MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MEDPHARMA PHARMACEUTICAL & CHEMICAL INDUSTRIES CO LLC |
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Registered Office : |
Industrial Area No. 15, P. O. Box 25235, Sharjah, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
28109 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of pharmaceutical preparations, including capsules, syrups, antibiotics and hygiene products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
MEDPHARMA PHARMACEUTICAL & CHEMICAL INDUSTRIES CO LLC |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1998 |
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Commercial
Registration Number |
28109, Sharjah |
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Trade Licence Number |
3759 |
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Membership Number |
36698 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
120 |
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Line of Business |
Manufacturers of pharmaceutical preparations. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MEDPHARMA PHARMACEUTICAL & CHEMICAL INDUSTRIES CO LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 15
PO Box : 25235
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5440555
Facsimile : (971-6) 5440500
Email : medpharm@emirates.net.ae
Premises
Subject
operates from a large suite of offices and a factory that are owned and located
in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Sheikh
Mohamed Bin Saqer Al Qassimi Emirati Managing Director
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Dr
Adnan Ali Salem Abiyat Omani Director
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Yanouf
Ali Salem Abiyat Omani Director
·
Ali
Abdul Karim Al Nimla - Director
·
Abdullah
Abdul Karim Al Nimla - Director
·
Dr
Tamimi Mohamed - Marketing
Manager
·
Dr
Shamrez Ali Mohamed - Research
& Development
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th April 1996
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 28109, Sharjah
Trade License No. : 3759 (Valid until 14/04/2006)
Membership No. : 36698
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Sheikh
Mohamed Bin Saqer Al Qassimi 51%
·
Ali
Abdul Karim Al Nimla 13%
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Abdullah
Abdul Karim Al Nimla 13%
·
Dr
Adnan Ali Salem Abiyat 12%
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Yanouf
Ali Salem Abiyat 11%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC)
should not be less than UAE Dh 150,000, which should be divided into equal
shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognized by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations
Engaged
in the manufacture of pharmaceutical preparations, including capsules, syrups,
antibiotics and hygiene products.
Import
Countries
Europe
and the Far East.
Operating
Trend
Steady
Subject
has a workforce of 120 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/03 : Year
Ending 31/12/04 :
Total
Revenue UAE Dh
11,900,000 UAE Dh
13,500,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1996, Medpharma Pharmaceutical & Chemical Industries Co LLC specialises
in the manufacture of pharmaceutical preparations, including capsules, syrups,
antibiotics and hygiene products.
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.
Maximum
suggested credit figure: US$ 200,000
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 |