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Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EMBEE INTERNATIONAL INDUSTRIES |
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Registered Office : |
Public Free Zone |
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Country : |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
31709, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of clothing |
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No. of Employees : |
2,900 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt
is bisected by the highly fertile Nile valley, where most economic activity
takes place. Egypt's economy was highly centralized during the rule of former
President Gamal Abdel NASSER but opened up considerably under former Presidents
Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively
pursued economic reforms to attract foreign investment and facilitate GDP
growth. Despite the relatively high levels of economic growth in recent years,
living conditions for the average Egyptian remained poor and contributed to
public discontent. After unrest erupted in January 2011, the Egyptian
Government backtracked on economic reforms, drastically increasing social
spending to address public dissatisfaction, but political uncertainty at the
same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : EMBEE INTERNATIONAL INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2001
Commercial Registration Number : 31709, Ismailia
Tax Card Number : 205-114-067
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 2,900
Activities : Manufacturers of clothing
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EMBEE INTERNATIONAL INDUSTRIES
Location : Public Free
Zone
Town : Ismailia
Country : Egypt
Telephone : (20-64) 3481920
/ 3481922 / 3481924 / 3481926
Facsimile : (20-64)
3841920
Mobile : (20-100)
6666005
Email : embee@eg.embeegroup.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Public Free Zone Area of Ismailia.
Branch Office (s)
Location Description
· 1B Industrial
Zone, Plot 3/5/4 Warehouse
premises
10th Of
Ramadan
Sharkeya
Tel: (20-15)
412434
Fax: (20-15)
412433
Name Nationality Position
· Pheshemper
Sanderendalani Badalani Indian Chairman
· Sanjay Assory Indian Managing Director
· Baharati Badalani Indian Director
· Ahmed Said - IT Manager
· Damupharan Niak - Finance
Manager
· Ali Ibrahim - Production
Manager
Date of
Establishment : 2001
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 31709, Ismailia
Tax Card No. : 205-114-067
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
· Baharati Badalani 75%
· Pheshemper
Sanderendalani Badalani 25%
· Embee
International LLC
Double Cola Road
Industrial Area No. 5, Plot No. 4
PO Box: 2509
Sharjah
United
Arab Emirates
Tel:
(971-6) 5333175
Fax:
(971-6) 5434010
Email: embee@emirates.net.ae
Activities: Engaged in the manufacture of men’s and women’s clothing. Subject
produces clothing for K-Mart, Wal-Mart and Gap.
Import Countries: India, China, United Arab Emirates, Taiwan,
Pakistan, Germany and the United States of America.
Export Countries: Germany, United Kingdom, United States of America,
Canada, Saudi Arabia, Italy and Romania.
Subject has a workforce of approximately 2,900 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
National Bank of Egypt
El Tahrir &
Khaled Ibn El Waled Streets
Ismailia
Tel: (20-64)
3325900
Fax: (20-64)
3320386
· Bank of Alexandria
Ismailia
Tel:
(20-64) 3912461 / 3918922
Fax:
(20-64) 3918921 / 3918922
No complaints regarding subject’s payments have been reported.
Credit amount US$
100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.