MIRA INFORM REPORT

 

 

Report No. :

336293

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

NEW MEDICAL CENTER TRADING LLC

 

 

Registered Office :

Sama Tower, Suite M-1, Electra Street, PO Box 6222 & 72900, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

26.08.1991

 

 

Com. Reg. No.:

20321

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of pharmaceuticals, medical, scientific and consumer products and fast moving consumer goods.

 

 

No. of Employees :

100

 

 

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

 

Maximum Credit Limit :

US$ 4,000,000

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 – 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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

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                                     : 100

Activities                                               : Distributors of pharmaceuticals, medical, scientific and consumer

  products and fast moving consumer goods.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 4,000,000

Person Interviewed                                : Prashant Managhat, Financial Controller

COMPANY NAME

 

NEW MEDICAL CENTER TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Sama Tower, Suite M-1

Street               : Electra Street

PO Box                        : 6222 & 72900

Town                : Abu Dhabi

Country : United Arab Emirates

Telephone         : (971-2) 6332295 / 6734300 / 6332255 / 6179465 / 6179265 / 6179299

Facsimile          : (971-2) 6734122 / 6332256

Mobile              : (971-50) 5225648

Email                : nmctdg@emirates.net.ae / prasanth.m@nmc.ae / suresh.k@nmc.ae

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                                           Description                             

 

Mina Street                                                                                                       Office premises

Abu Dhabi

Tel: (971-2) 6734300

Fax: (971-2) 6734122

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                                Position

 

Bhava Guttu Raghuram Shetty                           Indian                                       Managing Director

 

Nasser Bin Saeed Al Qubaisi                             Emirati                                      Director

 

Prashant Managhat                                                  -                                         Financial Controller

 

Suresh Krishnan Murthy                                -                                        Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th August 1991

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 20321, Abu Dhabi

 

Trade Licence No.        : 1027356 (Expires 10/09/2015)

 

Chamber Member No.  : 13731

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)                                          Percentage

 

Nasser Bin Saeed Al Qubaisi                                         51%

 

Bhava Guttu Raghuram Shetty                                       49%

 

 

AFFILIATED COMPANIES

 

New Marketing & Trading LLC

Abu Dhabi

 

Beirsdorf Cosmetic Trading LLC

Abu Dhabi

 

New Medical Centre Trading Est

Dubai

 

Food Restaurant LLC

Dubai

 

New Medical Centre Est

Abu Dhabi

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pharmaceuticals, medical, scientific and consumer products and fast moving consumer goods.

 

Import Countries: Germany, Belgium and United States of America.

International Suppliers:

 

BDF                 Germany

Pfier                 Germany

3M                    United States of America

Covidini                        Belgium

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

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 932,647,240                 UAE Dh 938,801,617

 

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

 

The above figures were provided by Mr Prashant Managhat, Financial Controller

 

 

BANKERS

 

HSBC Bank Middle East

PO Box: 242

Abu Dhabi

Tel: (971-2) 8004440 / 6147259

Fax: (971-2) 6331564

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

CREDIT RECOMMENDATION

 

Recommended credit limit:                  US$ 4,000,000

 

 

GENERAL COMMENTS

 

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.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.