MIRA
INFORM REPORT
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Report Date : |
27th
January, 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, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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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
· Mohamed Shakeer Melethalakkal Indian Director
· 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:
· Falcon International General
Trading Est
· Falcon International Drug Co
· Al Siary Cold Store for Foodstuff
· Greenland Foodstuff
· 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
·
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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