MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
B G |
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Registered Office : |
Industrial Area No. 2, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box – 31721, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.02.2001 |
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Com. Reg. No.: |
56081, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the production of medical and surgical requisites,
specialising in empty hard gelatine capsules. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
B G
Also Known As : B G CAPSULES
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 19th February 2001
Commercial Registration Number :
56081,
Trade Licence Number : 524428
Membership Number : 62370
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 75
Line of Business : Producers of medical and surgical requisites.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
B G
ALSO KNOWN AS
B G CAPSULES
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 2
Street :
Area : Jebel Ali Free Zone
PO Box : 31721
Town :
Country :
Telephone : (971-4) 8801590
Facsimile : (971-4) 8801580
Email : bgpharma@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
Wasifi Adeeb Attaya American Managing Director
Abdullah Al Hajiri Emirati Director
Izzat Safarini - Commercial Manager
Jamal Al Farr - Production Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th February 2001
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. :
56081,
Trade Licence No. : 524428 (Expires 18th February 2008)
Membership No. : 62370
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Abdullah Al Hajiri 51%
Wasifi Adeeb Attaya 49%
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 300,000, 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
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 production of medical and
surgical requisites, specialising in empty hard gelatine capsules.
Subject’s plant was built, as a turnkey project by Technophar, a Canadian company acknowledged as one of the leading companies in this field.
Production Capacity : 1 billion capsules per year.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year Ending 31/12/05: Year Ending 31/12/06:
Total Revenue UAE Dh 19,200,000 UAE Dh 22,300,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of
PO Box : 777
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2001, subject is involved in the production of medical and surgical requisites, specialising in empty gelatine capsules that it produces in quantities of 1 billion per year.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.
Maximum suggested credit figure: US$ 150,000
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 |
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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%)