MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AL GHURAIR EXCHANGE |
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Registered Office : |
Al Masoud
Building, 7th Floor, Suite 702, Sheikh Khalifa Bin Zayed Road, Bur
Dubai, PO Box: 5530, Dubai, United Arab Emirates |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
02.01.1977 |
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Com. Reg. No.: |
4683, Dubai |
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Legal Form : |
Sharikat Tadhamun
(General Partnership) |
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Line of Business : |
Engaged as
providers of money and traveller’s cheques exchange services. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL GHURAIR EXCHANGE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
General Partnership |
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Registration Date |
2nd January 1977 |
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Commercial
Registration Number |
4683, Dubai |
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Trade Licence
Number |
206768 |
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Membership Number |
30 |
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Partners Capital |
UAE Dh 2,800,000 |
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Total Workforce |
42 |
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Line of Business |
Providers of money and traveller’s cheques exchange services. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL GHURAIR EXCHANGE
ADDRESS
Registered & Physical Address
Building : Al Masoud Building, 7th
Floor, Suite 702
Street : Sheikh Khalifa Bin Zayed Road
Area : Bur Dubai
PO Box : 5530
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3342666
Facsimile : (971-4) 3342500
Email : ghurex@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
·
Abdul Rahman
Saif Ahmed Al Ghurair Managing
Partner
LEGAL FORM & OWNERS
Date of Establishment : 2nd
January 1977
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 4683, Dubai
Trade Licence No. : 206768
(Expires 4th March 2007)
Membership No. : 30
Partners Capital : UAE Dh 2,800,000
Name of Partner (s) Percentage
·
Abdul Rahman
Al Ghurair Investments LLC 99%
Dubai
·
Abdul Rahman
Saif Ahmed Al Ghurair 1%
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 providers of money and
traveller’s cheques exchange services.
Subject has a
workforce of 42 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1977, subject is involved in the provision of money and traveller’s cheques
exchange services.
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$ 200,000
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%)