MIRA
INFORM REPORT
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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CONCEPT FLEXIBLE PACKAGING FZC |
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Registered Office : |
Warehouse No.
1J-05/1, Hamriyah Free Zone, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.01.2004 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
manufacturer
of plastic packaging materials, including BOPP films,
PET films, PE films, nylon films, ALU Foil films and pouches including stand-up
pouches with K-SEAL or U-SEAL, zipper pouches, punched handle pouches and
pouches with perforations |
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No. of Employees : |
28 |
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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Status : |
Satisfactory |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United Arab
Emirates |
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 |
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 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. 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. 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.
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Source : CIA |
SUMMARY
Company Name : CONCEPT FLEXIBLE PACKAGING FZC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 24th January 2004
Trade Licence Number : 649
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 28
Activities : Manufacturers of plastic packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sharma Vishwanas, Director
COMPANY NAME
CONCEPT FLEXIBLE
PACKAGING FZC
company ADDRESS
Registered
Address
Location : Warehouse No. 1J-05/1, Hamriyah
Free Zone
PO Box : 41931
Town : Sharjah
Country : United Arab Emirates
Physical Address
Location : Al Gail Industrial Area
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2215001
Facsimile : (971-7) 2215007
Mobile : (971-55) 4001301 / 4001302
Email : concept5@eim.ae
Premises
Subject operates from
a suite of offices and a factory covering an area of 1,850 square metres that
are rented and located in the Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Nationality Position
·
Bharat
Bhatia Indian Managing
Director
·
Sharma
Vishwanas Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 24th
January 2004
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 649
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
·
Bharat
Bhatia
·
Sharma
Vishwanas
AFFILIATED COMPANIES
·
Concept Flexible Packaging LLC
Al Gail Industrial
Area
Ras Al Khaimah
Tel: (971-7)
2215001
Fax: (971-7)
2215007
Lic. No. RAKIA 24IZ307103047
OPERATIONS
Activities: Engaged in the manufacture of plastic
packaging materials, including BOPP films, PET films,
PE films,
nylon films, ALU
Foil films and pouches including stand-up pouches with K-SEAL or U-SEAL,
zipper
pouches, punched
handle pouches and pouches with perforations.
Production Capacity: 350 tonnes per month
Import
Countries: Oman and India
Operating Trend: Steady
Subject has a
workforce of 28 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue UAE Dh 11,500,000 UAE Dh 12,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
·
Habib
Bank Ltd
PO Box: 300
Sharjah
Tel: (971-6) 5356116
Fax: (971-6) 5526473
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.