MIRA
INFORM REPORT
|
Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GIGI DRUG STORE
EST |
|
|
|
|
Registered Office : |
Al Sharki
Building, 15th Floor, Al Falah Street, P O Box 24, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
9th May 1970 |
|
|
|
|
Com. Reg. No.: |
1809, Abu Dhabi |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of medicines, cosmetics and disposable medicine. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : GIGI DRUG STORE EST
Also Known As : GIGI PHARMACY
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : General Partnership
Registration Date : 9th May 1970
Commercial Registration Number : 1809, Abu Dhabi
Trade Licence Number : 1148
Membership Number : 1198
Partners Capital : UAE Dh 200,000
Total Workforce : 15
Line of Business : Import and distribution of medicines, cosmetics and disposable
medicines.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GIGI DRUG STORE EST
ALSO KNOWN AS
GIGI PHARMACY
ADDRESS
Registered & Physical Address
Building : Al Sharki Building, 15th
Floor
Street : Al Falah Street
PO Box : 24
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6341049 / 6326862
Facsimile : (971-2) 6311316
Email : gigi@emirates.net.ae
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Abu Dhabi.
Branch Office (s)
Location Description
·
Sharjah Rented
office & warehouse
Tel: (971-6) 5598006
KEY PRINCIPALS
Name Nationality Position
·
Mathew
Varghese Indian Managing
Partner
·
Mohamed Al
Rumaithy Emirati Partner
·
K.O. Thomas - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
May 1970
Legal Form :
General Partnership
Commercial Reg. No. : 1809, Abu
Dhabi
Trade Licence No. : 1148
(Valid until 08/01/2008)
Membership No. : 1198
Partners Capital : UAE Dh 200,000
Name of Partner (s) Percentage
·
Mohamed Al
Rumaithy 51%
·
Mathew
Varghese 49%
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
medicines, cosmetics and disposable medicine.
Import Countries
: Spain and China.
International
Suppliers :
·
Shorti
Corporation Spain
·
Shanghai Ltd China
Operating Trend
: Steady
Subject has a
workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales UAE Dh 6,275,000 UAE Dh 6,550,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
·
Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
·
ANZ
Grindlays Bank Plc
PO Box : 241
Abu Dhabi
Tel : (971-2) 6270870
Fax : (971-2) 6271766
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Gigi Drug Store Est
has been in business for over 35 years and has gained a good reputation for the
quality of the medical and cosmetic products that it supplies.
No problems have
been noted regarding the manner in which payment obligations are fulfilled and
the operating history is clear. As such the subject is deemed good for normal
business relations.
Maximum suggested
credit figure: US$ 250,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)