MIRA INFORM REPORT

 

 

Report Date :

16.10.2013

 

IDENTIFICATION DETAILS

 

Name :

GEEBEE GARMENTS

 

 

Registered Office :

Plot No. E4-9-11, Saif Zone, P O Box 7866, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.06.2004

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

manufacturer and exporter of garments and textiles

 

 

No. of Employees :

400

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

 

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 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

 

SUMMARY

 

Company Name                                     : GEEBEE GARMENTS

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 17th June 2004

Trade Licence Number                            : 03020078, Saif Zone

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 400

Activities                                               : Manufacturers of garments and textiles

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Biju Pawla, Financial Manager

COMPANY NAME

 

GEEBEE GARMENTS

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Plot No. E4-9-11, Saif Zone

PO Box             : 7866

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5571090 / 3534055

Facsimile          : (971-6) 5571066 / 3532555

Email                : admin@geebeegarments.com / gbgmts@emirates.net.ae

 

Premises

Subject operates from a large suite of offices and a workshop that are rented and located in the Saif Zone Area of Sharjah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Abu Shalata Building                                                                         Office premises

Bur Dubai

Dubai

Tel: (971-4) 3534055

Fax: (971-4) 3532555

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Depak Jathwani                                                                                 Managing Director

·       Ravi Nassani                                                                                     General Manager

·       P K Mani                                                                                          Administration Manager

·       Biju Pawla                                                                                        Financial Manager

·       Shiva Kumar                                                                                     Group Financial Manager

·       Venond Methwani                                                                              Production Manager

·       Anil Pawani                                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th June 2004

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 03020078, Saif Zone

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                Percentage

·       Depak Jathwani                                                                 100%

 

 

AFFILIATED COMPANIES

 

·         Geebee Trading Company Pte., Ltd.,
 1 North Bridge Road, No. 19-04/05
 High Street Centre
 Singapore 179094
 Tel: (65) 63372472/3/5

 

·         Geebee Trading Company 
 207, Jolly Bhavan 2,
 7 New Marine Lines,
 PO Box: 11225

 Mumbai 400 020
 India

 Tel: (91-22) 22624804
 Email: gbco@vsnl.net

 

·         Sathyasai Credit and Capital Pvt. Ltd
 PO Box: 11225
 Mumbai 400 020
 India

 Tel: (91-22) 22624708
 Email: gbco@vsnl.net

 

·         Kaycee Trading Company
 PO Box: 6617

 Dubai
 Tel: (971-4) 3534055
 Fax: (971-4) 3532555

 

·         Geebee Stores LLC
 PO Box 6790

 Dubai

 Tel: (971-4) 3538547
 Fax: (971-4) 3532555

 

·         Geebee Garments Industries Ltd.,
 SFB 3, Dhaka EPZ, Ganakbari, Savar

 Dhaka

 Bangladesh
 Tel: (880-2) 9890960

 Fax: (880-2) 9890957
 Email: geebeedhaka@intrepidbd.com

 

·         Geebee Trading Company
 PO Box 56
 Dubai
 Tel: (971-4) 3534055
 Fax: (971-4) 3532555
 Email: geebee@emirates.net.ae

 

·       Geebee Garment Industries Pvt.Ltd.,
Plot No.K-54,
SIPCOT Industrial Park, Pennalur Post,
Irungattukottai, Sriperumbudur Taluk,
Kancheepuram District – 602 105
Tamilnadu

India

 

·       Geebee Garments (FZE)
PO Box: 7866
Saif Zone

Sharjah
Tel: (971-6) 5571090
Fax: (971-6) 5571066
Email: gbgmts@emirates.net.ae

 

·       Eterna Plastic Manufacturing Company (L.L.C)
PO Box: 10043

Dubai

Tel: (971-4) 2859258
Fax: (971-4) 2858305
Email: eterna@emirates.net.ae

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of garments and textiles

 

Import Countries: Indonesia and the GCC countries.

 

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

 

Total Revenue                            UAE Dh 116,700,000                  UAE Dh 120,000,000

 

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

 

The above figures were provided by Mr Biju Pawla, Financial Manager

 

 

BANKERS

 

·       National Bank of Sharjah

Al Boorj Avenue

     PO Box: 4

     Sharjah

     Tel: (971-6) 5547747

 

·       Habib Bank Ltd

PO Box: 300

Sharjah

Tel: (971-6) 5356116

Fax: (971-6) 5526473

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.98.59

Euro

1

Rs.83.67

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.