MIRA
INFORM REPORT
|
Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
LULUS CENTRE LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11th January 1994 |
|
|
|
|
Com. Reg. No.: |
26817, |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged as owners
and operators of a shopping centre. |
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : LULUS CENTRE LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 11th January 1994
Commercial Registration Number :
26817,
Trade Licence Number : 43069
Membership Number : 16917
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 420
Line of Business : Owners and operators of a shopping centre.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
LULUS CENTRE LLC
ADDRESS
Registered & Physical Address
Location :
PO Box : 4048
Town :
Country :
Telephone : (971-2) 6272828 / 6734348 / 6411200 / 6421800
Facsimile : (971-2) 6410555 / 6421716
Email : luluexp@emirates.net.ae
Premises
Subject operates from
a large suite of offices and a shopping centre that are owned and located in
the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
M
K Abdullah Indian Managing
Director
·
Yousef
Ali Amin Indian Director
·
Hamd
Rashid Al Daheri Emirati Director
·
V
A Saleem - General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 11th
January 1994
Legal Form :
Limited Liability Company –
LLC
Commercial
Reg. No. : 26817
Trade Licence No. : 43069
(Expires 10th March 2008)
Membership No. : 16917
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
·
EMKE
Group
·
Hamd
Rashid Al Daheri
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
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
·
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
·
Gulf
Star Est
PO Box : 27608
Tel : (971-2) 4481200
Fax : (971-2) 4481718
·
Huda
Shipping International
Mina Zayed
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
·
Syscoms
Information Technology
PO Box : 4048
Tel : (971-2) 6224226
Fax : (971-2) 6224244
·
Asif
Jewellery
Tel : (971-2) 6331366
Fax : (971-2) 6334466
·
EMKE
Stores
Mina
PO Box : 4048
Tel : (971-2) 6732131
Fax : (971-2) 6732151
·
Emke
Commodities (
Tel : (254-11) 434463
Fax : (254-11) 432390
·
EMKE
Tanzania Ltd
PO Box : 40652
Dar Ed Salaam
·
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
·
E K
Prima Exports HongKong Ltd
Yu Cheong
Fotan
·
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 owners and operators of a
shopping centre.
Import Countries
: Europe and the
Subject has a
workforce of approximately 420 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
·
ANZ
Grindlays Bank
PO Box : 1100
Near Clock Tower
Al Ain
Tel : (971-3) 643400
Fax : (971-3) 645121
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1994, subject belongs to the EMKE group of companies and is involved in the
operation of a shopping centre.
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 and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 500,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)