|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNITED ARAB EMIRATES MONEY EXCHANGE CENTRE
LLC |
|
|
|
|
Formerly Known As : |
UAE EXCHANGE CENTRE LLC |
|
|
|
|
Registered Office : |
Al Sayegh Tower, 2nd Floor, Sheikh Hamdan Street,
170 Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
18.08.1980 |
|
|
|
|
Com. Reg. No.: |
18311, Abu Dhabi |
|
|
|
|
Legal Form : |
Limited
Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject is one of the largest currency exchange houses in the Middle East conducting over 6 million transactions per year. The company’s services cover money transfers, foreign currencies, travelers cheques, issue of demand drafts, mail transfers and express transfers |
|
|
|
|
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 : UNITED ARAB EMIRATES MONEY EXCHANGE CENTRE LLC
Also Known As :
UAE EXCHANGE CENTRE LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 18th
August 1980
Commercial
Registration Number : 18311, Abu Dhabi
Trade Licence
Number :
1027582
Chamber Membership
Number : 6395
Issued Capital : UAE Dh
50,000,000
Paid up Capital : UAE Dh
50,000,000
Total Workforce : 200
Activities :
Currency exchange house
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
UNITED ARAB EMIRATES MONEY EXCHANGE CENTRE LLC
ALSO KNOWN AS: UAE EXCHANGE CENTRE LLC
Building : Al Sayegh Tower, 2nd Floor
Street : Sheikh Hamdan Street
PO Box : 170
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6322166 / 6105542 /
6105555
Facsimile : (971-2) 6211448 / 6321767 /
6212068
Email : hq@uaeexchange.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office (s)
Subject operates 14 branches located throughout the country, including
the following:
Location Description
·
Buraimi
Road Currency
exchange centre
PO Box: 1175
Al Ain
Tel: (971-3) 7654258
Fax: (971-3) 7668326
·
Al
Arouba Street Currency
exchange centre
·
Naif
Road Currency
exchange centre
PO Box: 31314
Dubai
Tel: (971-4) 2268616
Fax: (971-4) 2260276
·
Sheikh
Zayed Street Currency
exchange centre
·
Al
Nakheel Area Currency
exchange centre
PO Box: 2230
Ras Al Khaimah
Tel: (971-7) 2271066
Fax: (971-7) 2271044
·
Humaid
Bin Abdul Aziz Street Currency
exchange centre
PO Box: 3313
Ajman
Tel: (971-6) 7424666
Fax: (971-6) 7456128
Name Position
·
HE
Abdullah Humaid Ali Al Mazroei Chairman
·
Dr B R
Shetty Managing
Director
·
Y
Sudhir Kumar Shetty Chief
Operating Officer
·
Promoth
Manghat Operations
Manager
·
Ashwin
Shetty Dealing
Manager
·
G K
Rajesh Human
Resources Manager
·
T P
Pradeep Kumar Chief
Financial Officer
·
Sarath
Chandra M Chief
Information Officer
·
Gopakumar
Bhargavan Chief
Marketing Officer
Date of Establishment : 18th
August 1980
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 18311, Abu Dhabi
Trade Licence No. : 1027582
Chamber Mem. No. : 6395
Issued Capital : UAE Dh 50,000,000
Paid up Capital : UAE Dh 50,000,000
·
HE
Abdullah Humaid Ali Al Mazroei
·
Dr B R
Shetty
·
UAE
Exchange & Financial Services Ltd
·
UAE
Exchange Centre WLL
·
Oman
& UAE Exchange LLC
·
MoneyDart
Global Services
·
Xpress
Money Services Ltd
Activities: Subject is one of the largest currency
exchange houses in the Middle East conducting over 6 million
transactions per year. The
company’s services cover money transfers, foreign currencies, travellers
cheques, issue of demand
drafts, mail transfers and express transfers.
Subject became an agent of
Western Union FSI in 1994.
Retail Services
• Remittance
• Forex
• Bill Payment
• Wealth Management
• Mobile Phone Products
• Loyalty Programme
Corporate Services
• Remittance
• Forex
• Payroll Solutions
• Corporate Cash Collection
• Corporate Cash Payout
• Travel & Tours
Subject has a
workforce of approximately 200 employees.
Companies
registered in Abu Dhabi, 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.
·
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.
United Arab Emirates Money Exchange Centre LLC has is one of the largest currency exchange
houses in the Middle East conducting over 6 million transactions per year.
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.