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Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ROSTAMANI INTERNATIONAL EXCHANGE |
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Registered Office : |
Rahma Bin Matar Albudoor
Building, Al Maktoum Street, Al Rigga, P O Box 28659 & 10072, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21.10.1979 |
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Com. Reg. No.: |
51476, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Providers of currency exchange and international remittance services |
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No. of Employees : |
300 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
--- |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source : CIA |
Company Name : AL ROSTAMANI INTERNATIONAL EXCHANGE
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 21st October 1979
Commercial Registration Number : 51476, Dubai
Trade Licence Number : 215820
Chamber Membership Number : 3793
Issued Capital : UAE Dh 2,215,000
Paid up Capital : UAE Dh 2,215,000
Total Workforce : 300
Activities : Providers of currency exchange and international remittance services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL ROSTAMANI
INTERNATIONAL EXCHANGE
Registered & Physical
Address
Building : Rahma Bin Matar Albudoor Building
Street : Al Maktoum Street
Area : Al Rigga
PO Box : 28659 & 10072
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2223564
Facsimile : (971-4) 2279232
Email : tcookair@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Offices
Subject has branch offices located in Dubai, Abu Dhabi, Sharjah,
Fujairah and Ras Al Khaimah.
Name Position
·
S
Karunakaran Assistant
General Manager
Date of Establishment : 21st
October 1979
Legal Form :
General Partnership
Commercial Reg. No. : 51476, Dubai
Trade Licence No. : 215820
(Expires 22/03/2014)
Chamber Member No. : 3793
Issued Capital : UAE Dh 2,215,000
Paid up Capital : UAE Dh 2,215,000
Name of Partner (s)
·
Abhaar
International LLC
Dubai
·
Heirs
of Abdulla Hassan Al Rostamani
United Arab Emirates
Subject is a member of the Al Rostamani
Group of Companies, which comprises the following concerns:
·
A W Al
Rostamani Lumina LLC
·
Al
Rostamani Real Estate
·
Al
Rostamani Euro Steel Industries
·
Al Rostamani
Information Services
·
Al
Rostamani Pegel
·
Arabian
Automobiles
·
A R
Summit
·
Central
Trading Co
·
Cimel
Al Rostamani
·
Destinations
of the World
·
Dubai
International Securities
·
EMACO
·
General
Impex
·
Gulf
Heavy Equipment
·
Thomas
Cook Al Rostamani
·
United
Diesel Co
·
A W
Rostamani Holdings Co LLC
Activities: Engaged in the provision of currency
exchange and international remittance services.
In 1997, Al Rostamani International Exchange
(ARIE) became the first financial institution in the Middle East to
achieve ISO Certification covering all its branches and operations. In
1998, it won the prestigious Dubai Quality Appreciation Programme. In 2005, it
became the first in the trade to be a part of the Dubai Service Excellence
Scheme of the Government of Dubai for all its Dubai branches. The two
big achievements of all to date, are to be rewarded with the Dubai
Quality Award in 2003 and Dubai Human Development Award in 2009 under
the Finance Category.
The company offers a wide range of foreign
exchange products including demand drafts in over 40 currencies, multi-currency
funds transfers to over 100 countries, encashment of travellers
cheques, and exchange of all convertible and exotic foreign
currencies. ARIE is the Super Agent for
MoneyGram, Xpress Money and Coinstar Money Transfer, world leaders in instant
international money transfers.
In addition to retail operations, ARIE serves
corporate clients with a commercial foreign exchange division at each branch.
Key benefits include better exchange rates and lower charges, evening trading,
free collection and delivery, dial-a-draft and internet services. It also has a
separate wholesale foreign money division that trades in foreign currencies
with banks and other financial institutions.
ARIE's has over 300 well trained financial
professionals serve its customers through 21 one stop shop branches,
located in the key town centres all over the UAE using a fully computerized
operating system and sophisticated dealing room equipped with terminals
directly linked to international markets.
ARIE is a committed corporate citizen. It
supports community care projects such as blood donation campaigns and
charitable initiatives. Through the Cloth Aid Programme, which was launched in
2001, ARIE gathered and redistributed used clothing to needy people around
the world. Until the 31st of December 2005 ARIE was able to collect
clothes worth AED 2,000,000. Hundreds of children and needy people in Sudan,
Yemen, Somalia, Tanzania, Iraq, and Senegal have benefited from this programme.
ARIE has supported the Flood victims of South India and Philippines in
2009 and also been part of many initiatives of the Government of UAE.
Subject is ISO 9001:2000 accredited.
Subject has a
workforce of approximately 300 employees.
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.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
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.
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.