MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	LULU CENTRE LLC
Formerly Known as:	LULU CENTRE TRADING COMPANY
Registered Office :	EMKE Group Building Muroor Road 4048 Abu Dhabi
Country :	United Arab Emirates
Financials (as on) :	31.12.2011
Date of Incorporation :	11.01.1994
Reg. No.:	26817
Legal Form :	Limited Liability Company
Line of Business :	Owners and operators of a shopping centre.
No. of Employees :	400

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
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 UAE 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. The economy is expected to continue a slow rebound. 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

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 : 11^th January 1994

Commercial Registration Number : 26817, Abu Dhabi

Trade Licence Number : 1024852

Chamber Membership Number : 16917

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Total Workforce : 400

Activities : Owners and operators of a shopping centre.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Rafiq T Mahmoud, Finance Manager

COMPANY NAME

LULU CENTRE LLC

ALSO KNOWN AS

LULU CENTRE TRADING COMPANY

ADDRESS

Registered & Physical Address

Building : EMKE Group Building

Street : Muroor Road

PO Box : 4048

Town : Abu Dhabi

Country : United Arab Emirates

Telephone : (971-2) 6734348 / 6411200 / 6421800 / 6422877

Facsimile : (971-2) 6734345

Email : rafiq@ea.lulumea.com / 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.

Branch Offices

Location Description

Hamdan Street Department Store

Abu Dhabi

Tel: (971-2) 6421880 / 6272828

Al Salam Street Department Store

Abu Dhabi

KEY PRINCIPALS

Name Nationality Position

M K Abdullah Indian Managing Director

Yousef Ali M A Amin Indian Director

Hamd Rashid Al Daheri Emirati Director

V A Saleem - General Manager

Rafiq T Mahmoud - Finance Manager

Mohamed Haneef - Assistant Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 11^th January 1994

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 26817, Abu Dhabi

Trade Licence No. : 1024852

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, selling electronic products, electrical appliances, computers, games, readymade garments and textile.

Operating Trend: Steady

Subject has a workforce of approximately 400 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 58,250,000 UAE Dh 62,000,000

Local sources consider subject’s financial condition to be Good.

The above figures were provided by Mr Rafiq T Mahmoud, Finance Manager

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.