|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING UNITED (ME) FZCO |
|
|
|
|
Registered Office : |
Sheikh Zayed Road, Plot MOD 132 Jebel Ali Free Zone PO Box 17032 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
20.04.1992 |
|
|
|
|
Legal Form : |
Free Zone Company - FZCO |
|
|
|
|
Line of Business : |
Manufacture of packing and packaging materials, self adhesive labels, and the production multi dimensional images. |
|
|
|
|
No. of Employees : |
300 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - 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 UAE 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. The economy is expected to continue a slow rebound. 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 : POSITIVE PACKAGING UNITED (ME) FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 20th April 1992
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
POSITIVE PACKAGING UNITED (ME) FZCO
Location : Sheikh Zayed
Road, Plot MOD 132
Area : Jebel Ali
Free Zone
PO Box : 17032
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8815111
Facsimile : (971-4)
8815572
Mobile : (971-50)
5529748
Email : positive@positivedubai.com
/ flexibl@emirates.net.ae
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
· Arun Ashok Lakhani British Managing
Director
· Naraindas
Parmanand Kirpalani Indian Director
· Rohit Garg - General
Manager
· Para Bhakar - Administration
Manager
· J S Devpura - Financial
Manager
· C S Parkash - Commercial
Manager
Date of
Establishment : 20th
April 1992
History : Subject was originally
established in 1992 under the name of “United Flexible Packaging Co
Ltd”, under
licence number 729.
However in October 2007 subject re-registered under the current name of
“Positive
Packaging United (ME) FZCO” under the new licence number of 7918.
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 7918
Chamber Member No. : 124556
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Naraindas
Parmanand Kirpalani 80%
· Arun Ashok Lakhani 20%
· Prime Tech Middle
East FZCO
PO Box: 17032
Jebel Ali Free
Zone
Dubai
Tel: (971-4)
8861242
Fax: (971-4)
8861243
· Positive Packaging
Middle East LLC
PO Box: 120882
Dubai
Tel: (971-4)
8853411
Fax: (971-4)
8853424
· Positive Packaging
(ME) FZE
PO Box: 122042
Dubai
Tel: (971-4)
5572866
Fax: (971-4)
5575047
Activities: Engaged in the manufacture of packing and packaging materials, self adhesive
labels and the production multi dimensional images.
Import Countries: Europe and GCC countries.
Subject has a workforce of approximately 300 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency 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.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.