MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ORIENT EXCHANGE CO. LLC

 

 

Formerly Known As :

permanent Deryail

 

 

Registered Office :

Shaikha Saeed Al Maktoum Building, Al Souk Al Kabeer Street,  Deira Area, Murshid Bazar, P.O. Box  25557, Dubai

 

 

Country :

United Arab Emirates 

 

 

Year of Establishment :

1923

 

 

Com. Reg. No.:

43885

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Owners and operators of a money exchange engage in both retail and bulk transactions, travellers' Cheques.

 

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

 

Maximum Credit Limit :

Dh 5,000,000

Status :

Good

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

Orient Exchange Co. LLC

 

 

Company ADDRESS

 

Building             : Shaikha Saeed Al Maktoum Building

Street                           : Al Souk Al Kabeer Street

Area                             : Deira Area, Murshid Bazar

P.O. Box           : 25557

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 226 7994 / 226 7339

Fax                   : (971 4) 226 9281 / 225 4262

E-Mail               : artrd@emirates.net.ae

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                             Position

 

1. Achok Kumar Damardas Repancholia              Managing Director

 

2. Rajeev Ashok Damodardas                             Operations Manager

 

Total Employees : 150

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is an old and well established family business operating since the late 1923.

 

It is reported to be one of the leading exchange houses in the United Arab Emirates.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Opinion on maximum credit : Dh 5,000,000 (associations inspire

                                                confidence for higher amounts if

                                                required)

 

Trade risk assessment : Normal (see above comments)

 

PRINCIPAL BANKERS

 

NAME               : HSBC BANK MIDDLE EAST

Branch              : Baniyas Square

PO Box             : 66

Town                 : Dubai

Telephone         : (971 4) 222 7161

Fax                   : (971 4) 228 1714

 

The company also has an account with:

 

1. Emirates NBD Bank (fmly Emirates Bank International)

   Baniyas Square

   Baniyas Square

   PO Box 2923

   Dubai

   Telephone: (971 4) 228 3101

   Fax      : (971 4) 222 6773

 

2. National Bank of Abu Dhabi

   Deira

   PO Box 4436

   Dubai

   Telephone: (971 4) 222 6141

   Fax      : (971 4) 222 6145

 

3. Mashreq Bank

   Omar Bin Khatab Street

   PO Box 1250

   Dubai

   Telephone: (971 4) 222 9131

   Fax      : (971 4) 222 6061

 

4. Standard Chartered Bank

   Al Mankhool Street

   PO Box   : 999

   Dubai

   Telephone: (971 4) 352 0455

   Fax      : (971 4) 352 6679

 

5. Habib Bank AG Zurich

   Al Ittihad Square

   PO Box 3128

   Dubai

   Telephone: (971 4) 225 2001

   Fax      : (971 4) 228 4211

 

Subject's International Bankers

 

1. UBS - London & Zurich

 

2. Credit Suisse First Boston - Zurich

 

3. American Express - London & New York

 

4. Credit Suisse Private Banking - London

 

5. The Royal Bank of Scotland, London

 

6. ABN-Amro - New York

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish

or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover : Dh 680,000,000 - 2009 - exact

                        : Dh 750,000,000 – 2010 – exact

 

Net Profit     : not given but stated to be profitable.

 

Financial year ends 30 September.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 1923

 

History : Subject was established back in 1923 under the name permanent Deryail, back in 1980's and due to royal decree all exchange companies had to be registered with the local Chamber of Commerce of their locations, subject then was registered in Dubai on 29 November 1982. On 9 September 1986 subject adopted its present style.

 

C.R. No.                        : 43885

 

DCCI Membership No     : 9872 (issue date: 29/11/1982)

 

Trade Licence No.          : 215101 (expiry date: 08/09/2011)

 

Authorised Capital          : Dh 15,000,000 (increased from Dh 9,000,000 in 2008)

 

Paid-Up Capital              : Dh 15,000,000 (increased from Dh 9,000,000 in 2008)

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. HEIRS OF SAEED ABDULLA SAEED TOUQ                 60%

   (UAE nationa)

 

2. Achok Kumar Damardas Repancholia                          15%

   (Indian national)

 

3. Rajeev Ashok Damodardas                                         10%

   (Son of the above)

 

4. Miteesh Deleep Repancholia                                       8%

   (brother of the above)

 

5. Mayor Rajeesh Repancholia                                        7%

   (brother of the above)

 

Affiliated companies of Orient Exchange Co LLC :

 

Associates

 

1. Arabian Trading Agency

   PO Box 376

   Dubai

   Telephone:  (971 4) 353 5881 / 353 5366

   Fax      :  (971 4) 353 4522

   E-Mail   :  artr@emirates.net.ae

 

2. Jethanand Lalchand

   (Est. 1850)

 

3. Parmanand Jethanand

   (Est. 1925)

 

4. Maghanmal Jethanand

   (Est. 1942)

 

5. Damodardas Jethanand & Sons

   (Est. 1944)

 

6. Federal Arabian Agency

   (Est. 1982)

   PO Box 2636

   Dubai

   Telephone : (971 4) 532 839

   Fax       : (971 4) 534 522

7. Federal Arabian Agency, Abu Dhabi

   (Est. 1985)

 

7. Lotus Exchange Co.

   India

   (More than 51 branches located in Hong Kong, India, Malaysia and    

    Australia)

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Owners and operators of a money exchange engage in both retail and bulk transactions, travellers' Cheques, transfer of funds to the Gulf, Far-Eastern, and European countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative office premises located at the heading address as well as 15 branch offices located elsewhere in UAE.

 

Subject previously used PO Box 376, Dubai

 

 

BRANCH OFFICES

 

1. PJ Building, Al Bahrana Area

   Wholesale Textile Market

   Bur Dubai

   Telephone : (971 4) 353 5881

   Fax       : (971 4) 353 4522

 

2. 113/26, Al Souq Al Kabeer St. (aka Souq Murshid)

   Deira

   Dubai

   Telephone : (971 4) 226 7154

   Fax       : (971 4) 226 9281

SPECIAL NOTE

 

Interviewed: Achok Kumar Damardas Repancholia (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.