MIRA INFORM REPORT

 

 

Report Date :

24.09.2013

 

IDENTIFICATION DETAILS

 

Name :

LULU HYPERMARKET GENERAL TRADING AND CONTRACTING CO

 

 

Registered Office :

Dream Mall,  4th Ring Road, Al Rai Area, PO Box: 49855, Al Rai 85159

 

 

Country :

Kuwait

 

 

Date of Incorporation :

28.07.2013

 

 

Com. Reg. No.:

348360

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Operation of hypermarkets and department stores.

 

 

No. of Employees :

500

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

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)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

KUWAIT - ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : LULU HYPERMARKET GENERAL TRADING AND CONTRACTING CO

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 28th July 2013

Commercial Registration Number           : 348360

Trade Licence Number                           : 1854/2013

Chamber Membership Number               : 139481

Issued Capital                                       : KD 1,000,000

Paid up Capital                                     : KD 1,000,000

Total Workforce                                     : 500

Activities                                               : Operation of hypermarkets and department stores.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

LULU HYPERMARKET GENERAL TRADING AND CONTRACTING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Dream Mall

Street               : 4th Ring Road

Area                 : Al Rai Area

PO Box            : 49855

Town                : Al Rai 85159

Country             : Kuwait

 

Telephone         : (965) 24759333

Facsimile          : (965) 24759111

Email                : mail@kw.lulumea.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Al Rai.

 

Branch Office (s)

 

Location                                                                                                           Description

 

Al Qurain Area                                                                                                   Office premises

Safat   

Tel: (965) 22258300

 

Fahaheel                                                                                                           Office premises

Tel: (965) 23910111

 

 

KEY PRINCIPALS

 

Name                                                                           Nationality        Position

 

Qader A Abdul Sheikh Abdullah Hamad Al Sabah           Kuwaiti              Chairman

 

Yousef Ali Mussalam Vitil                                              Indian               Managing Director

 

Qader Ashraf Ali Mussalam Vitil                                     Indian               Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th July 2013

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 348360

 

Trade Licence No.        : 1854/2013

 

Chamber Member No.  : 139481

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

Qader A Abdul Sheikh Abdullah Hamad Al Sabah                      

 

Yousef Ali Mussalam Vitil                                                         

 

Qader Ashraf Ali Mussalam Vitil

 

 

AFFILIATED COMPANIES

 

Lulu Hypermarkets

Qatar

 

 

OPERATIONS

 

Activities:                     Engaged in the operation of hypermarkets and department stores.

 

Import Countries:         Europe and the Far East

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.52

UK Pound

1

Rs.100.26

Euro

1

Rs.84.67

 

 

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.