|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MODERN GENERAL TRADING LLC |
|
|
|
|
Registered Office : |
Mohamed Sharif Al
Faheem Building, Al Ras Street, Al Ras, P O Box 5558, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.02.1987 |
|
|
|
|
Com. Reg. No.: |
40299, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
importer and distributor 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 |
|
|
|
|
No. of Employees : |
320 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
Company Name : MODERN GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th February 1987
Commercial Registration Number : 40299, Dubai
Trade Licence Number : 200676
Chamber Membership Number : 12119
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 320
Activities : Distributors of general foodstuff products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : N Shaji, Financial Manager
MODERN GENERAL
TRADING LLC
Registered &
Physical Address
Building : Mohamed Sharif Al Faheem Building
Street : Al Ras Street
Area : Al Ras
PO Box : 5558
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2263059 / 3371100
Facsimile : (971-4) 3370064 / 2261638
Mobile : (971-50) 5640083
/ 7747918 / 6293012
Email : mbakery@emirates.net.ae / saeed@mgtuae.com
Premises
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Umm Al
Hurair Road Rented
warehouse premises
Karama
Area
Dubai
Tel: (971-4) 3370495
Fax: (971-4) 3370064
·
Al Quoz
Industrial Area 1 Rented
warehouse premises
Dubai
Tel: (971-4) 3475758 / 3474722
Fax: (971-4) 3473238 / 3473076
Name Position
·
Humaid
Bin Ali Al Owais Managing
Director
·
Humaid
Bin Nasser Al Owais Director
·
Mohamed
Bin Nasser Al Owais Director
·
Abdul
Qader Al Aqqad Director
·
Dr
Fawaz Ahmed Al Bahri General
Manager
·
N Shaji Financial
Manager
·
Sayed
Ahmed Commercial
Manager
Date of Establishment : 18th
February 1987
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40299, Dubai
Trade Licence No. : 200676
(Expires 04/02/2014)
Chamber Member No. : 12119
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s)
·
Humaid
Bin Ali Al Owais
·
Humaid
Bin Nasser Al Owais
·
Mohamed
Bin Nasser Al Owais
·
Abdul
Qader Al Aqqad
·
Modern
Bakery LLC
Umm Hurair Street
PO Box: 5558
Dubai
Tel: (971-4) 3371100
Fax: (971-4) 3370064
Email: info@modernbakery.com
Activities: 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: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of approximately 320 employees.
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 Revenue UAE Dh 252,000,000 UAE Dh 260,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr N Shaji, Financial Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints regarding
subject’s payments have been reported.
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.63.79 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
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 |
|
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 |
|
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 |
|
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.