MIRA INFORM REPORT

 

 

Report Date :

26.09.2014

 

IDENTIFICATION DETAILS

 

Correct Name :

LULU SAUDI HYPERMARKET CO LTD

 

 

Registered Office :

Riyadh Avenue Mall, 2nd Floor, Murabbah, 4330 Riyadh 11491

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

30.01.2007

 

 

Com. Reg. No.:

1010227701, Riyadh

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the operation of a hypermarket, selling general foodstuffs, readymade garments and household consumable products

 

 

No. of Employees :

300

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SAUDI ARABIA - ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                     : LULU SAUDI HYPERMARKET CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Company

Registration Date                                   : 30th January 2007

Commercial Registration Number            : 1010227701, Riyadh

Membership Number                              : 175372

Issued Capital                                        : SR 1,500,000

Paid up Capital                                      : SR 1,500,000

Total Workforce                                     : 300

Activities                                               : Operators of a hypermarket

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

LULU SAUDI HYPERMARKET CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Riyadh Avenue Mall, 2nd Floor

Area                 : Murabbah

 

PO Box             : 4330

 

Town                 : Riyadh 11491

Country             : Saudi Arabia

 

Telephone         : (966-11) 4028877

Facsimile          : (966-11) 4025522

Email                : luluriyad@sa.lulumea.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Abdul Bashir                                                                      Regional Manager

 

·       Hader Al Muhairi                                                                               Administration Manager

 

·       Saleem Mohamed                                                                             Branch Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th January 2007

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 1010227701, Riyadh

 

Membership No.          : 175372

 

Issued Capital              : SR 1,500,000

 

Paid up Capital            : SR 1,500,000

 

Name of Shareholder (s)

 

·       EMKE Group

Abu Dhabi

 

·       Prince Saud Bin Abdullah Bin Abdulaziz

 

 

AFFILIATED COMPANIES

 

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 Saudi Hypermarkets Co Ltd

King Fahd Street, 30th Cross

PO Box: 248

Al Khobar 31952

Tel: (966-3) 8998556 / 8970008 / 8947575

Fax: (966-3) 8848336

CR No. 2051034020

 

 

OPERATIONS

 

Activities: Engaged in the operation of a hypermarket, selling general foodstuffs, readymade garments and

     household consumable products.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-1) 4776450

Fax: (966-1) 4769502

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.02

UK Pound

1

Rs.99.42

Euro

1

Rs.77.84

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.