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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

508260

Report Date :

10.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BROOKS GENERAL TRADING CO. LLC 

 

 

Formerly Known As :

BROOKS TRADING CO. (L.L.C)

 

 

Registered Office :

Emirates Islamic Bank Building, Office 309, 3rd Floor, Baniyas Road, Al Sabkha Area, Deira, Near to Murshid Bazaar, 6996 Dubai, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

22.08.1976

 

 

Com. Reg. No.:

205534

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

Trading as importers and wholesalers of foodstuff, mainly dry fruits and spices.

 

Subject’s list of products include:

 

- Pistachios (In Shell);

- Pistachio Kernels;

- Almonds (In Shell);

- Almonds Kernels;

- Walnuts (In Shell);

- Walnut Kernels;

- Cashews;

- Prunes;

- Raisins;

- Figs;

- Popcorn Kernels;

- Cardamom;

- Black Pepper;

- Cumin Seeds;

- Dry Ginger;

- Cassia;

- Coffee Beans;

- Cloves.  

 

 

No. of Employees :

28  

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

BRIEF SUMMARY 

 

COMPANY NAME

BROOKS GENERAL TRADING CO. LLC 

 

ADDRESS

Building

Street

Area

PO Box

Emirates Islamic Bank Building,  Office 309, 3rd Floor 

Baniyas Road

Al Sabkha Area, Deira, near to Murshid Bazaar 

6996 Dubai

 

TEL/FAX 

Verified Phones: (+971 4) 226 8791 / Fax: (+971 4) 226 7160

EMAIL/WEBSITE

Email: info.brooks@brookstrading.ae / Website: www.brookstrading.ae (under construction)

ACTIVITY

NACE 4637 - Wholesale of coffee, tea, cocoa and spices; NACE 4690 - Non-specialised wholesale trade; 

PRINCIPAL 

Vishal Shamlal Chhabria

Workforce 

Managing Director 

28  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

22/08/1976

205534

Limited Liability Company 

Active

CAPITAL

CURRENCY

AMOUNT

AED 

300,000  

             

 

IDENTIFICATION

 

CO. NAME

BROOKS GENERAL TRADING CO. LLC

TRADEMARK

DC BROOKS

FORMER NAME

BROOKS TRADING CO. (L.L.C)

BUILDING

Emirates Islamic Bank Building, Office 309, 3rd Floor 

STREET

Baniyas Road

AREA

Al Sabkha Area, Deira, near to Murshid Bazaar  

POSTAL ADDRESS

6996 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 226 8791 / Mobile (+971 50) 645 6609

FAX

(+971 4) 226 7160 

VERIFIED EMAIL

info.brooks@brookstrading.ae /  lavina@brookstrading.ae

WEBSITE

www.brookstrading.ae (under construction)

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-18:00

14:00-15:00

REGISTERED ADDRESS

Office 308 & 309 & 310, 3rd Floor, Baniyas Road,  Al Sabkha Area, Deira 

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Vishal Shamlal Chhabria

Managing Director 

Rajesh S. Karadia

Accounts Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

28

05.2018

25

01.2017

 

 

FINANCIAL SUMMARY

 

Sales

31/12/2017

31/12/2018 (Projected)

AED 415,000,000

AED 450,000,000

NET PROFIT / (LOSS)    

Not given but stated to be profitable

FISCAL YEAR-END

31 December 

 

 

LEGAL STATUS

 

INCORPORATION

22/08/1976

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 205534

(expiry date: 27/12/2018)  

Dubai Department of Economic Development 

OTHER REGISTRATION NO.     

C.R. No.: 51028 / DCCI Membership No.: 405 (issued on: 03/10/1976)

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

300,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

300,000

AED

LEGAL FORM 

Limited Liability Company 

BUSINESS HISTORY 

The Company was incorporated in Dubai on 22 August 1976 under the name Brooks Trading Co. (L.L.C). Later on, subject changed its name to the present style.    

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Shamlal Tikamdas Chhabria

   Nationality: Indian

 

2. Vishal Shamlal Chhabria

   Nationality: Indian

 

3. Mohammed Dawod Abdulrahman Eyal*

   Nationality: Emirati

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

24.00%

 

 

25.00%   

 

 

51.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATION 

 

BANKERS   

1. Habib Bank AG Zurich

   367-1013, Umm Al Sheif,

   Opposite Gold & Diamond Park,

   Sheikh Zayed Road

   P.O. Box : 3306

   Dubai

   Telephone: (+971 4) 373 5200

   Fax      : (+971 4) 260 7999

 

2. Bank of Baroda

   Deira Dubai Branch, Al Kuwaiti Building

   Baniyas Road

   Deira

   PO Box: 5107

   Telephone: (+971 4) 260 0900

   Fax      : (+971 4) 228 6020

ACTIVITY CODE (NACE)    

NACE 4637 - Wholesale of coffee, tea, cocoa and spices; NACE 4690 - Non-specialised wholesale trade;

LINE OF BUSINESS    

Trading as importers and wholesalers of foodstuff, mainly dry fruits and spices.

 

Subject’s list of products include:

 

- pistachios (in shell);

- pistachio kernels;

- almonds (in shell);

- almonds kernels;

- walnuts (in shell);

- walnut kernels;

- cashews;

- prunes;

- raisins;

- figs;

- popcorn kernels;

- cardamom;

- black pepper;

- cumin seeds;

- dry ginger;

- cassia;

- coffee beans;

- cloves.  

IMPORT FROM

USA, Australia, Guatemala, Tanzania, Vietnam and Singapore.

EXPORT TO 

GCC countries, Bahrain, Qatar, Saudi Arabia, Kuwait, Oman, India, Pakistan and Russia.

TRADE REFERENCES 

1. Monte De Oro, S.A.

   Diagonal 6 10-65 Zona 10 Centro, Gerencial

   Las Margaritas Torre 1, Nivel 14 

   Guatemala  

 

2. OOO Mirtorg

   Gorkogo Street 176g, Liter A

   Kalningrad 236029

   Russia

 

3. Zanzibar State Trading Corporation

   Zanzibar, Tanzania

   Tel: (+255 24) 223 0271 / 223 2577

   Fax: (+255 24) 223 1550

FACILITIES

Leased premises comprising administrative offices located at the heading address as well as registered branch with integrated wholesale store located in Al Ras Area. Subject also has one branch office elsewhere in Dubai (see “Branch Offices” below).  

BRANCH OFFICES

1. Brooks General Trading Co. L.L.C (Branch)

   Deira, Al Ras Area

   Dubai

   UAE

   Est.: 02/01/2014

   Trade License No.: 701110 (expiry date:  

   01/01/2019)

 

2. Al Asayel Street 198

   Al Quoz Industrial Area 3-368

   Hadaeq Mohammed Bin Rashid

   Dubai

   UAE  

   Telephone: (+971 4) 340 0256 / (+971 4)

   226 7160  

RELATED COMPANIES

Associate

 

Brooks General Trading Company Limited

Uganda

Est.: 18/07/2012

Registration No.: 80010003756649 

 

 

PAYMENT 

 

CREDIT OPINION   

We consider it is acceptable to deal with subject for LARGE amounts.

FINANCIAL STRENGTH     

Normal

EMPLOYEE RANGE    

ER5

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Rajesh S. Karadia (Accounts Manager).

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.38

UK Pound

1

INR 91.09

Euro

1

INR 79.75

UAE Dh

1

INR 18.34

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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.