MIRA INFORM REPORT

 

 

Report Date :

29.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FALCON GLOBAL GENERAL TRADING LLC

 

 

Registered Office :

Rashid Saeed Belghafriya Building, Al Awir Road, Al Awir, Deira, P O Box 3592, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.01.1981

 

 

Com. Reg. No.:

55944, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of general foodstuff products

 

 

No. of Employees :

92

 

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

 

Status :

Satisfactory

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : FALCON GLOBAL GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th January 1981

Commercial Registration Number            : 55944, Dubai

Trade Licence Number                            : 200764

Chamber Membership Number                : 7359

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 92

Activities                                               : Distributors of general foodstuff products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Abdullah Ammayath, Finance Manager

 

 

 

COMPANY NAME

 

FALCON GLOBAL GENERAL TRADING LLC

 

 

company 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 / 2894272

Facsimile          : (971-4) 2895441

Mobile               : (971-50) 5521452

Email                : falcong@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.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Fruits & Vegetable Market                                                                 Office premises

Dubai

Tel: (971-4) 3330429

 

·       Ras Al Khaimah                                                                                Office premises

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

·       Melethalakkal Mohamed Moidunny                    Indian                         Managing Director

·       Mohamed Shakeer Melethalakkal                     Indian                         Director

·       Abdul Razaq Abdullah Mohamed Majan            Emirati                        Director

·       Sriram Shetty                                                      -                            General Manager

·       Abdullah Ammayath                                             -                            Finance Manager

·       Sajjiv Koshi                                                          -                            Sales Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th January 1981

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 55944, Dubai

 

Trade Licence No.       : 200764 (Expires 14/01/2013)

 

Chamber Member 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%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Falcon Group of Companies, which comprises the following concerns:

 

·       Falcon International General Trading Est

Dubai

Tel: (971-4) 3330934

 

·       Falcon International Drug Co

 

·       Al Siary Cold Store for Foodstuff

 

·       Greenland Foodstuff

 

·       Falcon Foodstuff Trading Co LLC

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including fruit and vegetables, spices and rice.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 92 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 72,500,000                   UAE Dh 80,000,000

 

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

 

The above figures were confirmed by Mr Abdullah Ammayath, Finance Manager

 

 

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.

 

Date of transaction                              January 2007

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.26

UK Pound

1

Rs.86.80

Euro

1

Rs.69.63

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.