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MIRA INFORM REPORT
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Report No. : |
493841 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HAKAN AGRO DMCC |
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Registered Office : |
BB2 Tower, 34th Floor Mazaya Business Avenue
Jumeirah Lakes Towers PO Box 31489 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
19.03.2005 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Subject is 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. |
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No. of Employees : |
45 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.
The global financial crisis of 2008-09, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
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 : Distributors 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
ADDRESS
Registered &
Physical Address
Building :
BB2 Tower, 34th Floor
Street :
Mazaya Business Avenue
Area :
Jumeirah Lakes Towers
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
Please note that subject’s previous address was, Almas
Tower, Suite 21-H, Jumeirah Lakes Towers, Sheikh Zayed Road, Dubai.
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
·
Essa Abdullah
Mohamed Zaman Kamali Emirati Director
· 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 (100%).
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: Brazil and the United States of
America
International
Suppliers:
· Tyson
Corp United
States of America
· Pilgrim
Inc United
States of America
· Doux Brazil
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 30/06/15: Year Ending
30/06/16: Year Ending
30/06/17:
Total Sales UAE
Dh 3,822,898,000 UAE Dh
3,651,512,000 UAE Dh
3,700,000,000
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
The subject and its shareholders/owners have been searched in
the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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UAE DH |
1 |
INR 17.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.