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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
YELLOW FLOWER TRADING CO LLC |
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Registered Office : |
Al Malik Building, Ground Floor, Naif Road, Al Daghaya, PO Box 51585, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.06.1988 |
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Com. Reg. No.: |
44403, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and retailers of readymade garments |
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No. of Employees : |
45 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UAE - 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 :
YELLOW FLOWER TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
4th June 1988
Commercial Registration Number :
44403, Dubai
Trade Licence Number :
216914
Chamber Membership Number :
13775
Issued Capital :
UAE Dh 600,000
Paid up Capital :
UAE Dh 600,000
Total Workforce :
45
Activities :
Wholesalers and retailers of readymade garments.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Upul Bandr, Accounts Manager
YELLOW FLOWER TRADING CO LLC
Building : Al Malik
Building, Ground Floor
Street : Naif Road
Area : Al Daghaya
PO Box : 51585
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2733257
/ 2259331
Facsimile : (971-4)
2733639
Email : yellowft@emirates.net.ae
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Murshid Bazaar Office
premises
Deira
Tel: (971-4)
2351970
Fax: (971-4)
2351980
· Murshid Bazaar Showroom
premises
Deira
Tel: (971-4)
2259331
Fax: (971-4)
2259358
· Murshid Bazaar Showroom
premises
Deira
Tel: (971-4)
2352382
Fax: (971-4)
2352384
· Linkers Fashion
Murshid Bazaar Showroom
premises
Deira
Tel: (971-4)
2291098
Fax: (971-4)
2291035
Name Nationality Position
· Anil Shyamdas
Pagarani Indian Managing
Director
· Neeta Shyamdas
Pagarani Indian Director
· Megna Abil
Pagarani Indian Director
· Shyam Gordhandas
Pagarani Indian Director
· Saleh Saeed Obaid
Al Matrooshi Emirati Director
· Parashant
Merchandani - Commercial
Manager
· Daz Bhagwan - General
Manager
· Upul Bandr - Accounts
Manager
Date of
Establishment : 4th
June 1988
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 44403, Dubai
Trade Licence No. : 216914 (Expires 13/11/2013)
Chamber Member No. : 13775
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
· Saleh Saeed Obaid
Al Matrooshi 51%
· Shyam Gordhandas
Pagarani 13%
· Anil Shyamdas
Pagarani 12%
· Neeta Shyamdas
Pagarani 12%
· Megna Abil
Pagarani 12%
Activities: Engaged in the wholesale and retail of readymade garments.
Subject is ISO 9001:2008 accredited.
Import Countries: Europe and the Far East.
Brand Names: COTTNY, LUX, BODY,
VALMONT, V-KIDS and BODICE
Operating Trend: Steady
Subject has a workforce of 45 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 85,450,000 UAE Dh
89,770,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Upul Bandr, Accounts Manager
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 1988, subject is owned and managed by members of the
Pagarani family who are Indian nationals operating in Dubai under the local
sponsorship of Mr Saleh Saeed Obaid Al Matrooshi.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.