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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
LULU CENTRE LLC |
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Registered Office : |
Y Tower Delma Street PO Box 4048 Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.01.1994 |
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Com. Reg. No.: |
26817, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged as owners and operators
of a shopping centre, selling electronic products,
electrical appliances, computers,
games, readymade garments and textile. |
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No. of Employees : |
400 |
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UAE - 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
Also Known As : LULU CENTRE TRADING COMPANY
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th 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 : Nampoothiri Panameswarian, Finance Manager
LULU CENTRE LLC
LULU CENTRE TRADING COMPANY
Building : Y Tower
Street : Delma Street
PO Box : 4048
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 4182000
Facsimile : (971-2)
4913718
Mobile : (971-50) 4426309
Email : rafiq@ea.lulumea.com
/ luluexp@emirates.net.ae
/ epnampoothiri@ealulume.com
Please note that subject’s previous address was, EMKE Group Building, Muroor Road, Abu Dhabi.
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
Name Nationality Position
· Hamd Rashid Al Daheri Emirati Managing Director
· Yousef Ali M A
Amin Indian Director
· Saifee T Rupawala - Chief
Executive Officer
· V A Saleem - General
Manager
· Nampoothiri Panameswarian - Finance
Manager
· Mohamed Haneef - Assistant
Finance Manager
Date of
Establishment : 11th
January 1994
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 26817, Abu Dhabi
Trade Licence No. : 1024852 (Expires 21/04/2014)
Chamber Member No. : 16917
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Hamd Rashid Al Daheri 51%
· Yousef Ali M A
Amin 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
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 highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12:
Total Sales UAE
Dh 34,957,696
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Nampoothiri Panameswarian, Finance Manager
·
ANZ Grindlays Bank
PO Box: 1100
Near Clock Tower
Al Ain
Tel: (971-3)
643400
Fax: (971-3)
645121
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.