|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL BADER MONEY EXCHANGE |
|
|
|
|
Registered Office : |
Al Bader Exchange
Building, Madinat Zayed Street 33391 Abu Dhabi |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
20.11.1989 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the
provision of currency exchange, money transfer and remittance services. |
|
|
|
|
No of Employees : |
75 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 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 : AL BADER MONEY EXCHANGE
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 20th November 1989
Trade Licence Number : 1019544
Chamber Membership Number : 12267
Invested Capital : UAE Dh 2,000,000
Total Workforce : 75
Activities : Providers of currency exchange, money transfer and remittance
services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL BADER MONEY
EXCHANGE
Building : Al Bader Exchange Building
Street : Madinat Zayed Street
PO Box : 33391
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6344100
Facsimile : (971-2) 6344300
Email : baderho@emirates.net.ae / salam.mangalore@baderex.ae
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Subject has branch offices located in Abu Dhabi and Al Ain.
Name Position
·
Ahmed
Ghuloom Al Khoury Proprietor
·
Adel
Ahmed Ghuloom Al Khoury Chief
Executive Officer
·
Mohamed
Ahmed Ghuloom Al Khoury Operations
Manager
·
Saeed
Ahmed Ghuloom Al Khoury Abu
Dhabi Branch Manager
Date of Establishment : 20th
November 1989
Legal Form :
Sole Proprietorship
Trade Licence No. : 1019544
(Expires 28/07/2014)
Chamber Member No. : 12267
Invested Capital
: UAE Dh 2,000,000
Mr Ahmed Ghuloom Al
Khoury is the sole proprietor of the business.
Activities: Engaged in the provision of currency
exchange, money transfer and remittance services.
Subject has a
workforce of 75 employees.
Companies
registered in Abu Dhabi are not legally required to make their accounts public
and no financial information was released by the company or submitted by
outside sources.
·
Abu
Dhabi Commercial Bank
PO Box: 939
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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. 58.77 |
|
|
1 |
Rs. 99.01 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.