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Report No. : |
328904 |
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Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
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Name : |
DUBAI EXPRESS
EXCHANGE |
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Registered Office : |
Musallah Road, Deira, P O Box: 121240, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
06.03.2000 |
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Com. Reg. No.: |
82504, Dubai |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject is engaged
in the provision of local and foreign currency exchange services. |
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No. of Employees : |
27 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 : DUBAI
EXPRESS EXCHANGE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 6th
March 2000
Commercial
Registration Number : 82504,
Dubai
Trade Licence
Number : 517030
Chamber Membership
Number : 50547
Invested Capital : UAE Dh 200,000
Total Workforce : 27
Activities :
Providers of local and foreign currency exchange services.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
DUBAI EXPRESS
EXCHANGE
Street : Musallah Road
Area : Deira
PO Box : 121240
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2277440 / 2244484
Facsimile : (971-4) 2244484 / 2277661
Mobile : (971-50) 4436140
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Braha Office
premises
Deira
Dubai
Tel: (971-4) 2366004
Fax: (971-4) 2366140
·
Dubai
International Airport Office
premises
Terminal 1
Deira
Dubai
Tel: (971-4) 2245656
Name Position
·
Khamis Butti
Khamis Al Rumaithy Proprietor
·
Rao
Manohar General
Manager
Date of Establishment : 6th
March 2000
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 82504, Dubai
Trade Licence No. : 517030
(Expires 30/03/2016)
Chamber Member No. : 50547
Invested Capital
: UAE Dh 200,000
Mr Khamis Butti
Khamis Al Rumaithy is the sole proprietor of the business.
Activities: Engaged in the provision of local and
foreign currency exchange services.
Subject is involved in the Buying and
selling all major currencies of the Middle East, Asia, Far East,
Europe, USA and some African
countries. Worldwide remittances in all major currencies, including:
Subject has a
workforce of 27 employees.
Companies
registered in Dubai are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
NIT |
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 |
|
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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 |
|
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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 |
-- |
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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.