MIRA INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FLEX MIDDLE |
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Registered Office : |
Plot No. MO-728, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.07.2003 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Manufacture of polyester, PET, polyethylene and plastic films |
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No. of Employees
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190 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name :
FLEX MIDDLE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st July 2003
Trade Licence Number : 4062
Chamber Membership Number : 95578
Issued Capital : UAE Dh 107,000,000
Paid up Capital : UAE Dh 107,000,000
Total Workforce : 190
Activities : Manufacture of polyester, PET, polyethylene and plastic films.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Vishal Vistogi, Finance Manager
FLEX MIDDLE
Registered &
Physical Address
Location : Plot No. MO-728
Street :
Area : Jebel Ali Free Zone
PO Box : 17930
Town :
Country :
Telephone : (971-4) 8834622 / 8832664 / 8102300
Facsimile : (971-4) 8839683 / 8837393
Email : flexfilm@flexfilm.com / enquiry@flexfilm.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone.
Name Nationality Position
·
Pradeep
Tyle Indian Managing
Director
·
Pramod Laxmi
Kant Rao Sirsmakr - Director
·
Sanjay Tiku - Operations
Manager
·
Vishal Vistogi - Finance
Manager
·
Puyush
Gupta - Export
Manager
·
Vipin
Balooni - Commercial
Manager
·
Venod
Kumar - Administration Manager
Date of Establishment : 1st
July 2003
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 4062
(Expires 30/06/2012)
Chamber Member No. : 95578
Issued Capital : UAE Dh 107,000,000
Paid up Capital : UAE Dh 107,000,000
Name of Shareholder
(s) Percentage
·
U Flex
Ltd 100%
118-119 Damji Shamji Udyog Bhawan
1st Floor,
Mumbai 400053
Tel: (91-22) 26734806 /
26734800
Fax: (91-22) 26734805
Activities: Engaged in the manufacture of plain
and metallised Biaxially Oriented Polyester (BOPET) Films, Biaxially Oriented Polypropylene (BOPP) Films and Cast
Polypropylene (CPP) Films.
Production Capacity: 54,000 tonnes per annum
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 190 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE
Dh198,600,000 UAE Dh
202,110,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were provided by Mr Vishal Vistogi, Finance Manager.
·
Emirates
Bank International Ltd
Deira
PO Box: 2923
Tel: (971-4) 2256256 / 2256900
Fax: (971-4) 2268005 / 2267718
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
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.50.56 |
|
|
1 |
Rs.81.05 |
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Euro |
1 |
Rs.67.49 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.