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Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
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Name : |
YOUNG LIFE TRADING LLC |
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Registered Office : |
Jebel Ali Free Zone, 3843 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.10.2002 |
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Com. Reg. No.: |
60614 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesaler and Retailer of readymade garments, textiles and fabrics |
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No of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
YOUNG LIFE TRADING LLC
Location : Jebel Ali
Free Zone
PO Box : 3843
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8163076
Facsimile : (971-4)
8807723
Mobile : (971-50) 8473209
Email : info@younglife.ae / younglife@emirates.net.ae
Please note that subject’s previous address was, Kanchi Perfumes Building,
Suite No. 103, Murshid Bazaar, Deira, Dubai.
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone Area of Dubai.
Branch Offices
Location Description
·
Haskan Building, Suite No. 103 Office
premises
Murshid Bazaar
Dubai
Tel: (971-4) 2290353
Fax: (971-4) 2295303
Name Nationality Position
· Kunhi Parambath
Basheer Indian Managing Director
· Hakeem Moosa
Mohamed Indian Director
· Adel Mohamed
Abdullah Mohamed Baqer Emirati Director
· Arun Menon - Financial
Controller
· Harith Chattoth - Finance
Manager
· Noshwat Virajeri - Sales
Manager
· Manish Namibyar - Human
Resources Manager
· Dave Kumar - Group
Financial Manager
Date of
Establishment : 8th
October 2002
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 60614, Dubai
Trade Licence No. : 538271 (Expires 06/10/2014)
Chamber Member No. : 72328
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Adel Mohamed Abdullah Mohamed Baqer 51%
·
Kunhi Parambath Basheer 25%
·
Hakeem Moosa Mohamed 24%
·
Baby Plus LLC
Dubai
·
Jeepas FZE
Dubai
·
Crystal General Trading LLC
Al-Buteen, Murshid
Bazar
Deira
Dubai
Tel: (971-4) 2259290
Fax: (971-4)
2351850
Email: crystal@younglifeworld.com
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
fabrics.
Import Countries: India and China
Brand Names: MASPO, JUDGER, NON STOP, OUTLOOK, CRYSTAL, YOUNG
LIFE, STEP BY STEP and KEN
JARDENE
Operating Trend: Steady
Subject has a workforce of 25 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE Dh 18,620,000 UAE Dh
20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Harith Chattoth, Finance Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131
/ 2221134
Fax: (971-4)
2233784
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. 61.92 |
|
|
1 |
Rs. 101.98 |
|
Euro |
1 |
Rs. 83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.