MIRA INFORM REPORT

 

 

Report Date :           

31.07.2012

 

IDENTIFICATION DETAILS

 

Name :

HAKAN AGRO DMCC

 

 

Registered Office :

Almas Tower, Suite 21-H, Jumeirah Lakes Towers, Sheikh Zayed Road, P O Box 31489, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.03.2005

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Import and distribution of agro-food commodities

 

 

No. of Employees :

45

 

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

 

Status :

Good

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : HAKAN AGRO DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Company – FZ LLC

Registration Date                                   : 19th March 2005

DMCC Number                                      : 0217

Trade Licence Number                            : 30158

Chamber Membership Number                : 95940

Issued Capital                                        : UAE Dh 250,000,000

Paid up Capital                                      : UAE Dh 250,000,000

Total Workforce                                     : 45

Activities                                               : Import and distribution of agro-food commodities

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ahmed Batroay, Financial Controller

 

 

 

COMPANY NAME

 

HAKAN AGRO DMCC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Almas Tower, Suite 21-H, Jumeirah Lakes Towers

Street               : Sheikh Zayed Road

PO Box             : 31489

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 4230700

Facsimile          : (971-4) 4230707

Mobile               : (971-50) 6257941 / 4564835 / 5342670

Email                : dubai@hakanfoods.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Dubai.

 

Branch Offices

 

     Location                                                                                          Description

·       Al Quoz Industrial Area                                                                      Warehouse premises

Dubai

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Hakan Bahceci                                               Turkish                        Chief Executive Officer

 

·       Sudhakar Vardhan Singh Tomar                       Indian                          Managing Director

 

·       Essa Abdullah Mohamed Zaman Kamali           Emirati                        Director

 

·       Jim Kaffery                                                          -                            Finance Manager

 

·       Koray Ozkan                                                       -                            Business Development Manager

 

·       Ahmed Batroay                                                    -                            Financial Controller

 

·       K S Parkash                                                       -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th March 2005

 

Legal Form                  : Free Zone Company – FZ LLC

 

DMCC No.                    : 0217

 

Trade Licence No.       : 30158

 

Chamber Member No. : 95940

 

Issued Capital              : UAE Dh 250,000,000 (increased from UAE Dh 1,000,000 in March 2011)

 

Paid up Capital            : UAE Dh 250,000,000 (increased from UAE Dh 1,000,000 in March 2011)

 

Name of Shareholder (s)                                              Percentage

 

·       Hakan Holdings Ltd                                                       100%

Jebel Ali Free Zone

Dubai

 

Please note that Hakan Holdings Ltd is owned by Mr Hakan Bahceci (95%) and Mr Sudhakar Vardhan Singh Tomar (5%).

 

 

AFFILIATED COMPANIES

 

·       Hakan Agro Commodities Trading Co LLC

Green Tower, 9th Floor, Suite 904

Baniyas Road

Rigga Al Bateen

PO Box: 31489

Dubai

Tel: (971-4) 2287818

Fax: (971-4) 2274434

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of agro-food commodities such as oil and oilseeds, pulses, frozen meats and dairy products, animal feeds, spices, dried fruits, packaging materials and specialty products.

 

Hakan Agro DMCC is the only agri-food commodities trading company in the United Arab Emirates to be awarded the prestigious ISO 9001-2000 and HACCP certifications.

 

Import Countries: Europe and the Far East.

 

Brand Names: MI PIACE, MR CHIXS, RAPCHICK, YENI DAD, KRAL, DIVAS and SARA

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                                        Year Ending 31/12/11:

 

Total Sales                                                        UAE Dh 2,597,777,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Ahmed Batroay, Financial Controller

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.55.44

UK Pound

1

Rs.87.12

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.