|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FARLIN ENERGY
& COMMODITIES FZE |
|
|
|
|
Registered Office : |
South Zone No. 6,
Jebel Ali Free Zone, 18252 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.07.2011 |
|
|
|
|
Legal Form : |
Free Zone
Establishment - FZE |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of coal, minerals and other commodities |
|
|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment
|
Source : CIA |
Company Name : FARLIN ENERGY & COMMODITIES FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : 31st
July 2011
Trade Licence
Number : 128385
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 5
Activities :
Distributors of coal, minerals and other commodities
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Haroon Pinto,
Sales Manager
FARLIN ENERGY &
COMMODITIES FZE
Location : South Zone No. 6, Jebel Ali Free
Zone
PO Box : 18252
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8809889
Facsimile : (971-4) 8809779
Email : admin@farlindubai.com
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone Area of Dubai.
Name Nationality Position
·
Mohamed Farooq Australian Managing
Director
·
Abdul Gaffar - General
Manager
·
Haroon Pinto - Sales
Manager
Date of Establishment : 31st
July 2011
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 128385
(Expires 08/04/2014)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Farlin
Timbers Pte Ltd 100%
Singapore
Tel: (65) 63981188
·
Farlin Timber FZE
Farlin Building
Jebel Ali Free Zone, South Zone No. 6
PO Box: 18252
Dubai
Tel: (971-4) 8809889
Fax: (971-4) 8809779
·
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
Activities: Engaged in the import and distribution of
coal, minerals and other commodities.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE Dh
114,940,607 UAE Dh
121,554,516
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Haroon Pinto, Sales Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
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.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.