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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
YELLOW FLOWER
TRADING CO LLC |
|
|
|
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Registered Office : |
Al Malik Building,
Ground Floor, Naif Road, Al Daghaya, P O Box 51585, Dubai |
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|
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Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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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 |
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Line of Business : |
wholesaler and retailer 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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : 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
Registered &
Physical Address
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
Premises
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 13/11/2014)
Chamber Member No. : 13775
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder
(s) Percentage
·
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 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 89,770,000 UAE Dh 85,250,000
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.
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.60.37 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.