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Report No. : |
331923 |
|
Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MODERN BAKERY LLC |
|
|
|
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Registered Office : |
Modern Bakery Building (Zommorodha Building), Umm Hurrair Road, Karama
Area, Deira, PO Box 5558, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.01.1976 |
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|
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Com. Reg. No.: |
40299 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Subject’s
activities are performed through the following divisions:
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|
|
|
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No. of Employees : |
1,400 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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. 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 and
ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 :
1,400
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 (Zommorodha 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
Mozaha Swiedan Al Sayed Director
Rafiya Bint Ali Al Owais Director
Prakash Lalshman Finance
Manager
Syed Manzar Ali Sales
Manager
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
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
Gist Brocades NV The
Netherlands
Ezeelandia The
Netherlands
Zelandia The
Netherlands
Prestige Group Ltd United
Kingdom
Barry Callebaut Switzerland
Kerry Aptunion France
Algist Bruggemann Belgium
Appolinaris Germany
Bonlac Foods Australia
Eichner International India
Campbell Malaysia
SIS'88 PTE Limited Singapore
Operating Trend: Steady
Subject has a workforce of approximately 1,400 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 650,000,000 UAE Dh
672,000,000
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.99.13 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.