MIRA INFORM REPORT

 

 

Report No. :

346138

Report Date :

20.10.2015

 

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

 

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                                     : 46

Activities                                               : Distributors of timber and wooden products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sheikh Jamal, Senior Accountant

 

COMPANY NAME

 

FARLIN TIMBERS FZE

 

 

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 / 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.

 

Premises

 

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.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                Position

 

·       Mohammed Farouk                                       Australian                                  Managing Director

 

·       Mostafa Abdul Gafar                                           -                                        General Manager

 

·       Suresh Veedu                                                       -                                       Finance Manager

 

·       Sheikh Jamal                                                        -                                       Senior Accountant

 

 

LEGAL FORM & OWNERS

 

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

 

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

 

·       Farlin Energy FZE

Jebel Ali Free Zone

Dubai

 

 

OPERATIONS

 

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 DATA

 

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

 

 

BANKERS

 

·       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

 

 

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.64.82

UK Pound

1

Rs.100.12

Euro

1

Rs.73.75

 

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%)

 

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