MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MODERN GENERAL TRADING CO |
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Registered Office : |
Mohamed Sharif Al Faheem Building, Al Ras Street, Al Ras, P O Box - 5558 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.02.1987 |
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Com. Reg. No.: |
40299, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuff
products, including bakery products, beverages, dairy products, dried goods
and frozen foods, as well as bakery ingredients such as cheese, edible oil,
eggs and honey, olives, rice and sugar. |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
MODERN GENERAL TRADING CO
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
18th February 1987
Commercial Registration Number :
40299,
Trade Licence Number :
200676
Membership Number :
12119
Invested Capital :
UAE Dh 100,000
Total Workforce :
11
Line of Business :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
MODERN GENERAL TRADING CO
ADDRESS
Registered & Physical Address
Building : Mohamed
Sharif Al
Street :
Area : Al Ras
PO Box : 5558
Town :
Country :
Telephone : (971-4) 2263059
/ 3371100
Facsimile : (971-4)
3370064
Email : mbakery@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Al Quoz Industrial Area Rented
warehouse premises
Tel: (971-4) 3475758 / 3474722
Fax: (971-4) 3473076
KEY PRINCIPALS
Fawaz Ahmed Al Bahri Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 18th
February 1987
Legal Form : Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 40299,
Trade Licence No. : 200676
(Expires 4th February 2008)
Membership No. : 12119
Invested Capital : UAE
Dh 100,000
Mr Fawaz Ahmed Al Bahri is the sole proprietor of the business.
Note to the Legal Form Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
Modern Bakery LLC
Umm
PO Box : 5558
Tel : (971-4) 3371100
Fax : (971-4) 3370064
Email : info@modernbakery.com
LINE OF BUSINESS
Operations : Engaged in the
import and distribution of general foodstuff products, including bakery
products, beverages, dairy products, dried goods and frozen foods, as well as
bakery ingredients such as cheese, edible oil, eggs and honey, olives, rice and
sugar.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 11 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 2,890,000
UAE Dh 3,460,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of
PO Box : 777
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1987, subject is owned and managed by Mr Fawaz Ahmed Al
Bahri who is well respected in the local business community.
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 business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)