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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
LULU CENTRE LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.09.1983 |
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Com. Reg. No.: |
45329 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Owners and operators of a shopping centre. |
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No. of Employees : |
200 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
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 country 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. 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 |
Company Name : LULU CENTRE LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
5th September 1983
Commercial Registration Number : 45329,
Trade Licence Number :
202321
Chamber Membership Number :
11009
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
200
Activities :
Owners and operators of a shopping centre.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
LULU CENTRE LLC
Registered &
Physical Address
Street : Za’abeel
Street
Area : Al Karama
PO Box : 60188
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3351415
Facsimile : (971-4)
3353354
Email : emke@emkegroup.co.ae
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
Yousuf Ali Masaliam Veettil Abdulqader Indian Managing Director
Hamad Rashid Hamad Al Mutawa Aldhaheri Emirati Director
Date of Establishment : 5th
September 1983
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 45329, Dubai
Trade Licence No. : 202321 (Expires
04/09/2013)
Chamber Member No. : 11009
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Hamad Rashid Hamad Al Mutawa Aldhaheri 51%
Yousuf Ali Masaliam Veettil Abdulqader 49%
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
Lulu Centre LLC
EMKE Group Building
Muroor Road
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6734348 / 6411200 /
6421800 / 6422877 / 6731124
Fax: (971-2) 6734345
Activities: Engaged as owners and operators of a
shopping centre, selling electronic products,
electrical appliances, computers, games, readymade garments and textile.
Subject has a workforce of 200 employees.
Companies registered in Dubai, 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.
Commercial Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints regarding subject’s payments have been reported.
Please note that the PO Box 4048 and telephone number 971-2 6731124
belong to the subject’s sister company that is located in Abu Dhabi.
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.