|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL ROSTAMANI INTERNATIONAL EXCHANGE |
|
|
|
|
Registered Office : |
Maze Tower, 28th
Floor, Sheikh Zayed Road 28659 & 10072 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.10.1979 |
|
|
|
|
Com. Reg. No.: |
51476, Dubai |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Engaged in the provision
of currency exchange and international remittance services. |
|
|
|
|
No. of Employees |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 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 : 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 : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : K K V
Srikant, Finance Manager
AL ROSTAMANI
INTERNATIONAL EXCHANGE
Building : Maze Tower, 28th Floor
Street : Sheikh Zayed Road
PO Box : 28659 & 10072
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4543200
Facsimile : (971-4) 4543219
Mobile : (971-50) 4557574
Email : tcookair@emirates.net.ae / ariemgt@alrostamanigroup.ae
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Offices
Location Description
·
Rahma
Bin Matar Albudoor Building Office
premises
Al Maktoum Street
Al Rigga
Dubai
Tel: (971-4) 2223564
Fax: (971-4) 2279232
·
Baniyas
Road Office
premises
Deira
Dubai
Tel: (971-4) 2223564
Fax: (971-4) 2279232
·
Dubai
Airport Office
premises
Dubai
Tel: (971-4) 2203979
Fax: (971-4) 2203858
·
Sheikh
Zayed Road Office
premises
Dubai
Tel: (971-4) 3327444
Fax: (971-4) 3344668
·
Dubai
World Trade Center Office
premises
Dubai
Tel: (971-4) 3328339
Fax: (971-4) 3326726
·
Ibn
Battuta Mall Office
premises
Dubai
Tel: (971-4) 3669922
Fax: (971-4) 3669918
·
Al Reem
Plaza Building Office
premises
Abu Dhabi
Tel: (971-2) 6430643
Fax: (971-2) 6430644
·
Al
Firdous Building Office
premises
Abu Dhabi
Tel: (971-2) 5557379
Fax: (971-2) 5557035
·
Al Ain Office
premises
Tel: (971-3) 7665558
Fax: (971-3) 7665513
·
Al Ain Office
premises
Tel: (971-3) 7840426
Fax: (971-3) 7840387
·
Sheikh
Zayed Road Office
premises
Fujairah
Tel: (971-9) 2226822
Fax: (971-9) 2226637
·
Al
Taawun Mall Office
premises
Sharjah
Tel: (971-6) 5520505
Fax: (971-6) 5520155
·
Industrial
Area No. 3 Office
premises
Sharjah
Tel: (971-6) 5422332
Fax: (971-6) 5433716
·
Al
Arouba Street Office
premises
Sharjah
Tel: (971-6) 5614656
Fax: (971-6) 5614623
·
Al
Nakheel Area Office
premises
Ras Al Khaimah
Tel: (971-7) 2221818
Fax: (971-7) 2212131
Name Position
·
Sadasivan
Karunakaran General
Manager
·
Mohamed
Yehia Omar Assistant
General Manager
·
K K V
Srikant Finance
Manager
·
Sridhar
Rajam Compliance
Manager
·
Gangan
Bandula Sales
Manager
·
Anand
Shanmugham Business
Strategy Manager
·
Abjeet
Oak Operations
Manager
Date of Establishment : 21st
October 1979
Legal Form :
General Partnership
Commercial Reg. No. : 51476, Dubai
Trade Licence No. : 215820
(Expires 22/03/2015)
Chamber Member No. : 3793
Issued Capital : UAE Dh 2,215,000
Paid up Capital : UAE Dh 2,215,000
·
Abhaar
International LLC 50%
Dubai
·
Marwan
Abdullah Hassan Al Rostamani ]
]
·
Hassan
Abdullah Hassan Al Rostamani ]
]
·
Hosnah
Abdullah Hassan Al Rostamani ]
] 50%
·
Khould
Abdullah Hassan Al Rostamani ]
]
·
Badriya
Abdullah Hassan Al Rostamani ]
]
·
Dr Wafa
Abdullah Hassan Al Rostamani ]
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.
Operating Trend: Steady
Subject has a
workforce of approximately 300 employees.
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
1,785,000,000 UAE Dh
1,850,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr K K V Srikant, Finance
Manager
·
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
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.