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Report No. : |
316035 |
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Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
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Name : |
ALLMED FZCO |
|
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 261257, Dubai |
|
|
|
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Country : |
United Arab
Emirates |
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|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.08.2004 |
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Com. Reg. No.: |
1051 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the import and distribution of pharmaceuticals and medical
devices. |
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|
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No. of Employees : |
7 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB EMIRATES - 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 :
ALLMED FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company – FZCO
Registration Date :
10th August 2004
Commercial Registration Number :
1051, Dubai
Trade Licence Number :
5325
Chamber Membership Number :
115925
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
7
Activities :
Distributors of pharmaceuticals and medical devices.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Faisal, Financial Controller
ALLMED FZCO
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 261257
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8860272
/ 2243590 / 2275242
Facsimile : (971-4)
8860273 / 2234520
Email : allmed@emirates.net.ae
/ info@allmedfzco.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
Al Owais Building Office
premises
PO Box: 64613
Dubai
Tel: (971-4) 2243590 / 2275242
Fax: (971-4) 2234520
Name Position
Muhammad Adil Mirza Managing
Director
Muhammad Ejaz Mirza Director
Ali Mirza Sales
Manager
Sayed Mohamed Ghazli Administration
Manager
Mohamed Faisal Financial
Controller
Date of Establishment : 10th
August 2004
Legal Form : Free Zone Company
– FZCO
Commercial Reg. No. : 1051, Dubai
Trade Licence No. : 5325 (Expires
10/03/2016)
Chamber Member No. : 115925
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s)
Muhammad Adil Mirza
Muhammad Ejaz Mirza
Sanex Medicine LLC
Al Owais Building
PO Box: 64613
Dubai
Tel: (971-4) 2243590 /
2275242
Fax: (971-4) 2234520
Master Links LLC
Al Owais Building
PO Box: 64613
Dubai
Tel: (971-4) 2243590 /
2275242
Fax: (971-4) 2234520
Activities: Engaged in the import and distribution of pharmaceuticals and medical
devices.
Import Countries: Denmark, Switzerland, Italy, United Kingdom, China
and the United States of America.
International
Suppliers:
Mission Pharmacal United
States of America
Minntech United
States of America
Pharmacosmo Denmark
Marflow AG Switzerland
LMA Switzerland
Mascia Brunelli Italy
Armstrong United
Kingdom
Shuyou China
Operating Trend: Steady
Subject has a workforce of 7 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 80,351,582 UAE Dh
96,534,347
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Faisal, Financial Controller
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
|
1 |
Rs.92.74 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.