|
Report No. : |
349656 |
|
Report Date : |
10.11.2015 |
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) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
16.09.2006 |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Import and
Distribution of Timber and Wooden Products. |
|
|
|
|
No. of Employees : |
46 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 and
ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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
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 : 46
Activities :
Distributors of timber and wooden products.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sheikh Jamal, Senior Accountant
FARLIN TIMBERS FZE
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 / 8871173 / 8872866
Facsimile : (971-4) 8809779 / 8871525
Mobile : (971-50) 5810547 / 6581474
Email : farlin@farlintimbers.ae / gafar@farlindubai.com / accounts@farlindubai.ae
Please note that
subject’s previous address was, View 19, Sheikh Zayed Road, Jebel Ali Free
Zone, Dubai.
Subject operates from
a suite of offices and a warehouse, covering 20,000 square metres that are
owned and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Mohammed
Farouk Australian Managing
Director
·
Mostafa
Abdul Gafar - General
Manager
·
Suresh
Veedu - Finance
Manager
·
Sheikh
Jamal - Senior
Accountant
Date of Establishment : 16th
September 2006
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 7316
Chamber Member No. : 117219
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 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
·
Farlin
Energy FZE
Jebel Ali Free Zone
Dubai
Activities: Engaged in the import and distribution of
timber and wooden products.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 46 employees.
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year Ending
31/03/13: Year Ending
31/03/14: Year Ending
31/03/15:
Total Sales UAE Dh 586,775,000 UAE Dh 658,800,000 UAE Dh 689,350,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sheikh Jamal, Senior Accountant
·
First
Gulf Bank
PO Box: 17655
Dubai
Tel: (971-4) 26812161
Fax: (971-4) 8876898
·
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.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.