MIRA INFORM REPORT

 

 

Report Date :

08.07.2011

 

IDENTIFICATION DETAILS

 

Name :

B G PARA PHARMACEUTICAL FACTORY LLC

 

 

Formerly Known As :

B G CAPSULES

 

 

Registered Office :

Industrial Area No. 2 Sheikh Zayed Road Jebel Ali Free Zone PO Box 31721 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.02.2001

 

 

Com. Reg. No.:

56081, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Production of medical and surgical requisites

 

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 :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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                                     : 90

Activities                                               : Production of medical and surgical requisites

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Ms Meline Rio Florido, Administrative Officer

 

 

 

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

 

·       Wasifi Adeeb Attaya                                      American                      Managing Director

 

·       Abdul Jalil Al Balouki                                       Emirati                        Director

 

·       Izzat Safarini                                            -                            General Manager

 

·       Jamal Al Farr                                                       -                            Production Manager

 

·       Jamal Al Raizi                                                      -                            Sales Manager

 

·       Meline Rio Florido                                                -                            Administrative Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th February 2001

 

History                         : Subject was originally established in 2001 between the following shareholders:

 

                                      -  Wasifi Adeeb Attaya

                                      -  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

 

Chamber Member No. : 62370

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                     Percentage

 

·       Abdul Jalil Al Balouki                                                      51%

 

·       Wasifi Adeeb Attaya                                                       49%

 

 

AFFILIATED COMPANIES

 

·       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 90 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 33,600,000                   UAE Dh 35,750,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       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.

 

Please note that we were unable to contact the subject during our investigation. As a result the report has been compiled from registered information.

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.42

UK Pound

1

Rs.70.95

Euro

1

Rs.63.63

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.