MIRA INFORM REPORT

 

 

Report No. :

308907

Report Date :

25.02.2015

 

IDENTIFICATION DETAILS

 

Name :

FALCON PACK INDUSTRIES LLC (FALCONPACK)

 

 

Registered Office :

Industrial Area No. 15, PO Box 5852, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

11.04.1992

 

 

Com. Reg. No.:

10726

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the Manufacture of Packaging Products.

 

 

No. of Employees :

700

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Goof

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

SUMMARY

 

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                                               : Manufacturers of packaging products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Wilson D’pallac, Assistant Finance Manager

 

 

COMPANY NAME

 

FALCON PACK INDUSTRIES LLC (FALCONPACK)

 

 

ADDRESS

 

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

Mobile              : (971-55) 3005041

Email                : marketing@falconpack.ae / rizwan@falconpack.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Sharjah.

 

Branch Offices

 

Location                                                                                                           Description

 

Abu Dhabi                                                                                                        Office premises

Tel: (971-2) 6733449

 

Al Ain                                                                                                               Office premises

Tel: (971-3) 7219622

Fax: (971-3) 7219644

 

Dubai                                                                                                               Office premises

Tel: (971-4) 2290885

Fax: (971-4) 2290446

 

Fujairah                                                                                                 Office premises

Tel: (971-9) 2232903

Fax: (971-9) 2232904

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

 

Ahmed Mohamed Obaid Al Shamsi        Emirati                                      Managing Director

 

Osama Taha                                               -                                          General Manager

 

Ibrahim Nagiah                                           -                                          Commercial Manager

 

Mohamed Rizwan                                       -                                          Finance Manager

 

Wilson D’pallac                                          -                                          Assistant Finance Manager

 

 

LEGAL FORM & OWNERS

 

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

 

 

AFFILIATED COMPANIES

 

Falcon Detergents Industries LLC

PO Box: 29697 & 5852

Sharjah

Tel: (971-6) 5353540

Fax: (971-6) 5344322

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of packaging products.

 

Import Countries: Malaysia and Saudi Arabia.

 

International Suppliers:

 

Mega Foam                  Malaysia

SABIC              Saudi Arabia

Borouge Ltd                  Abu Dhabi

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                UAE Dh 309,500,000                 UAE Dh 430,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Wilson D’pallac, Assistant Finance Manager

 

 

BANKERS

 

National Bank of Sharjah

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Falcon Pack Industries LLC (FALCONPACK)” and not “Falcon Pack Ind”.

 

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.62.27

UK Pound

1

Rs.96.21

Euro

1

Rs.70.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               


 

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%)

 

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