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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ALUKKAS EXCHANGE |
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Registered Office : |
Ahmed Hamdan Budes Building Al Suq Street Al Suq Al Kabir PO Box
171468 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.08.1990 |
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Com. Reg. No.: |
76940, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Providers of money and traveller’s cheques exchange services. |
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No. of Employees : |
16 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : ALUKKAS EXCHANGE
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 6th August 1990
Commercial Registration Number : 76940, Dubai
Trade Licence Number : 223447
Chamber Membership Number : 19820
Partners Capital : UAE Dh 4,200,000
Total Workforce : 16
Activities : Providers of money and traveller’s cheques exchange services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Ashraf Ali, Finance Manager
ALUKKAS EXCHANGE
Building : Ahmed Hamdan
Budes Building
Street : Al Suq
Street
Area : Al Suq Al
Kabir
PO Box : 171468
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3535469
Facsimile : (971-4)
3535683
Email : exchange@alukkas.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
· Sharjah Bus Station Office
premises
Rolla Street
Sharjah
Tel: (971-6) 5626777
Fax: (971-6) 5638295
· Karama Area Office
premises
Dubai
Tel: (971-4) 3706010
· Al Qusais Area Office
premises
Dubai
Tel: (971-4) 2614166
· Hamdan Street Office
premises
Abu Dhabi
Tel: (971-2) 4915662
Name Nationality Position
· Jamal Obaid Saeed
Ghubash Emirati Managing Partner
· Joy Varghese
Alukkas Indian Partner
· Nickson Baby - Operations
Manager
· Ashraf Ali - Finance
Manager
Date of
Establishment : 6th
August 1990
Legal Form : General
Partnership
Commercial Reg.
No. : 76940, Dubai
Trade Licence No. : 223447 (Expires 04/08/2012)
Chamber Member No. : 19820
Partners Capital : UAE Dh 4,200,000
· Jamal Obaid Saeed
Ghubash 60%
· Joy Varghese
Alukkas 40%
· Alukkas Gulf FZCO
Gold & Diamond
Park
Jebel Ali Free
Zone
Dubai
· House of Alukkas
LLC
Gold
Centre
Al Khor
Street
PO Box:
112454
Dubai
Tel:
(971-4) 2291300
Email: houseofalukkas@hotmail.com
· Alukkas Wedding
Centre
Main Road
Angamaly
India
Tel: (91-484) 2452999
Fax: (91-484) 2456299
· Joy Alukkas
Traders (India)Pvt Ltd
St Louis Commercial Complex
10/815/28
Erinjery Angadi
Thrissur-680001
India
Tel: (91-487) 2445444
Fax: (91-487) 2446555
· Joy Alukkas Jewellery WLL
PO Box: 1897
Muscat
Oman
Tel: (968)
24797212
Fax: (968)
24797181
· Joy Alukkas Jewellery WLL
PO Box: 22717
Doha
Qatar
Tel: (974) 44786844
Fax: (974) 44786838
· Joy Alukkas Jewellery WLL
PO Box: 3008
Safat
Kuwait
Tel: (965)
22494845 / 22475959
Fax: (965)
22494842
· Joy Alukkas Diamonds LLC
PO Box: 27847
Sharjah
Tel: (971-6) 5749919
Fax: (971-6) 5639626
· Joy Alukkas Jewellery WLL
PO Box: 11492
Manama
Bahrain
Tel: (973-17) 229914
Fax: (973-17) 229924
· Joy Alukkas Jewellery LLC
PO Box: 11659
Ras Al Khaimah
Tel: (971-7) 2283221
Fax: (971-7) 2270207
· Joy Alukkas Jewellery LLC
PO Box: 71659
Abu Dhabi
Tel: (971-2) 6331377
Fax: (971-2) 6319835
· Joy Alukkas Jewellery LLC
PO Box: 12928
Dubai
Tel: (971-4) 2522900
Fax: (971-4) 2255933
Activities: Engaged as providers of money and traveller’s cheques exchange
services.
Operating Trend: Steady
Subject has a workforce of 16 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11:
Total Sales UAE
Dh 600,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ashraf Ali,
Finance Manager
·
Abu Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4)
2958888 / 3228141
Fax: (971-4) 2959310
/ 3279632
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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 |
|
-- |
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.