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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
FALCON PACK INDUSTRIES LLC (FALCONPACK) |
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Registered Office : |
Industrial Area
No. 15, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.04.1992 |
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Com. Reg. No.: |
10726, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer
and distributor of disposable
packaging products for the foodservice and consumer markets in the |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
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 : FALCON PACK INDUSTRIES LLC (FALCONPACK)
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th April 1992
Commercial Registration Number : 10726, Sharjah
Trade Licence Number : 3544
Chamber Membership Number : 29008
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 700
Activities : manufacturer and distributor of disposable packaging products for the
foodservice and consumer markets in the Middle East.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Rana, Financial Manager
FALCON PACK
INDUSTRIES LLC (FALCONPACK)
Registered &
Physical Address
Location : Industrial Area No. 15
PO Box : 5852
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5340340
Facsimile : (971-6) 5340909
Email : rana@falconpack.ae / marketing@falconpack.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Sharjah.
Name Nationality Position
·
Ahmed
Mohamed Obaid Al Shamsi Emirati Managing
Director
·
Osama
Taha - General
Manager
·
Mohamed
Rana - Financial
Manager
Date of Establishment : 11th
April 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 10726,
Sharjah
Trade Licence No. : 3544
Chamber Member No. : 29008
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of Shareholder
(s) Percentage
·
Ahmed
Mohamed Obaid Al Shamsi 75%
·
Al
Nakhla Investment Co LLC 25%
Sharjah
·
Falcon
Detergents Industries LLC
PO Box: 29697 & 5852
Sharjah
Tel: (971-6) 5353540
Fax: (971-6) 5344322
Activities: Engaged in the manufacturer and
distributor of disposable packaging products for the foodservice and consumer markets
in the Middle East.
Operating Trend: Steady
Subject has a
workforce of approximately 700 employees.
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 297,000,000 UAE Dh 304,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Rana, Financial Manager
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
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.61.98 |
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UK Pound |
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
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 |
-- |
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.