MIRA INFORM REPORT

 

 

Report Date :

30.11.2011

 

IDENTIFICATION DETAILS

 

Name :

NEO PHARMA LLC

 

 

Registered Office :

Mussafah Industrial Area, Plot No. A-189-95 PO Box 72900 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.02.1999

 

 

Com. Reg. No.:

39730, Abu Dhabi

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Manufacture of pharmaceuticals and medicines.

 

 

No. of Employees :

220

 

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$ 1,500,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                                     : 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

Industrial Licence Number                       : 667

Chamber Membership Number                : 77327

Issued Capital                                        : UAE Dh 20,000,000

Paid up Capital                                      : UAE Dh 20,000,000

Total Workforce                                     : 220

Activities                                               : Manufacture of pharmaceuticals and medicines.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : C V Mathew, Finance Manager

 

COMPANY NAME

 

NEO PHARMA LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Mussafah Industrial Area, Plot No. A-189-95

 

PO Box             : 72900

 

Town                 : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 5501000 / 6332255

Facsimile          : (971-2) 5501199

Email                : neopharma@neopharma.ae

 

Premises

 

Subject operates from a suite of offices and a factory covering an area of 100,000 square metres that are owned and located in the Industrial Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Dr B R Shetty                                                 Indian                          Managing Director

 

·       Dr Abdulrahim Abdullah Al Zarouni                    Emirati                        Director

 

·       Abdullah Al Mazrouie                           Emirati                        Director

 

·       Nahyan Mubarak Al Nahyan                             Emirati                        Director

 

·       Suresh Pain                                                         -                            General Manager

 

·       Janard Prakash                                                    -                            Marketing Manager

 

·       Parsant Mangat                                                   -                            Chief Financial Officer

 

·       C V Mathew                                                         -                            Finance 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 15/03/2012)

 

Industrial Licence No.  : 667

 

Chamber Member No. : 77327

 

Issued Capital              : UAE Dh 20,000,000

 

Paid up Capital            : UAE Dh 20,000,000

 

Name of Shareholder (s)                                Percentage

 

·       Nahyan Mubarak Al Nahyan                                       40%

 

·       Dr B R Shetty                                                           25%

 

·       Abdullah Al Mazrouie                                     25%

 

·       Dr Abdulrahim Abdullah Al Zarouni                              10%

 

 

AFFILIATED COMPANIES

 

·       New Medical Centre LLC

PO Box: 6555

Abu Dhabi

Tel: (971-2) 6332255

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals and medicines.

           

                 Subject is ISO 9001:2008 accredited.

 

Production Capacity : 708 million units per year.

 

Import Countries: India and Europe.

 

International Suppliers:

 

·       Diosna         Germany

·       Manesty       United Kingdom

 

Export Countries: Libya, Oman, Belgium, Saudi Arabia, Iraq, Yemen and Bahrain.

Operating Trend: Steady

 

Subject has a workforce of 220 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 146,200,000                  UAE Dh 150,000,000

 

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

The above figures were provided by Mr C V Mathew, Finance Manager

 

 

BANKERS

 

·       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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.93

UK Pound

1

Rs.80.62

Euro

1

Rs.69.36

 

 

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.