MIRA
INFORM REPORT
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Report Date : |
20.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FALCON GLOBAL
GENERAL TRADING LLC |
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Registered Office : |
Rashid Saeed
Belghafriya Building, Al Awir Road, Al Awir, Deira, PO Box: 3592, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
20.01.1981 |
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Com. Reg. No.: |
55944, Dubai |
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Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the
import and distribution of general merchandise, including foodstuffs,
beverages and ready made garments. |
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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
FALCON GLOBAL GENERAL TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
20th January 1981 |
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Commercial
Registration Number |
55944, Dubai |
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Trade Licence
Number |
200764 |
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Membership Number |
7359 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
46 |
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Line of Business |
Distributors of general merchandise. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
FALCON GLOBAL
GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Rashid Saeed Belghafriya Building
Street : Al Awir Road
Area : Al Awir, Deira
PO Box : 3592
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2895440
Facsimile : (971-4) 2895441
Email : falconf@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Melethalakkal
Mohamed Moidunny Indian Managing
Director
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Mohamed
Shakeer Melethalakkal Indian Director
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Abdul Razaq
Abdullah Mohamed Majan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
January 1981
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 55944, Dubai
Trade Licence No. : 200764
(Expires 14th January 2008)
Membership No. : 7359
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
·
Abdul Razaq
Abdullah Mohamed Majan 51%
·
Melethalakkal
Mohamed Moidunny 25%
·
Mohamed
Shakeer Melethalakkal 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than
UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Subject is a member of the Falcon Group of Companies, which comprises
the following concerns:
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Falcon
International General Trading Est
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Falcon International
Drug Co
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Al Siary Cold
Store for Foodstuff
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Greenland
Foodstuff
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Falcon
Foodstuff Trading Co LLC
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general merchandise, including foodstuffs, beverages and ready made garments.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 46 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04: Year
Ending 31/12/05:
Total Revenue UAE Dh 13,100,000 UAE Dh 14,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel :
(971-4) 2221281
Fax
: (971-4) 2284631
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Abu
Dhabi Commercial Bank
Al
Rigga Road
PO Box : 5550
Dubai
Tel :
(971-4) 2958888 / 3228141
Fax :
(971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1981, subject is owned and managed by Mr Melethalakkal Mohamed Moidunny and Mr
Mohamed Shakeer Melethalakkal who operate in Dubai under the local sponsorship
of Mr Abdul Razaq Abdullah Mohamed Majan.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 200,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)