MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTRICAL MAINTENANCE ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1964 |
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Com. Reg. No.: |
4694 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, importers and wholesalers of electrical appliances
such as hot-plates, electric stoves, lighting fittings and motor control
centres. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
KWACHA 500,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
ELECTRICAL MAINTENANCE (
ADDRESS
Street :
Area :
P.O. Box :
31189
Town :
Post Code :
10101
Country :
Telephone :
(260 1) 227824 / 227825 / 227826 / 227827 / 227828 / 235366 / 2353670
Fax : (260 1) 226551 / 237014
E-Mail : mail@eml-eis.com ceo@eml-eis.com
Shortform Name
EML
SENIOR COMPANY
PERSONNEL
Name Position
1. George Narder Managing Director
2. Serafina Nives Narder
(Mrs) General Manager
3. Kiran Naik Commercial Manager
4. Pirira Modjat Financial Manager
Total Employees
600
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a well known
manufacturer of electrical appliances in the country, operating since 1964.
We consider it is acceptable
to deal with subject for MEDIUM amounts, although it is normal accepted
practice for international suppliers to deal on secured terms with Zambian
importers.
Opinion on maximum credit
: KWACHA 500,000,000
Trade risk assessment :
Opinion on the credit
figure of
The above figure is
higher than normally seen in one amount, however could prove admissible if
split into two transactions provided the total indebtedness is strictly
monitored.
TRADE REFERENCES
NAME : MK ELECTRIC LTD
Street :
Town :
Country :
Telephone :
(44 20) 8803 3355
Fax : (44 20) 8807 5733
Contact : Peter Wood
NAME : SIEMENS AG
Street : Hofmannstrasse 51
P.O. Box : 700077
Town : 8000
Country :
PRINCIPAL BANKERS
NAME :
STANDARD CHARTERED BANK (Z) LTD
Branch :
North End
P.O. Box : 31353
Town :
Telephone : (260 1) 228 514
Fax :
(260 1) 221 857
The Company also has an
account with Barclays Bank of Zambia Ltd.
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : KWACHA 10,600,000,000 - 2002 - exact
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KWACHA 16,500,000,000 - 2003 - exact
: KWACHA 18,000,000,000 - 2004 - exact
: KWACHA 19,000,000,000 - 2005 - exact
: KWACHA 26,000,000,000 - 2006 - exact
Net Profit :
KWACHA 814,000,000 - 2002 - exact
: KWACHA 1,485,000,000 -
2003 - exact
: KWACHA 1,600,000,000 -
2004 - exact
: KWACHA 1,500,000,000 -
2005 - exact
: KWACHA 1,560,000,000 -
2006 - exact
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : 1964
History : The subject was
established in 1964 and registered on 9 January 1968. This is a family-owned business
and George Narder, Italian by birth, is an engineer himself.
C.R. No. : 4694
Paid up Capital : KWACHA
350,000,000 (increased from KWACHA 42,000,000 in 2001; increased from
KWACHA 40,000,000 in 1995)
Private Limited Liability
Company with the following shareholders :
Percentage
1. George Narder 95 %
DRT
Kabulonga
Tel : (1) 261096
2. Serafina Nives Narder 5
%
(wife of the above)
Affiliated companies of
Electrical Maintenance (
Associates
1. Electrical
Instrumentation Services Ltd
Tel: (2) 228077 / 228442 / 228843
Fax: (2) 52580
(assemblers of hospital equipment)
2. Watergreen Farms Ltd
address as per heading
Tel: (1) 223887 / 223888 / 230878
(suppliers of Shoprite stores since March
2003)
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers, importers
and wholesalers of electrical appliances such as hot-plates, electric stoves,
lighting fittings and motor control centres.
Imports from
Principal Agencies Held :
- Siemens AG, Teleprinter
machines
- Osram AG, Lighting
fittings
- Volex UK, Electrical
switches
- Custom Tooling
Equipment,
- CBI,
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FACILITIES
The Company has the
following facilities :
Owned premises comprising
manufacturing plant, storage facilities and offices located at the heading
address.
Subject previously
operated from
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)