MIRA INFORM REPORT

 

 

Report Date :           

04.02.2012

 

IDENTIFICATION DETAILS

 

Name :

FARLIN TIMBERS FZE

 

 

Registered Office :

Farlin Building, Jebel Ali Free Zone, South Zone No. 6, P O Box    18252, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

16.09.2006

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Distributors of timber and wooden products

 

 

No. of Employees :

55

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 2,500,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

Company Name                                     : FARLIN TIMBERS FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 16th September 2006

Trade Licence Number                            : 7316

Chamber Membership Number                : 117219

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 55

Activities                                               : Distributors of timber and wooden products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : Abdul Gafar, Sales Manager

 

COMPANY NAME

 

FARLIN TIMBERS FZE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Farlin Building

Area                 : Jebel Ali Free Zone, South Zone No. 6

PO Box             : 18252

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8809889

Facsimile          : (971-4) 8809779

Mobile               : (971-50) 5810547 / 6581474

Email                : farlin@farlintimbers.ae / gafar@farlindubai.com

 

Please note that subject’s previous address was, View 19, Sheikh Zayed Road, Jebel Ali Free Zone, Dubai.

 

Premises

Subject operates from a suite of offices and a warehouse, covering 20,000 square metres that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Mohammed Farouk                                       Australian                                  Managing Director

 

·       Abdul Gafar                                                          -                                       Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th September 2006

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 7316 (Expires 08/04/2012)

 

Chamber Member No. : 117219

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Farlin Timbers Pte Ltd                                                           100%

Singapore

     Tel: (65) 63981188

 

 

AFFILIATED COMPANIES

 

·       Farlin Energy & Coal Pte Ltd

Singapore

Tel: (65) 63981188

 

·       Visage Energy Pvt Ltd

India

Tel: (91-44) 28158217

 

·       Farlin Timbers Int Pty Ltd

Australia

Tel: (61-7) 32790628

 

·       PT Visage Energy & Coal

Indonesia

Tel: (62-21) 5750827

 

·       Visage Energy Pvt Ltd

India

Tel: (91-461) 2375194

 

·       Farlin Timbers – Eastern India

India

Tel: (91-33) 30915969

 

·       Virgin Timbers Sdn Bhd

Malaysia

Tel: (60-84) 211999

 

·       Farlin Timbers Int Pty Ltd

Bangladesh

Tel: (88-031) 653997

 

·       Fortuna Timbers Pty Ltd

Cote d’Ivoire

Tel: (225-07) 204499

 

·       Fortuna FT Ghana Ltd

Ghana

Tel: (233-31) 21524

 

·       Farlin Timbers Kandla

India

Tel: (91-2836) 229699

 

·       Farlin Commodities Pte Ltd

Singapore

Tel: (65) 63981188

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of timber and wooden products.

 

Import Countries: India

 

Operating Trend: Steady

 

Subject has a workforce of 55 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 465,000,000                  UAE Dh 495,000,000

 

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

 

The above figures were provided by Mr Abdul Gafar, Sales Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.48.96

UK Pound

1

Rs.77.47

Euro

1

Rs.64.39

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.