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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ANSARI EXCHANGE LLC |
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Registered Office : |
Liwa Street PO Box 325 Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1966 |
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Com. Reg. No.: |
20685, Abu Dhabi |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Currency exchange house. |
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No. of Employees : |
180 |
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 : |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
UAE - 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 ANSARI EXCHANGE LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date : 1966
Registration Date : 15th February 1971
Commercial Registration Number : 20685, Abu Dhabi
Trade Licence Number : 1022452
Chamber Membership Number : 7354
Issued Capital : UAE Dh 200,000,000
Paid up Capital : UAE Dh 200,000,000
Total Workforce : 180
Activities : Currency exchange house.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL ANSARI EXCHANGE LLC
Location : Liwa Street
PO Box : 325
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6108707
/ 6108708 / 6227888 / 6260660
Facsimile : (971-2)
6224421 / 6260601
Email : info@alansari.ae
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Branch Offices
Location Description
· Al
Ansari Business Centre Office
premises
Dubai
Tel: (971-4)
3772666 / 3772903 / 3772818
Fax: (971-4)
3549692
· Sharjah Office
premises
Name Position
· Mohamed Ali Abu Al Hassan Al Ansari Managing
Director
· Fouad Ali Abu Al Hassan Al Ansari Director
· Issa Ali Abu Al Hassan Al Ansari Director
· Rashid Ali Abu Al Hassan Al Ansari Director
· Ali Abu Al Hassan Al Ansari Director
· Karuppamveettil Bashir General
Manager
· Ali Al Najjar Operations
Manager
· Thomas Varghese Finance
Manager
· Sayed Motoza Chief
Financial Officer
Date of
Establishment : 1966, however
subject was registered on 15th February 1971
Legal Form : Limited Liability Company – LLC
Commercial Reg.
No. : 20685, Abu Dhabi
Trade Licence No. : 1022452 (Expires 01/08/2013)
Chamber Mem. No. : 7354
Issued Capital : UAE Dh
200,000,000
Paid up Capital : UAE Dh 200,000,000
· Mohamed Ali Abu Al Hassan Al Ansari
· Fouad Ali Abu Al Hassan Al Ansari
· Issa Ali Abu Al Hassan Al Ansari
· Rashid Ali Abu Al Hassan Al Ansari
· Ali Abu Al Hassan Al Ansari
Activities: 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 approximately 180 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 130,000,000 UAE Dh
145,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box: 4
Abu Dhabi
Tel: (971-2)
6345777 / 6327113 / 6335262
Fax: (971-2)
6336078
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.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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.