MIRA INFORM REPORT

 

 

Report No. :

336130

Report Date :

13.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NEO PHARMA LLC

 

 

Registered Office :

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

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.02.1999

 

 

Com. Reg. No.:

39730

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the Manufacture of Pharmaceuticals and Medicines.

 

 

No. of Employees :

220

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

Status :

Good

Payment Behaviour :

Regular

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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                                    : 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$ 2,000,000

Person Interviewed                                : C V Mathew, Finance Manager

 

COMPANY NAME

 

NEO PHARMA LLC

 

 

ADDRESS

 

Registered & Physical Address

 

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

PO Box            : 72900

Town                : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 5501000 / 6332255 / 6332295

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 04/04/2016)

 

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

 

UAE Exchange Centre LLC

Dubai

 

NMC Health Care LLC

Dubai

 

Bait Al Shifa Pharmacy

Dubai

 

 

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: Europe, India and South Korea.

 

International Suppliers:

 

Diosna                                      Germany

Manesty                                    United Kingdom

Hetero Drugs                            India

Zuhai Pharmaceuticals               South Korea

 

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

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                US$ 46,920,000                         US$ 50,000,000

 

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.

 

Date of transaction                                February 2015

Credit amount                                       175,638

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

CREDIT RECOMMENDATION

 

Recommended credit limit:                  US$ 2,000,000

 

 

GENERAL COMMENTS

 

Established in 1999, subject is involved in the manufacture of pharmaceuticals and medicines.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.83

UK Pound

1

Rs.101.00

Euro

1

Rs.71.82

 

 

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%)

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.