MIRA
INFORM REPORT
|
Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BAHAR CO FOR GENERAL TRADING |
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Registered Office : |
Vania
Palace, Third Floor Flat No. 4, Malik Mahmood Sreet, Sulaimanyiah, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
1746 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Food Stuff Trading |
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No. of Employees : |
500 |
RATING & COMMENTS
|
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 : |
Good |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Iraq |
C2 |
C2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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
Original Investigation Details
Investigation
Number: 162704
Company
Name: BAHAR
CO FOR GEN TRADING
Country: IQ
Street
Name: ISAM
ABDUL WAHEED ABDUL HASSAN ALJAZER NEAR
City
Code:
Post
Code: TO
KANARI FO
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 / Owners
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
Subject's
Suppliers: Company
Name:
Company
Name:
Company
Name:
Company
Name:
Company
Name:
Company
Name:
Company
Name:
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 Rime 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
Rankings:
The
results given below are calculated against companies with the Rime Database for
the specific country.
Scale:
1 is the highest result found in our database.
Example:
Ranking 5: Total Companies used to generate the Ranking : 20
This
means that this company is the 5th largest company out of 20 found in our
database in the specific industry
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 Rime 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.
Subject
has confirmed the general details provided in the report but has declined to
provide
any Financial Data.
Reporter
Comment Date: 19/07/2012
Reporter
Comment: Registration/
legal and financial information is not publicly available. Thus all data stated
in the
report
was obtained directly from the Subject Company and/ or other publicly available
information.
Therefore it should be used as a point of reference as it is not possible to
verify
such
data with official sources
In the
interview conducted with Mr. Yadgar Qadir, he declined any financial
information citing
the
grounds of the company confidentiality.
The
History of Bahar Group Company belongs to 2001; it was 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.
All
the financial information is from a former report Mr. Yadgar Qadir in
20/11/2011
He did
not confirm the number of employees.
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.
Country Intelligence Information
Country: Iraq
Date: 19/06/2012 00:00:00
Source: Economist Intelligence
Unit
Economy: Central
Bank seeks to enforce official exchange rate
June
11th 2012
Although
the official statistics of the Central Bank of Iraq (CBI) continue to show that
the dinar is
pegged
to the dollar at a rate of ID1,166:US$1, the Iraqi press has continued to
report on fluctuations
in the
unofficial rates. Iraq's banking sector is uncompetitive, and banks have
allegedly been trading
at
rates as low as ID1,300:US$1, profiting from the spread between this rate and
the official rate.
However,
in early June, Mudher Saleh, the CBI's deputy governor, claimed that seven
private banks
had
been persuaded, in light of the CBI's US$63bn foreign cash reserves, to sell
dollars at the official
rate,
and expressed confidence that the others would follow. Another factor
encouraging banks to
adopt
the official rate is that the CBI is their regulator, as well as the monetary
policy authority.
Risk: May 14th 2012
Sovereign
risk
Stable.
Iraq continues to honour its debt commitments, and the Paris Club, Russia and
China have
agreed
to substantial debt write‑offs. The sovereign risk score is undermined by
the slow progress on
debt
relief with Arab creditors.
Currency
risk
Stable.
The Central Bank of Iraq oversees the Iraqi dinar's informal peg to the US
dollar and can call
on
large foreign‑exchange reserves to shore up the currency if needed. Foreign
investors are
increasingly
seeing opportunities in Iraq, despite ongoing security problems. Some upside
risk is
presented
by the large expected inflows in foreign currency from oil sales.
Banking
sector risk
Stable.
Iraq does not have a developed banking sector, and in general banks suffer from
poor asset
quality
and inadequate capitalisation, although ongoing efforts to increase banks'
minimum capital
requirements
seek to remedy this.
Political
risk
Iraq's
political scene after the US troop withdrawal is uncertain, and fissures
between the two largest
parliamentary
blocs have potentially dangerous sectarian undertones. This presents some
downside
risk.
Economic
structure risk
Oil
revenue accounts for around 98% of export earnings and over 90% of budget
revenue. This leaves
Iraq
highly vulnerable to movements in oil prices and to any deterioration in the
security situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
|
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.