|
|
|
MIRA INFORM REPORT
|
Report No. : |
510410 |
|
Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LULU CENTRE LLC |
|
|
|
|
Registered Office : |
Y Tower, Delma
Street, 4048, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
11.01.1994 |
|
|
|
|
Com. Reg. No.: |
26817 |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
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 |
|
|
|
|
No. of Employees : |
400 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.
The global financial crisis of 2008-09, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
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 : Regular
Operating Trend : Steady
Person Interviewed : Nampoothiri Panameswarian, Finance Manager
COMPANY
NAME
COMPANY NAME: LULU CENTRE LLC
ALSO KNOWN AS: LULU CENTRE TRADING COMPANY
ADDRESS
Registered & Physical
Address
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.
Premises
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
KEY
PRINCIPALS
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
LEGAL
FORM & OWNERS
Date of Establishment : 11th
January 1994
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 26817, Abu
Dhabi
Trade Licence No. : 1024852
Chamber Member No. : 16917
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
Hamd Rashid Al Daheri 51%
· Yousef Ali M A
Amin 49%
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
Centre LLC
Za’abeel Street
Al Karama
PO Box: 60188 & 4048
Dubai
Tel: (971-4) 3351415
Fax: (971-4) 3353354
OPERATIONS
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
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/15: Year Ending
31/12/16:
Total Sales UAE Dh
324,000,000 UAE Dh
352,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Nampoothiri
Panameswarian, Finance Manager
BANKERS
·
ANZ
Grindlays Bank
PO Box: 1100
Near Clock Tower
Al Ain
Tel: (971-3) 643400
Fax: (971-3) 645121
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
|
UAE dh |
1 |
INR 18.51 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.