MIRA INFORM REPORT

 

 

Report Date :

22.11.2012

 

IDENTIFICATION DETAILS

 

Name :

FARLIN TIMBERS PTE LTD

 

 

Formerly Known As :

Virgin Wood Products Pte Ltd

 

 

Registered Office :

435 Orchard Road #21-01 Wisma Atria Singapore 238877

 

 

Country :

Singapore

 

 

Date of Incorporation :

03.08.1994

 

 

Com. Reg. No.:

199405441Z

 

 

Legal Form :

Private Limited Exempt Company

 

 

Line of Business :

Trading of timber logs

 

 

No. of Employees :

Not Available

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

Contact Points

 

Company Name:

Farlin Timbers Pte Ltd

Supplied Name:

Farlin Timbers

Trading Address:

435 Orchard Road #21-01 Wisma Atria Singapore 238877

Supplied Address:

435 Orchard Road 21-01 Wisma Stria Singapore

Telephone Number:

+65-6398-1188

Fax Number:

+65-6398-1177

E-mail:

farlintimbers@farlingroup.com

 

Note:

The supplied name is incomplete, and the exact name is as above.

The exact address is as above.

 

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

 

Company Identification Details

 

Registered Name:

Farlin Timbers Pte Ltd

Registered Address:

435 Orchard Road #21-01 Wisma Atria Singapore 238877

Date of Registration::

1994-8-3

Registered Number:

199405441Z

Country of Incorporation:

Singapore

Registered Capital:

SGD 55,000,000.00 (USD 44,465,600)

(As of 2012.5, 1 SGD = 0.80847 USD)

Paid-up Capital:

SGD 55,000,000.00 (USD 44,465,600) = 55,000,00 Shares@1 SGD

Legal Form:

Private Limited Exempt Company

Principal Activities:

Trading of timber logs.

Staff:

N/A

Status:

Live Company

Listed at Stock Exchange:

No.

Date of Last Annual Return:

2012-3-27

 

Note:

Subject declined to disclose the staff number, and from other sources, we couldn’t obtain the information, either.

 

 

History

 

Subject was incorporated on 1994-8-3 with registered number 199405441Z as Private Limited Exempt Company in Singapore.

 

Change of Name:

Date

Change

1994-8-3

Virgin Wood Products Pte Ltd

1997-10-2

Farlin Timbers Pte Ltd

 

 

Shareholders

Unit: SGD

Name

Subscription Amount

Proportion of Investment (%)

MOHAMMED FAROUK

55,000,000

100%

Total

55,000,000

100%

 

Major Shareholder Information:

Name:

MOHAMMED FAROUK

ID Number:

S2715761J

Address:

95 GRANGE ROAD #17-11 GRANGE RESIDENCES Singapore 249616

Nationality:

Singapore P.R.

 

 

Subsidiaries & Branches

 

Subsidiary:

Name:

FARLIN Energy & Coal Pte Ltd

Address:

435 Orchard Road #21-01 Wisma Atria Singapore 238877

 

Manage Information

 

Core Management

Detailed Information of Management:

1

Name:

SEET BENG CHOO JEANNE

Position:

Secretary

ID Number:

S1234059A

Address:

22 Malacca Street #03-02 Rb Capital Building Singapore 048980

Nationality:

Singapore Citizen

Date of Appointment:

2003-8-31

2

Name:

MOHAMMED FAROUK

Position:

Director

ID Number:

S2715761J

Address:

95 Grange Road #17-11 Grange Residences Singapore 249616

Nationality:

Singapore P.R.

Date of Appointment:

1994-8-3

 

 

Operation Information

 

Offices & Factories

 

Office

Address:

435 Orchard Road #21-01 Wisma Atria Singapore 238877

 

Production Information

l         Subject is a trader of timber logs without any production activities.

 

Purchase

l         The productions are purchased from abroad.

 

Sales Information

l         Subject is mainly engaged in trading of timber logs and the related products.

l         Subject introduced that it imports the products mainly from West Africa, South America and South East Asia.

l         Subject introduced that its products are exported mainly to India and Middle Eastern markets.

l         Subject introduced that FARLIN Energy & Coal Pte Ltd is the subsidiary of subject, and it is mainly engaged in handling of coal and energy business from Indonesia.

 

 

Settlements

 

Subject declined to disclose the settlements information, and from other sources, we couldn’t obtain the information, either.

 

 

Financial Information

 

In Singapore, Limited Exempt Private Companies are not obligated to submit their financial statements to the local registry. The subject also declined to disclose such information due to the confidentiality reason.

The latest financial information is not available from the subject or other sources.

 

 

Bankers

 

Open Account Bank

The bankers’ information is not available from the subject or other sources.

 

 

Auditors

 

Name:

J K MEDORA & CO

 

 

Public

 

Charges

Charge 1

Charge Number:

200200829

Date of Registration:

2002-2-19

Name:

THE ROYAL BANK OF SCOTLAND N.V.

Amount Secured:

All Monies

Charge 2

Charge Number:

C200401264

Date of Registration:

2004-3-17

Name:

INDIAN BANK

Amount Secured:

All Monies

Charge 3

Charge Number:

C200401743

Date of Registration:

2004-4-6

Name:

SOCIETE GENERALE

Amount Secured:

All Monies

Charge 4

Charge Number:

C200401744

Date of Registration:

2004-4-6

Name:

SOCIETE GENERALE

Amount Secured:

All Monies

Charge 5

Charge Number:

C200704107

Date of Registration:

207-5-30

Name:

UCO BANK

Amount Secured:

All Monies

Charge 6

Charge Number:

C200704694

Date of Registration:

2007-6-22

Name:

BANK OF BARODA

Amount Secured:

All Monies

Charge 7

Charge Number:

C200704919

Date of Registration:

2007-6-28

Name:

INDIAN OVERSEAS BANK

Amount Secured:

All Monies

Charge 8

Charge Number:

C200901941

Date of Registration:

2009-3-31

Name:

AXIS BANK LIMITED SINGAPORE BRANCH

Amount Secured:

All Monies

Charge 9

Charge Number:

C200902027

Date of Registration:

2009-4-6

Name:

AXIS BANK LIMITED SINGAPORE BRANCH

Amount Secured:

All Monies

Charge 10

Charge Number:

C200904590

Date of Registration:

2009-7-24

Name:

STATE BANK OF INDIA

Amount Secured:

All Monies

Charge 11

Charge Number:

C200905172

Date of Registration:

2009-8-20

Name:

BANK OF INDIA

Amount Secured:

All Monies

Charge 12

Charge Number:

C201004295

Date of Registration:

2010-5-24

Name:

CANARA BANK, HONG KONG BRANCH

Amount Secured:

All Monies

Charge 13

Charge Number:

C201005135

Date of Registration:

2010-6-21

Name:

CANARA BANK, HONG KONG BRANCH

Amount Secured:

All Monies

Charge 14

Charge Number:

C201007668

Date of Registration:

2010-8-31

Name:

PUNJAB NATIONAL BANK, HONG KONG

Amount Secured:

All Monies

Charge 15

Charge Number:

C201010238

Date of Registration:

2010-10-29

Name:

BANK OF BARODA

Amount Secured:

All Monies

Charge 16

Charge Number:

C201113433

Date of Registration:

2011-10-25

Name:

UNION BANK OF INDIA, HONG KONG BRANCH

Amount Secured:

All Monies

Charge 17

Charge Number:

C201113437

Date of Registration:

2011-10-25

Name:

UNION BANK OF INDIA, HONG KONG BRANCH

Amount Secured:

All Monies

Charge 18

Charge Number:

C201204172

Date of Registration:

2012-4-17

Name:

STATE BANK OF INDIA

Amount Secured:

All Monies

 

 

Interview Details

 

Name:

Mr. Pope

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.87.79

Euro

1

Rs.70.42

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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.