MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEO PHARMA LLC |
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Registered Office : |
Mussafah
Industrial Area, P O Box 72900, Abu Dhabi |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1st February 1999 |
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Com. Reg. No.: |
39730, Abu Dhabi |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
manufacture of pharmaceuticals and medicines. |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NEO PHARMA LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st February 1999
Commercial Registration Number : 39730, Abu Dhabi
Trade Licence Number : 57988
Membership Number : 77327
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Total Workforce : 75
Line of Business : Manufacturers of pharmaceuticals and medicines.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NEO PHARMA LLC
ADDRESS
Registered & Physical Address
Location : Mussafah Industrial Area
PO Box : 72900
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5501000
Facsimile : (971-2) 5501199
Email : neopharma@neopharma.com
Premises
Subject operates
from a suite of offices and a factory covering 100,000m2 that are owned and
located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Dr B R Shati Indian Managing Director
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Dr Abdulrahim
Abdullah Al Zarouni Emirati Director
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Abdullah Al
Mazrouie Emirati Director
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Nahyan Mubarak
Al Nahyan Emirati Director
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Dr G Sridhar - General
Manager
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J Prakash - Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
February 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 39730, Abu
Dhabi
Trade Licence No. : 57988
(Expires 27th March 2008)
Membership No. : 77327
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of Shareholder (s)
·
Dr B R Shati
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Dr Abdulrahim
Abdullah Al Zarouni
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Abdullah Al
Mazrouie
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Nahyan Mubarak
Al Nahyan
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 recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the manufacture of
pharmaceuticals and medicines.
Production Capacity : 708 million units per year.
Export Countries
: Libya, Oman, Belgium,
Saudi Arabia, Iraq, Yemen and Bahrain.
Subject has a
workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Saudi Arabia are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
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Abu Dhabi
Commercial Bank
Corniche Street
PO Box : 2054
Abu Dhabi
Tel : (971-2) 6275500
Fax : (971-2) 6275400
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1999, subject is involved in the manufacture of pharmaceuticals and medicines.
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$ 350,000
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. |
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%)