MIRA INFORM REPORT

Report No. :	509063
Report Date :	16.05.2018

IDENTIFICATION DETAILS

Name :	DUCON LIMITED
Registered Office :	Plot No. EWTA – 24, Street No. 621, Sheikh Zayed Road, Jebel Ali Free Zone (JAFZA), 16840 Dubai
Country :	United Arab Emirates
Date of Incorporation :	01.05.1988
Com. Reg. No.:	0442
Legal Form :	Branch Office of a Foreign Company
Line of Business :	Aluminium production Manufacture of light metal packaging;
No. of Employees :	65

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

The global financial crisis of 2008-09, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

COMPANY NAME	Ducon Limited
ADDRESS	Building	Street			Area			PO Box
	Plot No. EWTA – 24	Street No. 621, Sheikh Zayed Road			Jebel Ali Free Zone (JAFZA), Opp. Al Futtaim Logistics			16840 Dubai
TEL/FAX	Verified Phones: (+971 4) 881 6164 / Fax: (+971 4) 881 5114
EMAIL/WEBSITE	Email: ducon@emirates.net.ae / edward@ducon.ae / Website: www.duconuae.com (under construction)
ACTIVITY	NACE 2442 - Aluminium production; NACE 2592 - Manufacture of light metal packaging;
PRINCIPAL	Dolly Hemant Rao					Workforce
	Managing Director					65
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	01/05/1988		0442	Branch Office of a Foreign Company			Active
CAPITAL	CURRENCY			AMOUNT
	AED			2,760,000

IDENTIFICATION
CO. NAME	Ducon Limited
ALSO KNOWN NAME (S)	Ducon Ltd
BUILDING	Plot No. EWTA – 24
STREET	Street No. 621, Sheikh Zayed Road
AREA	Jebel Ali Free Zone (JAFZA), Opp. Al Futtaim Logistics
POSTAL ADDRESS	16840 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 881 6164
FAX	(+971 4) 881 5114
VERIFIED EMAIL	ducon@emirates.net.ae / edward@ducon.ae / admin@ducon.ae / janice@ducon.ae
WEBSITE	www.duconuae.com (under construction)
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-17:30	13:00-14:30
REGISTERED ADDRESS	Plot No. EWTA – 24, Street No. 621, Sheikh Zayed Road, Jebel Ali Free Zone (JAFZA), 16840 Dubai, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Dolly Hemant Rao	Managing Director
	Edward George Sabiraj Gangadharl Ms. Janice	Finance & Administrative Manager Sales Manager Office Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	65	05.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2018 (Projected)
	AED 72,000,000	AED 75,000,000
NET PROFIT / (LOSS)	not given but stated to be profitable
NOTES	Historical Profit & Loss Account Sales Turnover : Dh 23,000,000 - 2004 : Dh 25,300,000 - 2005 : Dh 30,000,000 - 2006 : Dh 33,000,000 - 2007 : Dh 40,000,000 - 2008 : Dh 45,000,000 - 2009 : Dh 50,000,000 – 2010
FISCAL YEAR-END	31 December

LEGAL STATUS
INCORPORATION	01/05/1988
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: 0442 (expiry date: 30 April 2019)	Jebel Ali Free Zone Authority (JAFZA)
OTHER REGISTRATION NO.	DCCI Membership No.: 20444 (issued on 28 January 1991)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	2,760,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	2,760,000	AED
LEGAL FORM	Branch Office of a Foreign Company
BUSINESS HISTORY	The subject company was established in Jebel Ali Free Zone on 1 May 1988 and started trading in December 1988 as a branch of a Isle of Man registered company : Ducon Limited Analyst House PO Box 16 20-26 Peel Road Douglas IM99 1AP Isle of Man C .R. No. : 037707C Date of Incorporation 03/03/1988 Date Company Dissolved 25/03/2002 Status: DISSOLVED On 25 March 2002 the above company was dissolved and subject was reregistered as a branch of British Virgin Islands registered company. Initially the shareholders were Heman Rao (50%) and Dolly Rao (50%). Later on, shareholding structure changed to the following: Dolly Rao (75%) and Meghna Rao (25%).
STATUS	Active
SHAREHOLDERS	NAME	Type
	Branch of a British Virgin Islands registered Limited Liability Company with the following official: Dolly Hemant Rao Nationality: Indian Subject is a branch of the following company : Ducon Limited British Virgin Islands Shareholders : - Dolly Hemant Rao - 75% - Meghna Rao - 25%	Branch Office of a Foreign Company

OPERATION
BANKERS	1. National Bank Of Fujairah Khalid Bin Waleed Street PO Box : 2979 Dubai Telephone: (+971 4) 397 1700 Fax : (+971 4) 397 3922 2. Emirates NBD (fmly Emirates Bank International) Baniyas Road PO Box 2923 Dubai Telephone: (+971 4) 256 256 Fax : (+971 4) 268 005 2. HSBC Bank Middle East Jebel Ali Branch PO Box 66 Dubai Telephone: (+971 4) 881 6433 Fax : (+971 4) 881 6378 3. Commercial Bank of Dubai Al Mankool Street PO Box 2668 Dubai Telephone: (+971 4) 352 3355 Fax : (+971 4) 352 0444 4. Mashreq Bank Omar Bin Khattab Street PO Box 1250 Dubai Telephone: (+971 4) 222 9131 Fax : (+971 4) 222 6061
ACTIVITY CODE (NACE)	2442 - Aluminium production; 2592 - Manufacture of light metal packaging;
LINE OF BUSINESS	Manufacturers of aluminium foil food containers and related packaging products as well as aluminium foil pans and trays for the food packaging and catering industry as well as for in-flight services. Subject's customers range from large well-known global airlines, hotels, and supermarket chains to small individual retailers and wholesalers. Annual production capacity : 3,000 tonnes (increased from 2,000 tonnes) Annual production capacity of aluminium foils : seven billion containers
IMPORT FROM	raw materials from Italy, Bahrain, China and India
EXPORT TO	finished products to GCC, Australia, UK, Hong Kong, USA, Malaysia and Thailand.
FACILITIES	Leased premises comprising administrative office and a small manufacturing unit with storage facilities located at the heading address.
RELATED COMPANIES	Associates 1. Gulf Packaging Industries Ltd 215/217 Umm Ramool Al Rashidiya, Opposite National Trading Company Deira PO Box 10272 Dubai Tel: (+971 4) 285 8858 2. Perfect Tools Moulds Factory (L.L.C) Dubai PO Box.: 37580 Telephone : (+971 4) 339 5363 Fax : (+971 4) 338 0971 Est.: 09/03/1994 License No.: 300821 3. Pluspak Containers Pvt Ltd India Est.: 07/12/1994 CIN No.: U28129MH1994PTC083551 4. Eterna Fabricators PVT LTD India Est.: 25/04/1985 CIN No.: U28997MH1985PTC036026

SPECIAL REMARKS
INTERVIEWED	Edward George (Finance & Administrative Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.53
UK Pound	1	INR 91.49
Euro	1	INR 80.53
UAE DH	1	INR 18.48

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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