MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
LULU CENTRE LLC |
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Registered Office : |
Muroor Road, PO Box 4048, Abu
Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.01.1994 |
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Com. Reg. No.: |
26817, Abu Dhabi |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Owners and
Operators of a Shopping Centre. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : LULU CENTRE LLC
Also Known As : LULU
CENTRE TRADING COMPANY
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 11th
January 1994
Commercial
Registration Number : 26817,
Abu Dhabi
Trade Licence Number : 43069
Chamber Membership
Number : 16917
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 420
Activities :
Owners and operators of a shopping centre.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 1,500,000
COMPANY NAME
LULU CENTRE LLC
ALSO KNOWN AS
LULU CENTRE TRADING COMPANY
ADDRESS
Registered & Physical Address
Location : Muroor Road
PO Box : 4048
Town : Abu Dhabi
Country : United Arab
Emirates
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, Abu Dhabi
Trade Licence No. : 43069
Chamber Member No. : 16917
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· EMKE Group
Abu Dhabi
· Hamd Rashid Al
Daheri
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 United Arab Emirates, the EMKE Group’s
activities span the globe with operational bases in India, Hong Kong, Thailand,
Indonesia, Kenya, Tanzania, Spain and other Middle East countries such as Oman,
Qatar and Kuwait.
The EMKE Group consists of the following concerns :
· EMKE General
Trading
Al Qusais
PO Box : 60188
Dubai
Tel : (971-4)
2670077
Fax : (971-4)
2670088
· Al Tayeb Meat Est
Mina Free Zone
PO Box :
4048
Abu Dhabi
Tel :
(971-2) 6732141
Fax :
(971-2) 6732144
· Al Tayeb Cold
Stores LLC
Mina Free Port
PO Box :
4048
Abu Dhabi
Tel :
(971-2) 6731831 / 6730393
Fax :
(971-2) 6731124
Email: altcs@emirates.net.ae
· Gulf Star Est
PO Box : 27608
Abu Dhabi
Tel : (971-2)
4481200
Fax : (971-2)
4481718
· Huda Shipping
International
Mina
Zayed
PO Box :
4048
Abu Dhabi
Tel :
(971-2) 6224226
Fax :
(971-2) 6224244
· Syscoms
Information Technology
Liwa
Street
PO Box :
4048
Abu Dhabi
Tel :
(971-2) 6224226
Fax :
(971-2) 6224244
· Asif Jewellery
Hamdan Street
PO Box 4048
Abu Dhabi
Tel : (971-2) 6331366
Fax : (971-2) 6334466
· EMKE Stores
Mina
PO Box :
4048
Abu Dhabi
Tel :
(971-2) 6732131
Fax :
(971-2) 6732151
· Emke Commodities
(Kenya) Ltd
PO Box 1556
Mombasa
Kenya
Tel : (254-11)
434463
Fax : (254-11)
432390
· EMKE Tanzania Ltd
PO Box : 40652
Dar Ed Salaam
Tanzania
· EMKE Garments
(Kenya) Ltd
PO Box : 1556
Mombasa
Kenya
Tel : (254-11)
432585
Fax : (254-11)
432390
· Fair Exports
(India) Pvt. Ltd
501
Madhava Bandra Kurla Complex
Bandra
(East)
Mumbai
400051
India
· E K Prima Exports
Thailand Ltd
64/16
Sukhumvil Soi-20
Bangkok
10110
Thailand
· E K Prima Exports
HongKong Ltd
Yu Cheong
Ind Centre, Room 5K
1 Wong
Chuk Yeung Street
Fotan
Hong Kong
· P.T.E.K. Prima
Ekspor Indonesia
J1,
Mangga Dua Raya
Block C
12
Jakarta
14430
Indonesia
Tel :
(62-21) 6128791/ 6128792
Fax :
(62-21) 6019438
· Y Tex Fashions
San
Joaquin, 99-101
Bajos 1,
08922
Santa
Coloma Degramnet
Barcelona
Spain
OPERATIONS
Activities: Engaged as owners and operators of a shopping centre.
Subject has a workforce of approximately 420 employees.
FINANCIAL DATA
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.
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.
Date of
transaction June
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
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.
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. |
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%)