MIRA INFORM REPORT

 

 

Report Date :

3rd March, 2007

                                                         

IDENTIFICATION DETAILS

 

Correct Name :

TEIPH SAIPA PAINT AND RESIN INDUSTRIAL CO

 

 

Registered Office :

14 Km of Karaj Special Road, P.O. Box:  13145-477, Tehran 13145, Iran.

 

 

Country :

Iran

 

 

Date of Incorporation :

1967

 

 

Com. Reg. No.:

10346

 

 

Legal Form :

Public Joint Stock Company

 

 

Line of Business :

Manufacturers and distributors of paint for automotive industries.

 

 

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 :

RIAL 4,000,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

TEIPH SAIPA PAINT AND RESIN INDUSTRIAL CO (Correct)

TEIPH PAINT AD RESIN INDUSTRIAL CO (Requested)

 

 

ADDRESS

 

Street              :  14 Km of Karaj Special Road

P.O. Box           :  13145-477

Town                 :  Tehran 13145

Country             :  Iran

Telephone         :  (98 21) 4419 6712 / 4419 5447-8 / 4419 6711-13

Fax                   :  (98 21) 4419 6735

 

Trading Styles :  Dyrop Iran / Teyf Saipa

 

Also Known As :  Sherkate Rang va Rezin Taife Saipa / Teiphsaipa Co

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Hassan Shams                      Managing Director

 

2. Ali Reza Rezai                       Commercial Manager

 

3. Bakhtiari Zadeh                      Sales Manager

 

 

Total Employees : 185

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a members of Saipa Khodro group of companies.

 

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 Iranian importers.

 

Opinion on maximum credit : RIAL 4,000,000,000 (higher amount may be considered with assurances from the shareholders)

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME               : BANK SEPAH IRAN

Branch              : Imam Khomeini Square

PO Box             : 9569

Town                 : Tehran 11369

 

Telephone         : (98 21) 311 6382 / 311 0642

Fax                   : (98 21) 311275

 

The Company also has another account with :

 

1. Bank Melli Iran

Ferdowsi Avenue 112

PO Box             : 11365/171

Tehran 11369

Telephone         : (98 21) 3231 / 323482 / 323483

Fax                   : (98 21) 311 0365 / 302813

 

2. Bank Saderat     

   Br code no.3483                 

   Tehran

 

 

FINANCIAL INFORMATION

 

Under Iranian Company Law companies are not required to publish or disclose balance sheets. However, the subject interviewed  offered the following information :

 

Sales Turnover               : US DLRS 20,000,000 - 2005 - approx

                   

Net Profit                       : not given

 

 

LEGAL STATUS AND HISTORY

 

Date Started      : 1967

 

C.R. No.            : 10346

 

Paid up Capital : RIAL  3000,000,000

 

 

Sherkat Sahami Aam (public joint stock company) with the following shareholders :

 

                                                                                                            Percentages

 

Saipa Corporation Automobile Manufacturing Pjsc                                    97%

Km 13 Special Karaj Road

P.O. Box :  13445-554

Tehran 14584

Telephone         :  (98 21) 4419 6550/5

Fax                   :  (98 21) 4419 6264 

 

2. Undisclosed shareholders                                                                    3%

 

Affiliated companies of Teiph Saipa Paint & Resin Industrial Co :

 

Associates

 

Subject is a member of Saipa group which including :

 

1. Plasco Kar CO

   Manufacturer of Industrial and Household Plastic Parts 

 

2. Meta Khodro

   Design, Engineering, Manufacturing & Supplying Co. 

 

3. Indamine

   Shock Absorber Manufacture 

        

4. I.H.D.M.

   Industrial Heavy Die Manufacturing Company. 

 

5. Shetab Khodro

   Manufacturer of Car Seats, Seat Covers and Other Auto Interior

   Parts.

 

6. Sanaye Shishe Nashkan

   Manufacturer of Laminated, Tempered and Safety Glass for Auto

   Industries and Others.

  

7. Mega Motor

   Auto parts Manufacturer

 

8. Saipa Yadak Trading

   Repair and After Sales Service Company for Saipa's Products

 

9. Sazeh Gostar CO

   Designer & Manufacturer of Auto Parts 

   

10.Malleable    

 

11.IDRO Handels Gmbh

   Grafenberger Allee 277

   40237 Dusseldorf

   Germany

   Tel                 : (211) 51 60 550

   Fax                : (211) 51 60 55 20

   e-mail            : IDRO_Handels@compuserve.com

 

12.Iran Aviation Travel Agency

   no 18 Gharani Street

   Tehran

   Tel                 : (21) 889 7836-9

 

13.Pars Bosnia Company

   Beheshti Ave no 199

   Tehran

   Tel                 :(21) 875 9470-4

   Fax                : (21) 875 9475-6

 

14.Pars Khodro (46%)

   P.O. Box 13445-377

   Jadeh Makhsoos Karaj km 7

   Tehran

   Tel                 : (21) 450 4090-5

   Fax                : (21) 450 4614-7

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers and distributors of paint for automotive industries.

 

Imports from Asian and European countries.

 

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned office premises and a factory with integrtaed storage located at the heading address.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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