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MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
POSITIVE PACKAGING UNITED (M.E.) FZCO |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 17032, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.10.2007 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacture of Packing and Packaging Materials, Self
Adhesive Labels, and the Production Multi Dimensional Images. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : POSITIVE PACKAGING UNITED (M.E.) FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 4th October 2007
Trade Licence Number : 7918
Chamber Membership Number : 124556
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 300
Activities : Manufacture of packing and packaging materials, self adhesive labels, and the production multi dimensional images.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 50,000
COMPANY NAME
POSITIVE PACKAGING
UNITED (M.E.) FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17032
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8815111
Facsimile : (971-4) 8815572
Email : flexibl@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Arun Ashok
Lakhani British Managing
Director
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Naraindas
Parmanand Kirpalani Indian Director
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Rohit
Garg - General
Manager
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Para
Bhakar - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
October 2007
History : Subject was originally established under
the name of “United Flexible Packaging Co Ltd”,
however this was changed to the current style
of “Positive Packaging United (M.E.) FZCO”
in 2007.
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 7918
(Expires 03/10/2008)
Chamber Member No. : 124556
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Naraindas
Parmanand Kirpalani 80%
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Arun Ashok
Lakhani 20%
OPERATIONS
Activities: Engaged in the manufacture of packing and
packaging materials, self adhesive labels, and the production multi dimensional
images.
Subject has a
workforce of approximately 300 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)