Commodities
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Algerian
Sesame Mills
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LINE OF BUSINESS
Operations : Engaged in the import and distribution of fresh fruit and vegetables, frozen foods, food ingredients, pulses, oilseeds, frozen poultry, animal feed ingredients and speciality products.
Subject is ISO 9001
accredited. Subject operates a fleet of seven vehicles.
Import Countries
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Export Countries :
Operating Trend
: Steady
Subject has a
workforce of 32 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/04: Year Ending 31/12/05: Year Ending 31/12/06:
Total Revenue UAE Dh 321,026,357 UAE Dh 550,000,000 UAE Dh 565,000,000
Gross Profit UAE Dh 11,835,237 UAE
Dh 22,000,000 -
Net Profit UAE Dh 10,369,249 UAE
Dh 19,250,000 UAE Dh 25,000,000
Total Assets UAE Dh 67,020,526 UAE
Dh 100,000,000 -
Local sources consider
subject’s financial condition to be Good.
BANKERS
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Standard
Chartered Bank
PO Box : 999
Tel
: (971-4) 2520455
Acc No. 1428715001
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
Acc No. 020251070
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction December 2006
Credit amount 1,114,093
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Hakan Agro
Commodities Trading Co LLC was incorporated in 1996 and is engaged in the
import and distribution of fresh fruit and vegetables, general foodstuff and
beverages.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 2,000,000
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. |
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%)