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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
B G PARA PHARMACEUTICAL FACTORY LLC |
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Formerly Known As : |
B G CAPSULES |
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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) : |
31.12.2012 |
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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. |
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No. of Employees : |
23 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 country
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. 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 : 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 5,000,000
Paid up Capital : UAE Dh 5,000,000
Total Workforce : 23
Activities : Production of medical and surgical requisites.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Gamal Al Far, Assistant General Manager
B G PARA PHARMACEUTICAL FACTORY LLC
ALSO KNOWN AS: B G CAPSULES
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
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone.
Name Nationality Position
· Wasifi Adeeb
Attaya American Managing Director
· Omar Mohamed Al Shamsi Emirati Director
· Izzat Safarini - General
Manager
· Gamal Al Far - Assistant General Manager
· Jamal Al Raizi - Sales
Manager
· Marjie Latornas - Administration
Officer
Date of
Establishment : 19th
February 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 56081, Dubai
Trade Licence No. : 524428
Chamber Member No. : 62370
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
· Omar Mohamed Al Shamsi 51%
· Wasifi Adeeb
Attaya 49%
· Sun Engineering
& Contracting LLC
Dubai
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 23 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 15,000,000 UAE Dh
16,200,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Gamal Al Far, Assistant General Manager
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
-- |
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.