|
Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
LULU BAHRAIN HYPERMARKET SPC |
|
|
|
|
|
|
Registered Office : |
Shop No. 273, Building No. 702 Road No. 5115 Block No. 351 PO Box
21584 Manama |
|
|
|
|
|
|
Country : |
Bahrain |
|
|
|
|
|
|
Date of Incorporation : |
29.05.2006 |
|
|
|
|
|
|
Com. Reg. No.: |
61226-1 |
|
|
|
|
|
|
Legal Form : |
Single Person Company – SPC |
|
|
|
|
|
|
Line of Business : |
Operators of a hypermarket |
|
|
|
|
|
|
No. of Employees : |
150 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ECONOMIC OVERVIEW
Bahrain is one of the most diversified
economies in the Persian Gulf. Highly developed communication and transport
facilities make Bahrain home to numerous multinational firms with business in
the Gulf. As part of its diversification plans, Bahrain implemented a Free
Trade Agreement (FTA) with the US in August 2006, the first FTA between the US
and a Gulf state. Bahrain's economy, however, continues to depend heavily on
oil. Petroleum production and refining account for more than 60% of Bahrain's
export receipts, 70% of government revenues, and 11% of GDP (exclusive of
allied industries). Other major economic activities are production of aluminum
- Bahrain's second biggest export after oil - finance, and construction.
Bahrain competes with Malaysia as a worldwide center for Islamic banking and
continues to seek new natural gas supplies as feedstock to support its
expanding petrochemical and aluminum industries. In 2011, Bahrain experienced
economic setbacks as a result of domestic unrest. Bahrain's reputation as a
financial hub of the Gulf has been damaged, and the country now risks losing
financial institutions to other regional centers such as Dubai or Doha.
Economic policies aimed at restoring confidence in Bahrain's economy, such as
the suspension of an expatriate labor tax, will make Bahrain's foremost
long-term economic challenges - youth unemployment and the growth of government
debt - more difficult to address.
Source
: CIA
Company Name : LULU BAHRAIN HYPERMARKET SPC
Country of Origin : Bahrain
Legal Form : Single Person Company – SPC
Registration Date : 29th May 2006
Commercial Registration Number : 61226-1
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 150
Activities : Operators of a hypermarket
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
LULU BAHRAIN HYPERMARKET SPC
Building : Shop No. 273,
Building No. 702
Street : Road No.
5115
Area : Block No.
351
PO Box : 21584
Town : Manama
Country : Bahrain
Telephone : (973-17) 553555
Facsimile : (973-17)
550505
Email : lulu@batelco.com.bh
/ info@luluhypermarket.com
Subject operates from a large suite of offices and a hypermarket that
are rented and located in the Central Business Area of Manama.
Name Nationality Position
· Yousef Ali
Abdulqader Musailam Veettil Abdulqader Indian Managing Director
· Juzer Taher Bhai
Rupawal - Regional
Manager
· Mohamed Khalil - Operations
Manager
Date of
Establishment : 29th
May 2006
Legal Form : Single Person
Company – SPC
Commercial Reg.
No. : 61226-1
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
· Yousef Ali
Abdulqader Musailam Veettil Abdulqader 100%
· Lulu Center
Al
Rayyan Road
PO
Box: 9763
Doha
Qatar
Tel:
(974) 44324324
Fax:
(974) 44363434
Activities: Engaged as owners and operators of a hypermarket.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 150 employees.
Companies registered in Bahrain are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17)
244333
Fax: (973-17)
241301
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.