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MIRA INFORM REPORT
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Report No. : |
499865 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
YORK FURNISHINGS TEXTILES FZE |
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Registered Office : |
York Building, Warehouse No. 121-162, Dubai Textile City, Al Aweer
Free Zone, PO Box : 51638,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 [Consolidated] |
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Date of Incorporation : |
16.12.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles,
upholstery, furnishing covers and curtains |
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No. of Employees : |
25 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
US$ 500,000 |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : YORK FURNISHINGS TEXTILES FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 16th December 2007
Trade Licence Number : 25048
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 25
Activities : Wholesalers and retailers of textiles, upholstery, furnishing covers and
curtains
Financial Condition : Fair
Payments : No complaints
Person Interviewed : Ahmed Aslam, Financial Controller
Recommended Credit Limit : US$ 500,000
COMPANY
NAME
YORK FURNISHINGS TEXTILES FZE
ADDRESS
Registered & Physical
Address
Building : York
Building, Warehouse No. 121-162
Area : Dubai
Textile City, Al Aweer Free Zone
PO Box :
51638
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2275280
/ 3649686 / 3649685
Facsimile : (971-4)
2210660 / 3649691
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 warehouse that
are rented and located in the Free Zone Area of Dubai.
Branch Office (s)
Location Description
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Hamad Ahmad Bin Shawkat Building Rented
showroom premises
Naif Road
Deira
Dubai
Tel:
(971-4) 2275280
Fax:
(971-4) 2210660
KEY
PRINCIPALS
Name Nationality Position
·
Kalwani Kanayalal Dualmal Indian Managing
Director
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Avinash Khanylal Kalwani
Dualmal Indian Director
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Ahmed Aslam - Financial
Controller
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Ashok Patra - Commercial
Manager
·
Sandeej Rahija - Sales Manager
LEGAL
FORM & OWNERS
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). On
7th
January 2016 it changed its name again to “York Furnishings Textiles FZE”.
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 25048
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
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York Universal Worldwide Ltd 100%
British Virgin
Islands
AFFILIATED
COMPANIES
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Al Sahara Trading Co LLC
PO Box: 51638
Dubai
Tel: (971-4) 2275280
Fax:
(971-4) 2210660
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles,
upholstery, furnishing covers and curtains.
Import Countries: India, United Kingdom, Spain and Turkey
International
Suppliers:
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Dici Tex Furnishing India
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D-Decor India
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Castilla Textile Spain
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Prestigious Textile United Kingdom
Brand Names: YORK, SUNBRELLA, TEMPOTEST, RAYMAKERS, SILKS N'
MORE and SERGE FERRARI
Subject has a workforce of 25 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Consolidated Total Sales UAE
Dh 75,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmed Aslam, Financial Controller.
BANKERS
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Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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UAE Dh |
1 |
INR 17.73 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
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Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.