MIRA INFORM REPORT

 

 

Report Date :

23.05.2014

 

IDENTIFICATION DETAILS

 

Name :

AL ANSARI EXCHANGE LLC

 

 

Registered Office :

Al Ansari Business Centre, Level 7, Al Barsha No. 1, PO Box: 6176: Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1966

 

 

Com. Reg. No.:

20685, Abu Dhabi

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject is 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.

 

 

No. of Employees

196

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 31st, 2014

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 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

 

 

 

SUMMARY

 

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                                     : 196

Activities                                               : Currency exchange house

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Thomas Varghese, Finance Manager

 

COMPANY NAME

 

AL ANSARI EXCHANGE LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Ansari Business Centre, Level 7, Al Barsha No. 1

PO Box             : 6176

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3772666 / 3772903 / 3772818 / 3772932

Facsimile          : (971-4) 3549692

Email                : info@alansari.ae / thomas.varghese@alansari.ae

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Offices

 

Location                                                                                              Description

 

Liwa Street                                                                                            Office premises

PO Box: 325

Abu Dhabi

Tel: (971-2) 6108707 / 6108708 / 6227888 / 6260660 / 6108872

Fax: (971-2) 6224421 / 6260601 / 6227204 / 6224794

 

Sharjah                                                                                                 Office premises

 

Subject has a total of 135 exchange offices and shops throughout the United Arab Emirates

 

 

KEY PRINCIPALS

 

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

 

Ali Murtada                                                                                Head of Finance

 

Thomas Varghese                                                                      Finance Manager

 

Sayed Motoza                                                                           Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

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 28/08/2014)

 

Chamber Mem. No.      : 7354

 

Issued Capital              : UAE Dh 200,000,000

 

Paid up Capital            : UAE Dh 200,000,000

 

Name of Shareholder (s)

 

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

 

 

AFFILIATED COMPANIES

 

Al Ansari Exchange Services LLC

Al Ain

 

 

OPERATIONS

 

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 196 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                UAE Dh 46,300,000,000 UAE Dh 50,000,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Thomas Varghese, Finance Manager

 

 

BANKERS

 

National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.58.57

UK Pound

1

Rs.98.88

Euro

1

Rs.80.05

                

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

               

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%)

 

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