MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ANSARI
EXCHANGE COMPANY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1966 |
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Com. Reg. No.: |
20685, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged as a
currency exchange house, specialising in remittances, foreign currency, Western
Union transfers, Travelex cash passport, travellers cheques and cash advances
against major credit cards. |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ANSARI EXCHANGE COMPANY
Country of Origin :
Legal Form : General Partnership
Start Date : 1966
Registration Date : 15th February 1971
Commercial Registration Number :
20685,
Trade Licence Number : 3229
Membership Number : 7354
Partners Capital : UAE Dh 15,000,000
Total Workforce : 100
Line of Business : Currency exchange house.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL ANSARI EXCHANGE
COMPANY
ADDRESS
Registered & Physical Address
Location : Liwa Street
PO Box : 325
Town :
Country : United Arab Emirates
Telephone : (971-2) 6227888 / 6260660
Facsimile : (971-2) 6224421 / 6260601
Email : info@alansari.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Offices
Subject has 48
branch offices located throughout the United Arab Emirates.
KEY PRINCIPALS
Name Nationality Position
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Mohamed
Al Ansari Emirati Managing Partner
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K
Bashir Indian Partner
LEGAL FORM &
OWNERS
Date of Establishment : 1966, however
subject was registered on 15th February 1971
Legal Form :
General Partnership
Commercial Reg. No. : 20685, Abu
Dhabi
Trade Licence No. : 3229
(Expires 19th June 2007)
Membership No. : 7354
Partners Capital : UAE Dh 15,000,000
Name of Partner (s)
·
Mohamed
Al Ansari
·
K
Bashir
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the
English translation of its name, this type of company should not be compared to
the partnership concept under English Law. A Sharikat Tadhamun is considered a
company and has the attributes of a corporation similar to that of a
partnership under Scottish Law or to the “Societe en Nom Collectif” under French
Law.
LINE OF BUSINESS
Operations : Engaged as a currency exchange house,
specialising in remittances, foreign currency, Western
Union transfers, Travelex cash passport, travellers cheques and cash advances
against major credit cards.
Operating Trend
: Steady
Subject has a
workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 82,900,000 UAE Dh 94,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1966, subject operates as a currency exchange house, specializing in remittances, foreign currency, Western Union transfers, Travelex
cash passport, travelers cheques and cash advances against major credit cards.
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 500,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)