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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLEX MIDDLE EAST
FZE |
|
|
|
|
Registered Office : |
Plot No. MO-728, Sheikh
Zayed Road, Jebel Ali Free Zone, PO Box: 17930, Dubai |
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|
|
|
Country : |
United Arab
Emirates |
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|
|
|
Financials (as on) : |
31.03.2013 |
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|
|
|
Date of Incorporation : |
01.07.2003 |
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Legal Form : |
Free Zone
Establishment |
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|
|
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Line of Business : |
Manufacture of
polyester, PET, polyethylene and plastic films. |
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|
|
No. of Employees : |
190 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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. 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 $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
|
Source
: CIA |
Company Name : FLEX
MIDDLE EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 1st
July 2003
Trade Licence Number : 4062
Chamber Membership
Number : 95578
Issued Capital : US$
177,503,470
Paid up Capital : US$
177,503,470
Total Workforce : 190
Activities :
Manufacture of polyester, PET, polyethylene and plastic films.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Niradar Kumar,
Finance Manager
FLEX MIDDLE EAST
FZE
Registered & Physical Address
Location : Plot No. MO-728
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17930
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8834622 / 8832664 / 8102300
Facsimile : (971-4) 8839683 / 8837393
Mobile : (971-50) 2156002 / 2156006
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
Niradar Kumar - Finance
Manager
Avinash Kumar - Export
Manager
Vipin Balooni - Commercial
Manager
Venod Kumar - Administration
Manager
Harikrishan Rene - Production
Manager
Date of
Establishment : 1st July 2003
Legal Form : Free Zone Establishment - FZE
Trade Licence
No. : 4062
Chamber Member
No. : 95578
Issued Capital : US$ 177,503,470
Paid up Capital : US$ 177,503,470
Name of Shareholder (s) Percentage
U Flex Ltd 100%
Noida
New Delhi
India
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 Far East
Operating Trend: Steady
Subject has a
workforce of 190 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/03/12: Year Ending 31/03/13:
Total Sales US$ 123,148,434 US$ 129,698,288
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Niradar Kumar, Finance Manager
Emirates National
Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4)
2222555
Fax: (971-4)
2221110
No complaints
regarding subject’s payments have been reported.
Date of transaction July 2006 November 2008
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.65.86 |
|
|
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.