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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
BARAKAT VEGETABLES AND FRUIT CO LLC |
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Registered Office : |
New Vegetable Market,
Shop No. 27A, Block No. 2, Al Aweer Industrial Area, P O Box 11286, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.01.1978 |
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Com. Reg. No.: |
40687, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of fresh fruits and vegetables. |
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No. of Employees : |
250 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab
Emirates |
A2 |
A2 |
|
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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name : BARAKAT VEGETABLES AND FRUIT CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st January 1978
Commercial Registration Number : 40687, Dubai
Trade Licence Number : 204942
Chamber Membership Number : 3973
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 250
Activities : Wholesale and retail of fresh fruits and vegetables.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sudakar Kunhunny, Finance Manager
BARAKAT VEGETABLES
AND FRUIT CO LLC
Registered &
Physical Address
Location : New Vegetable Market, Shop No.
27A, Block No. 2
Area : Al Aweer Industrial Area
PO Box : 11286
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3335666 / 2726584 / 2725212 /
2726768 / 3202828 / 3335666 / 3331227
Facsimile : (971-4) 3335665 / 2731522 / 2727970
/ 3201331 / 3200040
Email : bvfco@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a shop and storage facilities that are owned and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Vegetable
Market, Shop No. 21 Shop
premises
PO Box: 2017
Mina Zayed
Abu Dhabi
Tel: (971-2) 6727091
Fax: (971-2) 6787073
·
Industrial
Area No. 11 Warehouse
premises
Sharjah
Tel: (971-6) 5341334
Fax: (971-6) 5342649
Email: bktshj@emirates.net.ae
·
Al Ain Warehouse
premises
Tel: (971-3) 7825868 / 7825767
Fax: (971-3) 7825886
Name Nationality Position
·
Ghanem
Mohamed Obaid Al Hajri Emirati Managing Director
·
Farooq
Mahmood Mohamed Mahmood Arjomand Emirati Director
·
Mohamed
Ali Rashid Al Abbar Emirati Director
·
Mahmood
Ahan Ali Foulad Fard Iranian Director
·
Jay Raman - Chief
Executive Officer
·
Vivek
Dhume - Marketing
Manager
·
C Shiva
Rama - Sales
Manager
·
Jadaish Jay Raj - Commercial
Manager
·
Sudakar Kunhunny - Finance
Manager
·
M Sudhakar - Financial
Controller
·
Ashok
Deshpande - Branch
Manager – Abu Dhabi
Date of Establishment : 21st
January 1978
History : Subject was originally established in 1978 as
a Sole Proprietorship of Mr Mohamed Fulafud Barakat under the trading name of
“Barakat Vegetables & Fruit Stores”.
In September 1997, subject’s
present owners changed its legal status to a Limited Liability Company under
the new name of “Barakat Vegetables & Fruit Co LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40687, Dubai
Trade Licence No. : 204942
Chamber Member No. : 3973
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Mahmood
Ahan Ali Foulad Fard 44%
·
Farooq
Mahmood Mohamed Mahmood Arjomand 20%
·
Mohamed
Ali Rashid Al Abbar 20%
·
Ghanem
Mohamed Obaid Al Hajri 16%
·
Barakat Quality Plus LLC
Dubai
Activities: Engaged in the wholesale and retail of
fresh fruits and vegetables.
Import
Countries: The Netherlands,
France, Italy, Spain, the United States of America, Chile, Kenya, South
Africa, Australia, Indonesia, Korea,
China and Thailand
International
Suppliers:
·
Rungimex
SA France
·
Pascual
Holland BV Netherlands
Brand Names: FRESH PACK, MSI, FUJI, JOHNY SEED and VENLO
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
352,000,000 UAE Dh
370,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sudakar Kunhunny,
Finance Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints regarding
subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 60
days 60 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling Euros Pounds Sterling
Established in
1978, subject is involved in the wholesale and retail of fresh fruits and
vegetables under the brand names Fresh Pack, MSI, Fuji, Johny Seed and Venlo.
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.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
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 |
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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 |
|
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 |
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.