MIRA INFORM REPORT

 

 

Report Date :

12.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ELECTRICAL BOARDS MANUFACTURING CO KSCC (EBOMAC)

 

 

Registered Office :

Hilalli Street PO Box 25428 Safat 13115

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.05.1985

 

 

Com. Reg. No.:

25551

 

 

Legal Form :

Kuwaiti Shareholding Company Closed - KSCC

 

 

Line of Business :

Manufacture, installation and maintenance of low and medium voltage switchgear, panel controls, explosion proof electrical components and power transformers

 

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$ 1,500,000

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Kuwait

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                                     : ELECTRICAL BOARDS MANUFACTURING CO KSCC (EBOMAC)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                   : 12th May 1985

Commercial Registration Number            : 25551

Chamber Membership Number                : 7799

Issued Capital                                        : KD 850,000

Paid up Capital                                      : KD 850,000

Total Workforce                                     : 250

Activities                                               : Manufacture, installation and maintenance of low and medium voltage

                                                              switchgear, panel controls, explosion proof electrical components and

                                                              power transformers.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Abdulaziz Al Fadhi, Administration Manager

 

COMPANY NAME

 

ELECTRICAL BOARDS MANUFACTURING CO KSCC (EBOMAC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Hilalli Street

 

PO Box             : 25428

 

Town                 : Safat 13115

Country             : Kuwait

 

Telephone         : (965) 24727550 / 24727848 / 24727466 / 24812260 / 23913540

Facsimile          : (965) 24765059 / 24763016 / 23913570

Email                : ebomac@ebomac.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Waled Ali Mohamed Mahdi                                                                Chairman

 

·       Hassan Khoder Bahzad                                                                     Managing Director

 

·       Abdul Salam Yousef Dawood                                                 Finance Manager

 

·       Donald D’Silva                                                                                   Factory Manager

 

·       Abdulaziz Al Fadhi                                                                            Administration Manager

 

·       Riad Mohamed                                                                                  Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th May 1985

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.  : 25551

 

Chamber Member No. : 7799

 

Issued Capital              : KD 850,000

 

Paid up Capital            : KD 850,000

 

Name of Shareholder (s)

 

·       Kuwait Projects Co (KIPCO)

 

·       Al Soor Finance & Management Consulting Co

 

·       Waled Ali Mohamed Mahdi

 

·       Hassan Khoder Bahzad

 

 

OPERATIONS

 

Activities: Engaged in the design, manufacture, installation and maintenance of low and medium voltage switchgear, panel controls, explosion proof electrical components and power transformers.

 

                 Subject is ISO 9001 accredited.

 

Clients:

 

·       Kuwait University

·       Shuaiba Power Station

·       Kuwait International Airport

·       Hilton Hotel

·       Ministry of Electricity and Water – Bahrain

·       Nabatiyeh Hospital – Lebanon

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 12,000,000                           KD 13,250,000

 

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

 

The above figures were provided by Mr Abdulaziz Al Fadhi, Administration Manager

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.49.03

UK Pound

1

Rs.76.60

Euro

1

Rs.66.80

 

 

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.