MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
B G PARA PHARMACEUTICAL FACTORY LLC |
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Registered Office : |
Industrial Area
No. 2, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 31721, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.02. 2001 |
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Com. Reg. No.: |
56081, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Production of Medical and Surgical Requisites |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : B G PARA PHARMACEUTICAL FACTORY LLC
Also Known As : B G CAPSULES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th February 2001
Commercial Registration Number : 56081, Dubai
Trade Licence Number : 524428
Chamber Membership Number : 62370
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 75
Activities : Production of medical and surgical requisites
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
B G PARA
PHARMACEUTICAL FACTORY LLC
ALSO KNOWN AS
B G CAPSULES
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 2
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 31721
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8801590
Facsimile : (971-4) 8801580
Mobile : (971-50) 7497521
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
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Wasifi Adeeb
Attaya American Managing Director
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Abdul
Jalil Al Balouki Emirati Director
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Izzat Safarini - General
Manager
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Jamal Al Farr - Production
Manager
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Jamal
Al Raizi - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
February 2001
History : Subject was originally established in 2001
between the following shareholders:
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Wasifi Adeeb Attaya
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Abdullah Al Hajiri
However in late 2007, Abdullah Al Hajiri
withdrew from the company after
assigning his share to Mr Abdul Jalil Al Balouki.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56081, Dubai
Trade Licence No. : 524428
(Expires 18/02/2009)
Chamber Member No.: 62370
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name
of Shareholder (s) Percentage
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Abdul
Jalil Al Balouki 51%
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Wasifi Adeeb
Attaya 49%
AFFILIATED COMPANIES
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Sun
Engineering & Contracting LLC
Dubai
OPERATIONS
Activities: 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
United States of America
Operating Trend: Steady
Subject has a
workforce of 75 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
22,300,000 UAE Dh
28,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Jamal Al Raizi, Sales
Manager
BANKERS
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National Bank of
Dubai
Baniyas Street
PO Box : 777
Dubai
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.
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%)