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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW MEDICAL CENTER TRADING LLC |
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Registered Office : |
Salih Ghanim Al
Hamli Building Rashid Bin Saeed Street PO Box 6222 AbuDhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.08.1991 |
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Com. Reg. No.: |
20321, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of pharmaceuticals, medical, scientific and consumer products and fast moving consumer goods. |
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No. of Employees : |
22 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful
efforts at economic diversification have reduced the portion of GDP based on
oil and gas output to 25%. Since the discovery of oil in the UAE more than 30
years ago, the UAE has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US, however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. The economy is expected to continue a slow
rebound. Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE''s strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source
: CIA
Company Name : NEW MEDICAL CENTER TRADING LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th August 1991
Commercial Registration Number : 20321, Abu Dhabi
Trade Licence Number : 1027356
Chamber Membership Number : 13731
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 22
Activities : Distributors of pharmaceuticals, medical, scientific and consumer products and fast moving consumer goods.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
NEW MEDICAL CENTER TRADING LLC
Building : Salih Ghanim
Al Hamli Building
Street : Rashid Bin
Saeed Street
PO Box : 6222
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6734300
/ 6332255 / 6179465 / 6179265
Facsimile : (971-2)
6734122 / 6332256
Email : nmctdg@emirates.net.ae
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Abu Dhabi.
Name Nationality Position
· Binay Raguram
Shetty Indian Managing
Director
· Nasser Bin Saeed
Al Qubaisi Emirati Director
· Prashant Managhat - Chief
Financial Officer
Date of
Establishment : 26th
August 1991
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 20321, Abu Dhabi
Trade Licence No. : 1027356 (Expires 24/06/2013)
Chamber Member No. : 13731
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· Nasser Bin Saeed
Al Qubaisi 51%
· Binay Raguram
Shetty 49%
· New Marketing
& Trading LLC
Abu Dhabi
· Beirsdorf Cosmetic
Trading LLC
Abu Dhabi
· New Medical Centre
Trading Est
Dubai
· New Medical Centre
Est
Abu Dhabi
Activities: Engaged in the import and distribution of pharmaceuticals, medical,
scientific and consumer products and fast moving consumer goods.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 22 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE
Dh 9,650,000 UAE Dh
10,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2)
8004440 / 6147259
Fax: (971-2)
6331564
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.44 |
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1 |
Rs.89.31 |
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Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.