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Report No. : |
328194 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
YORK FURNISHING
TEXTILES FZCO |
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Registered Office : |
York Building,
Warehouse No. 121-162, Naif Road, P O Box 51638, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.12.2007 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the wholesale
and retail of Textiles,
Upholstery, Furnishing Covers and Curtains |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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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 |
Company Name : YORK FURNISHING TEXTILES FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 16th December 2007
Trade Licence Number : 25048
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 25
Activities :
Wholesalers and retailers of textiles, upholstery,
furnishing covers and
curtains.
Financial Condition : Fair
Payments : No Complaints
Person Interviewed : Ahmed Aslam, Financial Controller
YORK FURNISHING TEXTILES FZCO
Registered &
Physical Address
Building : York Building, Warehouse No.
121-162
Street : Naif Road
PO Box : 51638
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2275280 / 3649686
Facsimile : (971-4) 2210660
Mobile : (971-50) 4574638 / 5252084 /
(971-52) 9084885
Email : sales@astyork.com / accounts@astyork.com
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
·
Warehouse No. 121-162 Rented
warehouse premises
Dubai Textile City
Al Aweer Free Zone Area
Dubai
Tel: (971-4) 4380609 / 3649675
Fax: (971-4) 4243521 / 3649676
Name Nationality Position
·
Kalwani
Kanayalal Dualmal Indian Managing Director
·
Avinash Khanylal Kalwani Dualmal Indian Director
·
Mohamed Hanifa
- Finance
Manager
·
Ahmed Aslam
- Financial
Controller
·
Ashok Patra - Commercial
Manager
·
Sandeej
Rahija
- Sales
Manager
Date of Establishment: 16th December 2007
History
: Subject began in 2007 under the name “York
Furnishing Textiles FZT”. However in 2014 it changed legal form and became a Free
Zone Company (FZCO).
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 25048 (Expires 15/12/2015)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder
(s)
Percentage
·
Kalwani
Kanayalal Dualmal 50%
·
Avinash Khanylal Kalwani Dualmal 50%
·
Al Sahara Trading Co LLC
PO Box: 51638
Dubai
Tel: (971-4) 2275280
Fax: (971-4) 2210660
Activities: Engaged in the wholesale
and retail of textiles, upholstery, furnishing covers and curtains.
Import
Countries: India, United
Kingdom, Spain and Turkey
International Suppliers:
·
Dici Tex Furnishing India
·
D-Decor India
·
Castilla Textile Spain
·
Prestigious Textile United
Kingdom
Brand Names: YORK, SUNBRELLA, TEMPOTEST, RAYMAKERS,
SILKS N' MORE, & SERGE FERRARI
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 31/12/13: Year Ending
31/12/14:
Consolidated Total
Sales UAE Dh 74,800,000 UAE Dh 80,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ahmed Aslam,
Financial Controller.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.63.82 |
|
UK Pound |
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.