MIRA INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAHAR CO FOR GENERAL TRADING |
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|
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Registered Office : |
Vania Palace, Third Floor Flat No.
4, Malik Mahmood Sreet, Sulaimanyiah |
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|
|
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Country : |
Iraq |
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|
|
Financials (as on) : |
31.12.2010 |
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|
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Year of Establishment : |
1992 |
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|
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Com. Reg. No.: |
1746 |
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Legal Form : |
Limited
Liability Company |
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|
|
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Line of Business : |
Other food service activities |
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 |
|
Maximum Credit Limit : |
3,593,606,500 Iraqi Dinar |
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|
|
|
Status : |
Good |
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|
|
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Payment
Behaviour : |
Regular |
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|
|
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Iraq |
c2 |
c2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
Bahar Co for General
Trading
Rating Briefing
Current Recommended Credit: 3,593,606,500 Iraqi Dinar
Payment Record: NO COMPLAINTS
This rating is based on available data. In the event of additional
information a possibility for a different rating applies.
Registration Briefing
Registration Number: 1746
Registration Date: 28/10/2011
Legal Form: LIMITED LIABILITY COMPANY
Latest Financials: December 31, 2010
Financial Briefing
Nominal Capital: 75,000,000 Iraqi Dinar
Issued Capital: All
Turnover: 156,811,918,000 Iraqi Dinar
Net Profit: 18,000,000,000 Iraqi Dinar
Net Worth: 18,075,000,000 Iraqi Dinar
Company Details
Company Name: Bahar
Co for General Trading
Also trades as: Bahar
Group
Headquarter Address: Vania Palace,
Third Floor Flat No. 4, Malik Mahmood Sreet,
Sulaimanyiah, Iraq
Postal Address: P.O.Box
419
Telephone: +964 533188630
+9647
701909413
E‑Mail: yadgar@bahargroup.net , info@bahargroup.net
Web Site: www.bahargroup.net
Company was originally started on 1992
Registration & Legal Details
Current Legal Form: LIMITED
LIABILITY COMPANY
Registration Address: Vania Palace,
Third Floor Flat No. 4, Malik Mahmood Sreet,
Sulaimanyiah
Registration Number: 1746
Registration Date: 28/10/2011
Year/Date Company Established: 1992
Capital
Currency: Iraqi
Dinar
Authorized Capital: 75,000,000
Issued Capital: All
Paid Up Capital: All
Shareholders
Shareholders:
Name/Other Information Shares
Held % of Voting/Non‑Voting
capital
Mr. Rasul Ahmed Haji Rasul, 25.00% (VOTING)
Iraq
Mr. Abdullah Ahmed Haji Rasul, 25.00% (VOTING)
Iraq
Mr. Mahmood Ahmed Haji Rasul, 25.00% (VOTING)
Iraq
Mr. Ahmed Haji Rasul Darwesh, 25.00% (VOTING)
Iraq
Principals
Name: Mr Rasul
Ahmed Haji Rasul
Position within the company: Group Chairman
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: English
& Arabic
Education: Graduate University
Work Experience and History: 21 years of experience in
Iraqi market with international experience in
food,
beverages, electronics, oil products industries.
Name: Mr Yadgar
Qadir
Additional Information: PM Section Head
Address: Personal Mobile
Number: 964‑770‑1909413
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: English
Education: Graduate University
Name: Mr Abdulla Ahmed
Haji Rasul
Position within the company: Managing director
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: English
& Arabic
Education: Graduate University
Work Experience and History: 20 years of Experience in
Electronics, Food and Beverages Industry
Name: Mr Mahmood
Ahmed Haji Rasul
Position within the company: Managing director
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: English
& Arabic
Education: Graduate University
Work Experience and History: 15 years of experience in
Food and Beverages Industry in Iraq
Company Activities
NACE Codes: 5629 Other
food service activities
The company was started with food stuff trading and then following
partnership scheme with other local companies for Electronics.
The comapny deals in:
Food and Beuvrages:
Ahmad Tea
MacCoffee
Ahmad Rice
Electroniques and Kitchen and
Home Appliance
TOHSIBA
CANDY
DLC
ELMOB
Construction:
Vania Palace
Titanic Hotel
Baghdâd Trade Mal Center ( Under
Construction )
Healthcare:
Phonak Heard Aid System
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs: 500
Comments: Number of
Clienrs are approximately 20,000
HQ Premises Operates from: Owned Offices
Premises Size: 2000
square meters
Location: Main Road
Branches Karadah Kahrej,
Baghdad,
Iraq
Branch is: Rented
Branch premises
size: 200.00 sq.mtrs.
Ashar,
Basrah,
Iraq
Branch is: Rented
Branch premises
size: 300.00 sq.mtrs.
Azadi Qtr,
Erbil,
Iraq
Branch is: Rented
Branch premises size: 200.00
sq.mtrs.
Ashar,
Najaf,
Iraq
Branch is: Rented
Branch premises size: 300.00
sq.mtrs.
center of Dubai,
Deria,
Dubai,
United Arab Emirates
Branch is: Rented
Branch premises size: 120.00
sq.mtrs.
Imports
Import % and type of product: 75% Finished Goods
Imports From: Europe, Japan, United Kingdom, Italy, India, China, Sri Lanka,
Singapore, Egypt, Syria, Jordan
Importing Terms: Cash against documents
Additional Information: Other terms of Payment: Letters of Credit
Agencies:
TOSHIBA Japan
Ahmad Tea United Kingdom Tea
MacCoffee Singapore
CANDY Italy Candies
Ahmad United Kingdom Rice
Exports
Export % and type of product: 100%
Exports To: Iran,
United Arab Emirates
Exporting Terms: letters of
credit
Trading & Selling
Territory: 100% International
Type of Customer: Government Bodies, Wholesalers, Distributors, Companies, Factories, Dealers,
Retailers
Vehicles: Total number of vehicles: 150
Related Companies
Subsidiaries
Affiliates
Bahar
Co
Iraq
Raman
Co
Iraq
City
Health Co
Iraq
Shanashl
General Contrats
Iraq
Sagrma
Co
Iraq
Bankers
Trade Bank of Iraq ‑ TBI,
Branch: Sulaimanyiah Branch
Iraq
Account Number: 40002083001
Additional Information: Main Branch: Building
Number 20, Street Number 1, 608 Al Yarmouk
District,
P.O.
Box 28445, Baghdad
12631.
Tel.: 964‑1‑5433562.
Fax : 964‑1‑5433560.
Dijlah and Furat Bank for Development and Investment, Branch:
Sulaimanyiah Branch, Iraq
Additional Information: Main
Branch: Building 77, Street 194, Al Wahda Area, Baghdad.
Tel.: 964‑1‑7177839.
Fax : 964‑1‑7175442.
Financial Information
Source: Mr. Yadgar
Qadir, PM Section Head
Currency: Iraqi Dinar
Note: Figures in
000's
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2010
156,811,918 156,811,918 18,000,000
Balance Sheet & Profit &
Loss
BALANCE SHEET
Individual Accounts
Figures are in 000'
As at: 31‑Dec‑2010
Fixed Assets
Land & Buildings
Plant &
Machinery
Furniture & Equipment
Motor Vehicles
Misc.
Fixed Assets 486,449
Total
Fixed Assets 486,449
Financial Assets
Shares in Related
Companies
Loans to related
companies
Investments
Deposits
Misc. Financial
Assets
Total
Financial Assets 0
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc. Intangible
Assets
Total
Intangible Assets 0
Current Assets
Stock
Stock & Work in
Progress
Trade Debtors &
receivables
Provision for bad
debs
Other receivables
Due from related
companies
Owed by shareholders
Prepaid expenses
Cash 17,588,801
Tax recoverable
Marketable
Securities
Misc. Current Assets
Total
Current Assets 17,588,801
Total
Assets 18,075,250
Owner's Equity
& Liabilities
Issued
and paid up capital 75,000
Share premium
account
Retained earnings
Net profit/Loss for
the year
Revaluation reserves
Legal Reserves
Other
reserves 18,000,000
Net
Worth 18,075,000
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total
Long Term Liabilities 0
Current
Liabilities
Creditors 250
Other creditors
Accruals
Bank
overdrafts/Loans
Misc. Loans
Directors accounts
Owing to
shareholders
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation
Advance receipts
Misc. Current
Liabilities
Total
Current Liabilities 250
Owner's
Equity & Liabilities 18,075,250
PROFIT & LOSS
Individual Accounts
Figures are:
Fiscal Year
Figures are in 000'
01/01/2010 to 31/12/2010
Total
Income/Turnover 156,811,918
Cost of sales
Gross
Profit/(Loss) 156,811,918
Admin/selling
expenses
Services 21,850
Salaries 15,593
Auditors Fee
Stock Depreciation
Depreciation
Misc. Operating
Expenses 250
Misc. Operating
Income
Net
Operating Profit/(Loss) 156,774,225
Interest
Receivable/Finance Income
Group related income
Misc. Financial
Income
Total
Financial Income 0
Interest
Payable/Finance costs 54,225
Misc.
financial expenses 138,720,000
Total
Financial Expenses 138,774,225
Profit/(Loss)
before taxes 18,000,000
Income Tax
Other Tax
Profit/(Loss)
after taxes 18,000,000
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss) 18,000,000
Previous years
retained earnings
Current
years net income 18,000,000
Misc. additions in
current year
Current years net
loss
Dividends in current
year
Withdrawals in
current year
Misc. deductions in
current year
Retained
earnings at end of 18,000,000
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 20/11/2011
Accounts obtained from: Subject
Audit Details:
Accounts have been audited by an external
auditor
Auditors Opinion: The audited financial statement
gives a true and fair view of the state of affairs of the subject. Financial
Statements have been prepared on an on‑going basis. Assuming support of:
directors
FINANCIAL RATIOS / COMPARATIVE DATA
Actual Company Industrial
Averages
Results (2010) (2010)
Liquidity Ratios
Current Ratio 70,355.20 70,355.20
Acid Test Ratio 70,355.20 70,355.20
Fixed Assets/Net 2.69 2.69
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 100.00
Return on Capital 99.59 99.59
Employed (ROCE)(%)
Net Profit/Sales (%) 11.48 11.48
Return on Assets (%) 99.58 99.58
Efficiency Ratios
Sales/Working Capital 8.92 8.92
Assets/Sales(%) 11.53 11.53
Shareholders 99.59 99.59
Return(%)
Leverage Ratios
Capital Employed 8.68 8.68
Number
of 2
Companies within the
industry (NACE I)
Statistics
based on Accomodation
and
NACE(I) food
services
activities
The statistical Industrial Average results are calculated against companies
within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result
for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 28/10/2011 2 2
TOTAL EMPLOYEES 500 1 2
SALES (2010) 92,519 1 1
NET PROFIT (2010) 10,620 1 1
TOTAL ASSETS (2010) 10,664 1 1
Currency: EUROS
Figures in 000s
Charts of
Financial Trends and Industry Comparisons
PLEASE NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND
COMPARISON PURPOSES
The statistical Industrial Average results are calculated against
companies within the database for the specific country.
Signatures Accounts have been signed by: Mr. Rasul Ahmed Haji Rasul Chairman
Payments
Subject's payments reported to be: NO COMPLAINTS
Interview & Reporter Comments
Name/Title: Mr. Yadgar Qadir
Comment: Subject has confirmed the general details shown in the report.
Reporter Comment Date: 20/11/2011
Reporter Comment: In the interview conducted with Mr. Yadgar Qadir, he co‑operated with local reporters in
confirming & providing information and has offered full financial data.
Local company’s registry is inaccessible to inspect subject's file, therefore, all the information shown in the report is through a direct contact with the subject you are investigating. There is no network for the company's registry information has installed as of yet.
The History of Bahar Group Company goes back to 2001; it started with food stuff trading and then following partnership scheme with other local companies for Electronics....
Growing the business the Company of Bahar has been promoted to group of companies and named Bahar Group of Companies in which established in 2009.
The group is located in Iraq as a family owned business. Mr. Rasul Ahmed Haji Rasul is the Chairman of the company with his international trade background and an in‑depth understanding of the Iraqi market, being able to lead the company from a trading company into a group company in which the group works according to the
Iraqi trade rules and regulations.
Conclusions
Local Reputation: The company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
General Conclusion: Local informants consider granting of credit to be a fair trade risk.
Owner/Shareholders Comments Some of the owners / shareholders have an active participation in the running
of the business.
Age of Business: The company has been operating for under 5 years and is a family run business.
Clippings
Date: Unknown
Source: http://www.bahargroup.net
Bahar Group is going to take part in two international fairs in Iraq...
100,000 booth visitors tried free sampling.
In Erbil launched in Oct 24, 2011, and the next is in Baghdad launched in Nov 1st 2011, mainly in food and beverages industry; Ahmad Tea, Ahmad Rice and MacCoffee. Mr. Mahmood, Directory Board Member and head of the division said that their main goal is to make consumers and businessmen taste the best quality of our products and popularize them, on the other hand to increase our market share in the emerging market of Iraq so that we will be able to serve our people more.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
UK Pound |
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.68.26 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.