MIRA INFORM REPORT

 

 

Report Date :

28.08.2014

 

IDENTIFICATION DETAILS

 

Name :

PROMED MEDICAL CO LLC

 

 

Formerly Known As :

PROFESSIONALS MEDICAL ESTABLISHMENT (PROMED)

 

 

Registered Office :

Ali Hasan Saeed Al Rumaithi Building, Suite 102 Hamdan Bin Mohamed Street PO Box 44171 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.12.1998

 

 

Com. Reg. No.:

39260, Abu Dhabi

 

 

Legal Form :

39260, Abu Dhabi

 

 

Line of Business :

Subject is engaged in the import and distribution of medical disposables, laboratory equipment, pharmaceuticals, dental instruments and related consumer products.

 

 

No. of Employees

20

 

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

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

SUMMARY

 

Company Name                                     : PROMED MEDICAL CO LLC

Previously Known As                              : PROFESSIONALS MEDICAL ESTABLISHMENT (PROMED)

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 7th December 1998

Commercial Registration Number            : 39260, Abu Dhabi

Trade Licence Number                            : 1029161

Chamber Membership Number                : 77076

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 20

Activities                                               : Distribution of medical disposables, laboratory equipment, pharmaceuticals, dental instruments and related consumer products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Tino Paul, Financial Manager

 

COMPANY NAME

 

PROMED MEDICAL CO LLC

 

 

PREVIOUSLY KNOWN AS

 

PROFESSIONALS MEDICAL ESTABLISHMENT (PROMED)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Ali Hasan Saeed Al Rumaithi Building, Suite 102

Street               : Hamdan Bin Mohamed Street

PO Box             : 44171

Town                 : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 6341611 / 6341613

Facsimile          : (971-2) 6341612

Email                : promed@emirates.net.ae

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Sultan Ahmed Building                                                          Sales Office & storage

Dubai                                                                                   facilities

     Tel: (971-4) 2661210

     Fax: (971-4) 2662474

 

·       Mina Zayed Area                                                                   Rented warehouse covering

Abu Dhabi                                                                            an area of 1,000 square

                                                                                           metres

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                     Position

 

·       Ahmed Ghalid Al Ahdab                     Emirati                          Managing Director

 

·       Yousef Ahmed Al Marzouki                Emirati                          Director

 

·       Tino Paul                                               -                              Financial Manager

 

·       Mohamed Omar                                     -                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th December 1998

 

History                         : Subject began in 1998 as a Sole Proprietorship, however in 2005 it re-registered to become

   a Limited Liability Company.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 39260, Abu Dhabi

 

Trade Licence No.       : 1029161 (Expires 17/8/2015)

 

Chamber Member No. : 77076

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)            

 

·       Ahmed Ghalid Al Ahdab                    

 

·       Yousef Ahmed Al Marzouki

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of medical disposables, laboratory equipment, pharmaceuticals,

                dental instruments and related consumer products.

 

Import Countries: Germany, Poland, Italy, Turkey, India, Taiwan and China.

 

International Suppliers:

 

·       Bionic Medizintechnik GmbH                         Germany

·       Clinico Medical GmbH                                   Germany

·       Hans Hermann GmbH                                    Germany

·       Daniels Healthcare Ltd                                   UK

·       Varimex The Polish Foreign Trade Company    Poland

·       Eurofil s.r.l                                                    Italy

·       Dispotech Srl                                                Italy

·       Germo Spa                                                   Italy

·       Bicakcilar                                                     Turkey

·       State Trading Corporation                               India

·       Apothecaries Sundries Manufacturing Co.       India

·       Dr. Sabharwal’s Medicals Pvt. Ltd                   India

·       Ribbel International Limited                            India

·       San Ho Tian Co. Ltd                                      Taiwan

·       Shanghai Medicines & Health Products           China

·       Tenso Medical Instruments Co., Ltd                China

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                UAE Dh 6,650,000                     UAE Dh 7,000,000

 

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

 

The above figures were provided by Mr Tino Paul, Financial Manager

 

 

BANKERS

 

·       Union National Bank (UNB)

Sheikh Khalifa Street

PO Box: 3865

Abu Dhabi

Tel: (971-2) 6741600

Fax: (971-2) 6786080

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.46

UK Pound

1

Rs.100.14

Euro

1

Rs.79.65

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.