|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
WALL STREET
EXCHANGE CENTRE LLC (WSEC) |
|
|
|
|
Registered Office : |
Twin Towers,
Suite 1103-1104, Baniyas Road, Deira 3014, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
16.06.1988 |
|
|
|
|
Com. Reg. No.: |
42376, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Engaged in all aspects
of money exchange activities and dealers of foreign currencies |
|
|
|
|
No. of Employees |
200 |
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 |
|
Status : |
Satisfactory |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 country 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. 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 : WALL STREET EXCHANGE CENTRE LLC
(WSEC)
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company – LLC
Start Date :
1982
Registration Date : 16th
June 1988
Commercial
Registration Number : 42376,
Dubai
Trade Licence
Number : 216992
Chamber Membership
Number : 13870
Issued Capital : UAE Dh
48,000,000
Paid up Capital : UAE Dh
48,000,000
Total Workforce : 200
Activities :
Money exchange activities and dealers of foreign currencies
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
WALL STREET
EXCHANGE CENTRE LLC (WSEC)
Building : Twin Towers, Suite 1103-1104
Street : Baniyas Road
Area : Deira
PO Box : 3014
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2269029 / 2269026 / 2284889 /
2269871 / 2233173
Facsimile : (971-4) 2269871 / 2291113 / 2269817
/ 2286533 / 2286553
Email : wallstreet@wsemail.wallstreet-corp.co.ae
/ info@wallstreet-corp.com / info@wallstreet.ae
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Dubai.
Branch Office
(s)
Subject has 30 branches across the United Arab Emirates including the
following:
Location Description
·
Lease
Office Bldg. – 02, Block B, Shop No. BG-24 Exchange
Centre
Jebel Ali Free Zone
PO Box: 61142
Dubai
Tel: (971-4) 8819729 / 8819727
Fax: (971-4) 8819740
·
Al
Falah Street Exchange
Centre
Bur Dubai
Dubai
Tel: (971-4) 3534333 / 3532028
Fax: (971-4) 3531943
·
Al
Arouba Centre Exchange
Centre
Al Arouba Street
PO Box: 21726
Sharjah
Tel: (971-6) 5528195 / 5524383
Fax: (971-6) 5528187
·
Delma Centre,
Ground Floor Exchange
Centre
Hamdan Street
PO Box: 26774
Abu Dhabi
Tel: (971-2) 6332644 / 6319866
Fax: (971-2) 6319692
·
Nasser
Square Exchange
Centre
Dubai
Tel: (971-4) 2247717
·
Al
Baraha Exchange
Centre
Dubai
Tel: (971-4) 2733317
·
Hamriya Exchange
Centre
Dubai
Tel: (971-4) 2620316
·
Muteena Exchange
Centre
Dubai
Tel: (971-4) 2715550
·
Rashidya Exchange
Centre
Dubai
Tel: (971-4) 2844226
·
Karama Exchange
Centre
Dubai
Tel: (971-4) 3975777
·
Satwa Exchange
Centre
Dubai
Tel: (971-4) 3494901
·
Mall of
Emirates Exchange
Centre
Dubai
Tel: (971-4) 3407256
·
Rolla
Square Exchange
Centre
Sharjah
Tel: (971-6) 5680195
·
Abu
Shagara Exchange
Centre
Sharjah
Tel: (971-6) 5536708
·
Umm Al
Quwain Exchange
Centre
Tel: (971-6) 7653336
·
Al Ain Exchange
Centre
Tel: (971-3) 7665571
·
ICAD
City Exchange
Centre
Abu Dhabi
Tel: (971-2) 5502207
·
Fujairah Exchange
Centre
Tel: (971-9) 2220902
Name Nationality Position
·
Sultan
Mohamed Ibrahim Bin Kharsham - Managing
Director
·
Sultan
Bin Ahmed Bin Sulaim Emirati Director
·
Sultan
Salem Ali Mohamed Al Mahmoud - Group
Marketing Manager
·
R B
Joshi - Group
Financial Manager
·
Abeer Yousef - Administration
Manager
·
Sudhakar
Rao - Correspondent
Banking Manager
Date of Establishment : Subject began
trading in 1982, however it was officially registered on 16th June
1988.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42376, Dubai
Trade Licence No. : 216992
(Expires 28/04/2015)
Chamber Member No. : 13870
Issued Capital : UAE Dh 48,000,000
Paid up Capital : UAE Dh 48,000,000
·
Emirates
Post 60%
Dubai
·
Emirates
Post Group Holding 40%
Dubai
·
Wall Street International Exchange
4-Al Rahim Towers, I.I,
Chunrigar Road
Karachi
Pakistan
Tel: (92-21) 2431949 / 2492941
/ 2440661-64
Fax:
(92-21) 2440665
·
Wall
Street Forex London Ltd
United Kingdom
·
Wall
Street Exchange Ltd
Hong Kong
Activities: Engaged in all aspects of money exchange
activities and dealers of foreign currencies
Subject’s range of
services, includes:
- Issuing Drafts in local and international
currencies
- Sending money by Mail Transfers / Telegraphic
Transfers
- Buying and selling of all major currencies of
the world, retail or wholesale
- Providing cash advance against all major
Credit Cards
- Kangaroo Express – Unique, legal and express
Money Transfers service, permitted by
Reserve Bank of India
- Agent for "Western Union" Money
Transfers and can send or receive money for
immediate payment in more than 140
countries.
April 2014: Wall Street Exchange opens two new branches to expand branch
network to 30.
Wall Street Exchange, one of the leading currency exchanges and
financial solutions provider in the Gulf,
has expanded its growing network as it adds two new branches to its
28-strong branch network in the next
few weeks.
The move will help Wall Street Exchange widen its reach to a greater
number of customers – both in terms
of payment of workers’ salaries through the Wage Protection Plan (WPS)
as well as helping them remit
money to their nearest ones.
“The move is expected to benefit thousands of our existing customers who
will be able to benefit from
closer proximity to avail our services. This will help Wall Street
Exchange to attract new customers to
benefit from the new and innovative products and services that are being
rolled out, helping us to offer a
one-stop shop to address multiple financial needs of our customers.”
The two new branches opened recently
are conveniently located within the Baniyas Post Office in Abu
Dhabi and Nesto Hypermarket in Al Butina, Sharjah. The branches will
have multiple counters and ample
space to host a good number of customers and help them avail a number of
services – as Wall Street
expands its portfolio of financial products.
Subject has a workforce of approximately 200 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.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
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
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.