|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
IRAN KHODRO INDUSTRIAL GROUP COMPANY PLC |
|
|
|
|
Registered Office : |
Next To Townships Telephone, Ekbatan St, Tehran, Iran |
|
|
|
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Country : |
Iran |
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|
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Financials (as on) : |
31.12.2010 |
|
|
|
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Date of Incorporation : |
01.08.1962 |
|
|
|
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Com. Reg. No.: |
8352 |
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Legal Form : |
Public Joint Stock Company |
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|
|
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Line of Business : |
Manufacture and distribution of passenger cars and spare parts;
assembly and distribution of trucks, buses and utility vehicles; provides
repair, maintenance and rental services; consultancy services; automotive
test and research services |
|
|
|
|
No. of Employees : |
Not available |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Iran |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Iran - ECONOMIC OVERVIEW
Iran's economy is marked by statist policies and an inefficient state
sector, which create major distortions throughout the system, and reliance on
oil, which provides the majority of government revenues. Price controls,
subsidies, and other rigidities weigh down the economy, undermining the
potential for private-sector-led growth. Private sector activity is typically
limited to small-scale workshops, farming, and services. Significant informal
market activity flourishes and corruption is widespread. Tehran since the early
1990s has recognized the need to reduce these inefficiencies, and in December
2010 the legislature passed President Mahmud AHMADI-NEJAD's Targeted Subsidies
Law (TSL) to reduce state subsidies on food and energy. This was the most
extensive economic reform since the government implemented gasoline rationing
in 2007. Over a five-year period the bill will phase out subsidies that
previously cost Tehran $60-$100 billion annually and mostly benefited Iran's
upper and middle classes. Cash payouts of $45 per person to more than 90% of
Iranian households mitigated initial widespread resistance to the TSL program,
though popular acceptance remains vulnerable to rising inflation. A rise in
world oil prices in 2011 increased Iran's oil export revenue by roughly $28
billion over 2010, easing some of the financial impact of international
sanctions. However, expansionary fiscal and monetary policies, government
mismanagement, the sanctions, and a depreciating currency are fueling
inflation, and GDP growth remains stagnant. Iran also continues to suffer from
double-digit unemployment and underemployment. Underemployment among Iran''s
educated youth has convinced many to seek jobs overseas, resulting in a
significant "brain drain.
|
Source : CIA |
Company Name: IRAN KHODRO
INDUSTRIAL GROUP COMPANY PLC
Also Known as: KHODRO
IKCO
IKC
Iran KHODRO
Industrial Group
شرکت ایران
خودرو سهامی
عام
Address: KM 14 Karaj
MAKHSOOS Road, Tehran, Iran
Postal Address:
P O Box 13895-111
Telephone: +98 21 48901
+98 21 4822-8486
Fax: +98 21 44907202-3
+98 21 48228499
E-mail: irankhodro@ikco.com
Website: www.ikco.com
Company was originally started on 01/08/1962
Current Legal
Form Public
Joint Stock Company
Registration Address: Next to townships telephone
Office (KHAYAMI Brothers),
EKBATAN St, Tehran, Iran
Registration Number: 8352
Established Date: 01/08/1962
Registration Date: 01/08/1962
Registration Town:
Tehran
National NO: 10100360794
Capital: 8,820,000,000,000 Iranian Riyals
Major Shareholders
Information
|
Name |
Type |
Country |
Holding |
|
Public |
|
- |
80.00% |
|
Industrial Development and Renovation Organization |
Government |
Iran |
20.00% |
Name:
Mr. JAVAD NAJMEDDIN
Position within the company: Managing Director
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. MOHSEN SALEHI NIA
Position within the company: Vice Chairman
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. Mohammad Ali VAFAYI
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. BEHZAD ZAHIRI
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name: Mr.
SEYED HOSEIN AMIRI
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name: Mr. Mohammad NIKFAR
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr.
FATHOLLAH PARTOVI
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. ABOLFAZL ESMAEIL ZADEH
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. Mir JAVAD SOLEIMANI
Position within the company: Deputy Chief Executive Officer,
Quality and
Product Development
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. HOSEIN NAJARI
Position within the company: Manager
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. SEYED MAJID HEDAYAT
Position within the company: Chairman
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Name:
Mr. HOSEIN JAVAD NIA
Position within the company: Member
of the Board
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Persian, English
Manufacture and distribution of passenger cars and spare parts; assembly
and distribution of trucks, buses and utility vehicles; provides repair,
maintenance and rental services; consultancy services; automotive test and
research services. Produces wagon, rail bus and light rail.
|
Financial Results |
31-Dec-09 |
31-Dec-10 |
Yr On Yr |
|
|
IRR'000 |
IRR'000 |
Change |
|
otal revenues |
83,610,826,000 |
97,173,318,000 |
16.22 |
|
Net profit |
2,478,009,000 |
3,202,120,000 |
29.22 |
|
Total assets |
83,741,583,000 |
80,306,752,000 |
(4.10) |
Company Employs: 22,066
Sales:
%50 National
Sales to: group companies,
Importers, Exporters
Sales
Term:
Cash, Letter of Credit
Vehicles:
300
Operates Form: Owned: Office, Warehouse, and
Factory
Location: Central
Business Area, Side Road
Branches
1-Azerbaijan
2-Egypt
3-Syria
4-Venezuela
5-Belarus
6-14th Km Karaj
Special Rd. P.O Box: 13145/1185, Tehran, Iran
Brands
1.
BARDO
2.
MINIATOR
3.
RUNNA
4.
SAMAND
5.
SARIR
6.
CHERY
7.
Dena
8.
SOREN
Licensors
|
CHERY |
Hyundai |
Mercedes-Benz |
|
|
||
|
Peugeot |
Renault |
|
|
Total Production Capacity |
|
|
Principals and Agencies |
JINHUA Youngman |
Imports From: France, Germany
Importing Terms: Letters of credit
Import % and type of product: 50% Finished Goods
Additional Information: Balance of %50
purchased via local market.
Export To: Germany, Russian
Federation, Turkey, Ukraine, Senegal,
Bulgaria, Egypt, Algeria
Exporting Terms: Letters of credit
Export % and type of product: 50% Finished Goods
Subsidiaries/Associates/Affiliates
|
Name |
Country |
Holding |
|
Iran KHODRO Investment Development Company |
UAE |
- |
|
Syrian-Iranian Automobile Manufacturing Company |
Syria |
40.00% |
|
Iran Services Engineering Iran KHODRO Company
[ISEIKCO] |
Iran |
100.00% |
|
SAMAND Investment |
Iran |
100.00% |
|
IRANFAVA GOSTARESH |
Iran |
100.00% |
|
The Engineering and Consulting Company [TAM] |
Iran |
100.00% |
|
Supplying Automotive Parts Company [SAPCO] |
Iran |
100.00% |
|
Iran KHODRO Diesel Company |
Iran |
100.00% |
|
IKCO Spare Parts and After Sales Services Company
[ISACO] |
Iran |
100.00% |
|
Iran KHODRO Power Train Company [IPCO] |
Iran |
100.00% |
|
Iran KHODRO Personnel Cooperative Company |
Iran |
100.00% |
|
Iran KHODRO KHORASAN |
Iran |
100.00% |
|
SETAREH Iran |
Iran |
66.70% |
|
CHARKHESHGAR [via Iran KHODRO Diesel Company] |
Iran |
61.33% |
|
Iran Parts Supply and Engineering [via Iran KHODRO
Diesel Company] |
Iran |
- |
|
Iran Test and Research Auto Company [via Supplying
Automotive Parts Company] |
Iran |
- |
|
ISHCO Kish Company [via IKCO Spare Parts and After Sales
Services Company] |
Iran |
- |
|
KHAVAR Parts Products Company [via Iran KHODRO
Diesel Company] |
Iran |
- |
|
MONIRAFRAZ Electrical Parts Production [via
Supplying Automotive Parts Company] |
Iran |
- |
|
RAHAVARD GOSTARESH SHARGH Company [via Supplying
Automotive Parts Company] |
Iran |
- |
|
SAMAND Rail [via Iran Services Engineering Iran
KHODRO Company] |
Iran |
- |
|
SANAYEH Machine ABZAR Iran KAVOSH [via The
Engineering and Consulting Company] |
Iran |
- |
|
Tehran Scientific And Industrial Services Company
[via Supplying Automotive Parts Company] |
Iran |
- |
|
Iran KHODRO Sport Club |
Iran |
- |
|
Iran KHODRO SAZEH |
Iran |
- |
|
Iran KHODRO Industrial Die Company [via The Engineering
and Consulting Company] |
Iran |
- |
|
Iran KHODRO Ashgabat [via Iran KHODRO Diesel
Company] |
Iran |
- |
|
Iran Diesel Motors Production [via Iran KHODRO
Diesel Company] |
Iran |
- |
|
Integrated Auto Parts [via IKCO Spare Parts and After
Sales Services Company] |
Iran |
- |
|
Heavy Vehicle Development Company [via Iran KHODRO
Diesel Company] |
Iran |
- |
|
HAMGAM KHODRO Trading and Services Company [via IKCO
Spare Parts and After Sales Services Company] |
Iran |
- |
|
GOVAH [via Iran KHODRO Diesel Company] |
Iran |
- |
|
GHALEBHAYE PISHRAFTE Iran [via The Engineering and
Consulting Company] |
Iran |
- |
|
GHADIR Vehicle Leasing Company [via Iran KHODRO
Diesel Company] |
Iran |
- |
|
EMDAD KHODRO Company [via IKCO Spare Parts and After
Sales Services Company] |
Iran |
- |
|
ACT General Trading [via Supplying Automotive Parts
Company] |
Iran |
- |
|
Baku Iran KHODRO Diesel [via Iran KHODRO Diesel
Company] |
Iran |
- |
|
Vehicle Axel Manufacturing [via Iran KHODRO Diesel
Company] |
Iran |
- |
|
Top KHODRO [via Iran KHODRO Diesel Company] |
Iran |
- |
|
IKCO Trading |
Germany |
100.00% |
|
SAMAND Belarus Company |
Belarus |
- |
Developments and Projects
|
Name |
Country |
Holding |
|
VENIR auto Car Plant |
Venezuela |
- |
|
Iran KHODRO Diesel Factory |
Syria |
- |
|
SAMAND Manufacturing Plant |
Senegal |
- |
Agents and Distributors
|
Name |
Country |
|
First Good Idea |
UAE |
|
ALSULTAN Trading Company |
Syria |
|
Al MIRABI Group for Trading and Industry |
Saudi Arabia |
|
CENTRADIS |
Lebanon |
|
ZAMZAM Spring General Trading Company |
Iraq |
|
Centre of Development and Commerce |
Egypt |
|
Massa Company |
Egypt |
|
FAMOVAL |
Algeria |
Related Organizations
|
Name |
Country |
|
SOCIETE ANONYME IRANIENE de Production Automobile |
Iran |
|
PSA Peugeot Citroën |
France |
In the interview conducted with Mr. HOSEIN NAJARI, Manager, he confirmed the details provided in this report.
Local Reputation:
The company being investigated is believed by local reporters to be a MEDIUM
Trade Risk.
Informants advise that transaction is
to be fair.
Owner/Shareholders Comments:
All or most of the owners / shareholders have an active participation in the running of the business.
Age of Business: Old Business
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.