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Report Date : |
25.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MODERN BAKERY LLC
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Formerly Known as : |
Modern Bakery & Supermarket |
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Registered Office : |
Modern Bakery Building,
Umm Hurrair Road, Karama Area, Deira, P O Box 5558, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.01.1976 |
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Com. Reg. No.: |
40299, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s activities are performed through
the following divisions: · Bakery Division Engaged in the import and distribution of bakery
products, such as bread, cakes, biscuits, pastries and confectionery, as well
as bakery equipment. · Modern General Trading Division Established on 1st May 1987,
this division operates a number of supermarkets and retail outlets located
throughout the United Arab Emirates, specialising in the distribution and
retail of general foodstuff and bakery products. |
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No of Employees : |
1,380 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 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 BAKERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th January 1976
Commercial Registration Number : 40299, Dubai
Trade Licence Number : 300367
Industrial Licence Number : 580664
Chamber Membership Number : 11211
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 1,380
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Prakash Lalshman, Finance Manager
MODERN BAKERY LLC
Registered &
Physical Address
Building : Modern Bakery Building
Street : Umm Hurrair Road
Area : Karama Area, Deira
PO Box : 5558
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3371100 / 3231792 / 3371144 /
3472068
Facsimile : (971-4) 3370064
Email : mbakery@emirates.net.ae / prakash@modernbakeryllc.om
Premises
Subject operates
from a large suite of offices that are owned and located in the Central Business
Area of Dubai.
Branch Office (s)
Location Description
·
Bur
Dubai Retail
outlet
Dubai
Tel: (971-4) 2263059
Fax: (971-4) 2261638
·
Al Quoz
Industrial Area Retail
outlet
Dubai
Tel: (971-4) 3474700 / 3475758 / 3402026
·
Baniyas
Street Retail
outlet
Deira
Dubai
Tel: (971-4) 2231792
·
Al
Karama Retail
outlet
Dubai
Tel: (971-4) 3375776
·
Electra
Street Retail
outlet
Abu Dhabi
Tel: (971-2) 6332281
Fax: (971-2) 6793132
·
Market
Road Retail
outlet
Abu Dhabi
Tel: (971-2) 6335464
·
Hamdan
Street Retail
outlet
Abu Dhabi
Tel: (971-2) 6727784
·
Near
Clock Tower Retail
outlet
Al Ain
Tel: (971-3) 654533
·
Sharjah Retail
outlet
Tel: (971-6) 5372035
·
Ras Al
Khaimah Retail
outlet
Tel: (971-7) 2226414
Fax: (971-7) 2227234
Name Position
·
Mohamed Bin Naser Bin Sultan Al Owais Managing
Director
·
Humaid
Bin Naser Al Owais Director
·
Abdullah
Bin Sultan Al Owais Director
·
Abdul
Qader Al Accad Director
·
Dr
Fawaz Al Bahri Director
·
Ali Bin
Ahmed Sultan Al Owais Director
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Mozaha
Swiedan Al Sayed Director
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Rafiya
Bint Ali Al Owais Director
·
Prakash
Lalshman Finance
Manager
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Syed
Manzar Ali Sales
Manager
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Sharif
Aurrab Technical
Manager
·
Mustafa
Al Amar Manager
– Bakery Division
·
Mohamed
Nasim Manager
– Modern General Trading Division
Date of Establishment : 18th
January 1976
History : Subject was originally established in 1976 as
a General Partnership under the
name of “Modern Bakery & Supermarket”.
In mid-1997, subject changed its legal status
to a Limited Liability Company and
re-registered under the new name
of “Modern Bakery LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40299, Dubai
Trade Licence No. : 300367
(Expires 10/03/2015)
Industrial Licence No. : 580664
Chamber Member No. : 11211
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Mohamed Bin Naser Bin Sultan Al Owais 16.75%
·
Humaid
Bin Naser Al Owais 16.75%
·
Dr
Fawaz Al Bahri 16.50%
·
Abdul
Qader Al Accad 10.00%
·
Ali Bin
Ahmed Sultan Al Owais 10.00%
·
Mozaha
Swiedan Al Sayed 10.00%
·
Rafiya
Bint Ali Al Owais 10.00%
·
Abdullah
Bin Sultan Al Owais 10.00%
·
Al
Owais Al Accad Pharmaceutical Equipment Co
PO Box: 597
Sharjah
Tel: (971-6) 5333888 / 5330388
Fax: (971-6) 5335855
This
business was established in 1989 as a General Partnership under Commercial Reg.
No 19096, Sharjah. It is engaged in the retail and distribution of
pharmaceutical products and health food.
·
Al
Accad Trading Co (G.C. Trading & Contracting)
Al Accad Building
Deira
PO Box: 4194
Dubai
Tel: (971-4) 660606 / 625010
Fax: (971-4) 661633
This business was established in 1963 as a
General Partnership and is engaged in the distribution of general merchandise
including building materials, electrical equipment, stationery and furniture.
·
Al
Accad Spare Parts
Al Accad Building
Deira
PO Box: 4194
Dubai
Tel: (971-4) 660606 / 625010
Fax: (971-4) 661633
This business was established in 1965 as a
Limited Liability Company and is engaged in the distribution and retail of automotive
spare parts and various accessories.
Activities: Subject’s activities are performed through
the following divisions:
· Bakery Division
Engaged in the import and distribution of
bakery products, such as bread, cakes, biscuits, pastries and confectionery, as
well as bakery equipment.
· Modern General Trading Division
Established on 1st May 1987, this
division operates a number of supermarkets and retail outlets located
throughout the United Arab Emirates, specialising in the distribution and
retail of general foodstuff and bakery products.
Import
Countries: Europe, United
States of America, Asia and Australia.
International
Suppliers:
·
Pepsi
Cola International United States of
America
·
Global
Marketing Inc United States of
America
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Gist
Brocades NV The
Netherlands
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Ezeelandia The Netherlands
·
Zelandia
The
Netherlands
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Prestige
Group Ltd United Kingdom
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Barry
Callebaut Switzerland
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Kerry
Aptunion France
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Algist
Bruggemann Belgium
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Appolinaris Germany
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Bonlac
Foods Australia
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Eichner
International India
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Campbell Malaysia
·
SIS'88
PTE Limited Singapore
Operating Trend: Steady
Subject has a
workforce of approximately 1,380 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 614,000,000 UAE Dh 650,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were
provided by Mr. Prakash Lalshman, Finance Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222111
Fax: (971-4) 2283000
Acc No. 01-50218205
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
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
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Indian Rupees |
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US Dollar |
1 |
Rs.60.11 |
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1 |
Rs.102.32 |
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Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.