MIRA INFORM REPORT

 

 

Report Date :           

02.03.2012

 

IDENTIFICATION DETAILS

 

Name :

EMBEE READYMADE GARMENTS IND LLC

 

 

Registered Office :

Double Cola Road, Industrial Area No. 4, P O Box 2509, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.06.1987

 

 

Com. Reg. No.:

16007, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of garments for ladies, gents and children

 

 

No. of Employees :

190

 

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

 

Maximum Credit Limit :

US$ 450,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : EMBEE READYMADE GARMENTS IND LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 10th June 1987

Commercial Registration Number            : 16007, Sharjah

Trade Licence Number                            : 374

Chamber Membership Number                : 17821

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 190

Activities                                               : Manufacturers of garments for ladies, gents and children.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 450,000

Person Interviewed                                 : Vijay Rao, Financial Controller

COMPANY NAME

 

EMBEE READYMADE GARMENTS IND LLC

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Double Cola Road

Area                 : Industrial Area No. 4

PO Box             : 2509

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5325116

Facsimile          : (971-6) 5326117

Mobile               : (971-50) 6269789

Email                : thomas@embeegroup.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Barthi Badhlani                                             Indian                            Managing Director

 

·       Saleh Mohamed Al Hajiri                                Emirati                          Director

 

·       Jagish Gupta                                                     -                              Finance Manager

 

·       Thomas Varghese                                              -                              Export Manager

 

·       Sarkis Antonius Mawad                                      -                              Public Relations Manager

 

·       Vijay Rao                                                          -                              Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th June 1987

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 16007, Sharjah

 

Trade Licence No.       : 374 (Expires 08/06/2012)

 

Chamber Member No. : 17821

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                         Percentage

 

·       Saleh Mohamed Al Hajiri                                            51%

·       Barthi Badhlani                                                         49%

 

 

AFFILIATED COMPANIES

 

·       Embee International Trading LLC

Double Cola Road

PO Box: 2509

Sharjah

Tel: (971-6) 5333175 / 5324208

Fax: (971-6) 5334010

 

·       Barthi Ready Made Garment LLC

Sharjah

 

·       Super Max Office Stationery

Sharjah

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of garments for ladies, gents and children, including trousers, shorts, jackets, blazers and dresses.

 

Import Countries: Taiwan, India and the Philippines

 

Export Countries: United States of America, United Kingdom and Germany

 

Operating Trend: Steady

 

Subject has a workforce of 190 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 31,380,000                   UAE Dh 34,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Vijay Rao, Financial Controller

 

 

BANKERS

 

·       The Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5335500

 

·       ABN Amro Bank

Al Zayani Building

PO Box: 1971

Sharjah

Tel: (971-6) 5355021

 

·       HSBC Bank Middle East

Al Arooba Street

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

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.49.15

UK Pound

1

Rs.78.25

Euro

1

Rs.65.57

 

 

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.