MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	HAKAN AGRO DMCC
Registered Office :	Almas Tower, Suite 21-H, Jumeirah Lakes Towers, Sheikh Zayed Road, PO Box 31489, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2012
Date of Incorporation :	19.03.2005
Legal Form :	Free Zone Company
Line of Business :	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.
No. of Employees :	45

NOTES :

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ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

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 country 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. 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.

Source : CIA

SUMMARY

Company Name : HAKAN AGRO DMCC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Company – FZ LLC

Registration Date : 19^th 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 : 19^th March 2005

Legal Form : Free Zone Company – FZ LLC

DMCC No. : 0217

Trade Licence No. : 30158 (Expires 18/03/2014)

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, 9^th 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: Year Ending 31/12/12:

Total Sales UAE Dh 2,597,777,000 UAE Dh 3,408,832,000

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.60.18
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

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