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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
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Name : |
LULU HYPER MARKET TRADING CO WLL |
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Registered Office : |
Al Rayyan Road, P
O Box 9763, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
27.02.1999 |
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Com. Reg. No.: |
21255, Doha |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged as owners and operators of a shopping
complex Subject is a
three level department store with electronic items, household goods, clothes,
shoes, suitcases, stationery, jewellery and personal care products. |
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No. of Employees : |
150 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Qatar ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued high real
GDP growth. Throughout the financial crisis Qatari authorities sought to
protect the local banking sector with direct investments into domestic banks.
GDP had rebounded in 2010 largely due to the increase in oil prices, and 2011's
growth was supported by Qatar's investment in expanding its gas sector. GDP
slowed to 6.3% in 2012 as Qatar's gas sector expansion moved toward completion.
Economic policy is focused on developing Qatar's non- associated natural gas
reserves and increasing private and foreign investment in non-energy sectors,
but oil and gas still account for more than 50% of GDP, roughly 85% of export
earnings, and 70% of government revenues. Oil and gas have made Qatar the
world's highest per-capita income country and the country with the lowest
unemployment. Proved oil reserves in excess of 25 billion barrels should enable
continued output at current levels for 57 years. Qatar's proved reserves of
natural gas exceed 25 trillion cubic meters, more than 13% of the world total
and third largest in the world. Qatar's successful 2022 world cup bid will
likely accelerate large-scale infrastructure projects such as Qatar's metro
system, light rail system, and the Qatar-Bahrain causeway. The Hamad
International Airport is projected to open by the end of 2013 with an annual
passenger capacity of 24 million.
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Source : CIA |
Company Name : LULU HYPER MARKET TRADING CO WLL
Also Known As : LULU CENTER
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 27th February 1999
Commercial Registration Number : 21255, Doha
Chamber Membership Number : 4573
Issued Capital : QR 500,000
Paid up Capital : QR 500,000
Total Workforce : 150
Activities : Owners and operators of a shopping complex.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
LULU HYPER MARKET
TRADING CO WLL
LULU CENTER
Registered &
Physical Address
Location : Al Rayyan Road
PO Box : 9763
Town : Doha
Country : Qatar
Telephone : (974) 44324324
Facsimile : (974) 44363434
Mobile : (974) 55835798
Email : info@luluhypermarket.com / satheesh@luluhypermarket.net.qa
Premises
Subject operates from
a large suite of offices and a shopping complex that are rented and located in
the Central Business Area of Doha.
Branch Office
(s)
Location Description
·
Airport
Road , Ring Road Office
premises
Doha
Tel: (974) 44667780
Fax: (974) 44667790
Name Nationality Position
·
Yousef
Ali Abdulqader Musailam Veettil
Abdulqader Indian Managing Director
·
Sheikh
Hassan Khalid Al Abdullah Qatari Director
Date of Establishment : 27th
February 1999
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 21255, Doha
Chamber Member No. : 4573
Issued Capital : QR 500,000
Paid up Capital : QR 500,000
Name of Shareholder
(s)
·
Yousef
Ali Abdulqader Musailam Veettil
Abdulqader
·
Sheikh
Hassan Khalid Al Abdullah
·
Lulu
Bahrain Hypermarket SPC
Shop No. 273, Building No. 702
Road No. 5115
Block No. 351
PO Box: 21584
Manama
Bahrain
Tel: (973-17) 553555
Fax: (973-17) 550505
Activities: Engaged as owners and operators of a
shopping complex.
Lulu Center is a three level
department store with electronic items, household goods, clothes, shoes,
suitcases, stationery,
jewellery and personal care products.
Subject has a
workforce of approximately 150 employees.
Companies
registered in Qatar are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
HSBC
Bank Middle East
Abdulla Bin Jassim Street
PO Box: 57
Doha
Tel: (974) 44423124
Fax: (974) 44416353
·
International
Bank of Qatar
PO Box: 2001
Doha
Tel: (974) 44478000
Fax: (974) 44473745
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.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
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UK Pound |
1 |
Rs.89.52 |
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Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.