MIRA
INFORM REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
LULU |
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Registered Office : |
Sultan |
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Country : |
Sultanate of |
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Date of Incorporation : |
5th June 2004 |
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Com. Reg. No.: |
1757776, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged as
operators of a hypermarket. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
LULU
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 5th June 2004
Commercial Registration Number :
1757776,
Membership Number : 1432
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 2,300
Line of Business : Operators of a hypermarket.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
LULU
ADDRESS
Registered & Physical Address
Street :
Area : Ghubra Area
PO Box : 436
Town :
Country : Sultanate of
Telephone : (968-24) 504504
Facsimile : (968-24) 594747
Email : contactus@luluhypermarket.com
Premises
Subject operates
from a medium sized suite of offices and a hypermarket that are rented and
located in the Central Business Area of Muscat.
Branch Offices
Subject has branch
offices located in Seeb,
Sohar, Darshit and Salalah.
KEY PRINCIPALS
Name Nationality Position
·
Yousaf Mosyilam Ali Indian Managing Director
· A V Anand - General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 5th
June 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC)
Commercial Reg. No. : 1757776,
Membership
No. : 1432
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder
(s)
·
Yousaf Mosyilam Ali
· Unnamed local sponsor
Non Omani Participation
The participation of non-Omani nationals in a trade or business
in
Note to the Legal Form
The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign
ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.
Contributions to capital
may be made in cash of kind. Capital may not be increased by public
subscription. The full amount of the share value must be paid in on
subscription. hares may not be assigned to a non-member, unless the other
existing members are granted a pre-emptive right to purchase the shares.
AFFILIATED COMPANIES
Subject is a member of the well known EMKE Group which has operations
dating back to 1966. It has diversified activities covering the department
store/supermarket and hypermarket business, as well as the import and distribution of food stuff and
consumer staple goods, garment manufacturing and also information technology
training.
Based in the
The EMKE Group consists of the following concerns :
·
EMKE
General Trading
Al Qusais
PO Box : 60188
Tel : (971-4) 2670077
Fax : (971-4) 2670088
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EMKE
Stores
Saif Suhail Al Kheili Building
Madina Zayed
PO Box : 4048
Tel : (971-2) 6732131 / 6394949 / 6421800
Fax : (971-2) 6732151 / 6396807
·
Al
Tayeb Meat Est
Mina Free Zone
PO Box : 4048
Tel : (971-2) 6732141
Fax : (971-2) 6732144
·
Al
Tayeb Cold Stores LLC
Mina Free Port
PO Box : 4048
Tel : (971-2) 6731831 /
6730393
Fax : (971-2) 6731124
Email: altcs@emirates.net.ae
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Gulf
Star Est
PO Box : 27608
Tel : (971-2) 4481200
Fax : (971-2) 4481718
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Huda
Shipping International
Mina Zayed
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
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Syscoms
Information Technology
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
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Asif
Jewellery
Tel : (971-2) 6331366
Fax : (971-2) 6334466
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EMKE
Stores
Mina
PO Box : 4048
Tel : (971-2) 6732131
Fax : (971-2) 6732151
·
Emke
Commodities (
Tel : (254-11) 434463
Fax : (254-11) 432390
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EMKE
Tanzania Ltd
PO Box : 40652
Dar Ed Salaam
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EMKE
Garments (
PO Box : 1556
Tel : (254-11) 432585
Fax : (254-11) 432390
·
Fair
Exports (
501 Madhava Bandra Kurla
Complex
Bandra (East)
Mumbai 400051
·
E K
Prima Exports Thailand Ltd
64/16 Sukhumvil Soi-20
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E K
Prima Exports HongKong Ltd
Yu Cheong
Fotan
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P.T.E.K.
Prima Ekspor
J1, Mangga Dua Raya
Block C 12
Tel : (62-21) 6128791/ 6128792
Fax : (62-21) 6019438
·
Y Tex
Fashions
Bajos 1, 08922
Santa Coloma Degramnet
LINE OF BUSINESS
Operations : Engaged as operators of a hypermarket.
Import Countries
:
Subject has a
workforce of approximately 2,300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
·
The Commercial Bank of
Muttrah Business District
PO Box : 1696, Ruwi 112
Tel : (968-24) 793225 / 793226 / 793228
Fax
: (968-24) 793229
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2004, subject is involved as operators of a hypermarket. Subject belongs to the
well known EMKE Group of companies.
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 200,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)