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Report No. : |
306445 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL ELECTRICAL PROJECTS CO KSCC (IEPC) |
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Registered Office : |
Block No. 2, Plot No. 168, Street No. 104, North Subhan, 195, Dasman
15453 |
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Country : |
Kuwait |
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Date of Incorporation : |
14.11.2005 |
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Com. Reg. No.: |
108292 |
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Legal Form : |
Kuwaiti Shareholding Closed Company – KSCC |
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Line of Business : |
Subject is engaged in the manufacture of LV & MV switchgear
panels. |
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No. of Employee : |
220 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Kuwait |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much of these funds have yet to be allocated.
|
Source
: CIA |
Company Name : INDUSTRIAL ELECTRICAL PROJECTS CO KSCC
(IEPC)
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Closed Company – KSCC
Registration Date :
14th November 2005
Commercial Registration Number: 108292
Chamber Membership Number : 98305
Issued Capital :
KD 7,433,952
Paid up Capital :
KD 7,433,952
Total Workforce : 220
Activities :
Manufacturers of LV & MV switchgear panels
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Al Obaid, Human Resources
Manager
INDUSTRIAL ELECTRICAL
PROJECTS CO KSCC (IEPC)
Building :
Block No. 2, Plot No. 168
Street : Street No.
104
Area : North Subhan
PO Box : 195
Town : Dasman 15453
Country : Kuwait
Telephone : (965) 24752601 /
24752602 / 24752603 / 1822882
Facsimile : (965) 24735014
Mobile : (965)
99747917
Email : info@iep-kw.com
Subject operates from a large suite of offices and a factory that are rented
and located in the Industrial Area of Dasman.
Name Position
· Zaid Essam Al Saqer Chairman
· Dawood Sulaiman Al Dusaian Vice
Chairman
· Yousef Abdullah Al Majid General
Manager
· Essam Dakialbab Finance
Manager
· Mostafa Raja Production
Manager
· Jayanto Monovendra Chief
Auditor
· Nabil Al Humaidi Procurement
Manager
· Mohamed Al Obaid Human
Resources Manager
Date of
Establishment : 14th
November 2005
Legal Form : Kuwaiti
Shareholding Closed Company – KSCC
Commercial Reg.
No. : 108292
Chamber Member No. : 98305
Issued Capital : KD 7,433,952
Paid up Capital : KD 7,433,952
· Abdullah Al Hamd Al Saqer & Brother
62.0%
Safat
· National Insurance Co 16.0%
Safat
Mohamed Mahdi Al
Shammari 10.0%
· Lalali Al Kuwait Real Estate Co 9.0%
Safat
· Al Fouazan General Trading & Contracting
3.0%
Safat
Activities: Engaged in the manufacture of LV & MV switchgear panels. Subject’s
product range includes:
Main Low Tension Boards (MLTB) up to 4000A Form-4 Type 7
Main Switch Board (MSB) / Sub Main Switchboard (SMSB)
Main Distribution Boards (MDB) 250A up to 1250A Form 2b (Floor or Wall
mounting)
Distribution Boards & Consumer Units (Surface, Flush or semi Flush)
Motor Control Centres (Fixed or Drawout type) with full options
Power Factor Correction Panels
Mimic
Panels for all applications
Synchronizing & Generator Control Panels
Feeder Pillars
HV/LV transformer Package Substations
Enclosure for MCBs, ELCBs, & MCCBs
Auto Transfer Switches
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
6,500,000 KD
8,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Al Obaid, Human Resources Manager
·
National Bank of Kuwait SAK
Dasman
Tel: (965) 22531697
Fax: (965) 22526485
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Industrial
Electrical Projects Co KSCC (IEPC)” and not “Industrial Company For Electrical
Projects”.
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. 61.14 |
|
|
1 |
Rs. 94.78 |
|
Euro |
1 |
Rs. 70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ASH |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.