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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PERSIAN GULF SABA STEEL COMPANY |
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Formerly Known As : |
Pars Isar Steel Co |
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Registered Office : |
First Floor, No.1, 17th St., Ahmed Ghasir Ave., Argentina Sq Tehran |
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Country : |
Iran |
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Date of Incorporation : |
05.12.2004 |
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Com. Reg. No.: |
235853 |
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Legal Form : |
Private Joint
Stock Company |
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Line of Business : |
Manufacturer of
steel products |
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No. of Employees : |
120 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Iran |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 |
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 a large share 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, some manufacturing, 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 Majles 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 legislation sought to 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. However, inflation in 2012 reached its highest level in four
years, eroding the value of these cash payouts and motivating the Majles to
halt planned price increases for the second half of 2012 through at least March
2013. New fiscal and monetary constraints on Tehran, following international
sanctions in January against Iran''s Central Bank and oil exports,
significantly reduced Iran''s oil revenue, forced government spending cuts, and
fueled a 20% currency depreciation. Economic growth turned negative for the
first time in two decades. 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: Persian
Gulf Saba Steel Company
Also Trade as: PGSS
Persian Name: شرکت
صبا فولاد خلیج
فارس
Address: First
Floor, No.1, 17th St., Ahmed Ghasir Ave., Argentina Sq
Tehran 1513846711
Tel: + 98 21 88550720-4
Fax: + 98 21 88550724
Website: www.sabasteel.co
E-mail: info@sabasteel.co
History:
Pervious Name: Pars Isar Steel Co
Date of Change: 09/01/2005
Company was originally started as an
on 05/12/2004
Current Legal Form: Private Joint Stock
Registration Address: First Floor, No.1, 17th St., Ahmed Ghasir
Ave., Argentina Sq
Tehran
IRAN
Registration Number: 235853
Established Date: 05/12/2004
Registration Date: 05/12/2004
Registration Town: Tehran
National Id: 10102767894
Currency:
Iranian
Riyals
Nominal capital: 12,000,000,000
|
Number of Shares: 12,000,000 |
Type of Shares: None Selected |
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Issued Shares: - |
Value per share: 1000 |
Shareholders:
|
Shareholder Name |
Share % |
|
Sandogh Bazneshstegi Keshvari Iran |
32% |
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Armeh Saba Company Iran |
35% |
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Saba Pars
Tejarat Gostaresh Iran |
26% |
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Sandoghe
Bazargani Bazneshastegi Keshvari Iran |
7% |
Name: Mr. Farshad
Ebrahimpour
Position within the company: Chairman
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi-English
Name: Mr. Faroukh
Abrisham Karzadeh
Position within the company: Vice Chairman&
Managing Director
Country of Birth: Iran
Nationality:
Iranian
Can fluently speak: Farsi- English
Name: Mr. Hossienali Karimi Firozjani
Position within the company: Member
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi, English
Name: Mr. Nematoolah Nori Joinani
Position within the company: Member
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi, English
Manufacture of
steel products.
Local Reporters consider the investigated company to be Medium in their field of concern
Company Employs: 120
Sales: 100%
Nationally
Sales to: Group companies, General Public
Sales Term: Cash, Bank Transfer, accept credit, Letter of credit
Vehicles:
18
Operates Form:
Owned: Office, Warehouse, Factory
Location: Central
Business Area, Main Road,
Branch:
Persian Gulf
Special Economic Zoneç Shahid Rajaee Ports Road,
Bandar Abbas- Iran
Tel: 098761
7511184
Bank Melli
Tehran
Iran
Bank Mellat
Tehran
Iran
Information Financial is not available/applicable
Imports From: Europe
Importing Terms: Bank Transfer
Import % and type of product: 60% Finished Goods
Export % and type of product: Subject does not export
Auditor: Mashhoud Iran
Management service Financial Organization
Solicitor: Mr. Alireza Otofi
Subject's payments reported to be: NO COMPLAINTS
Name/Title: Mr. Iraj Moghadam ( Manager)
Subject has confirmed the general details provided in the report.
Local Reputation:
The company being investigated is considered by local reporters to be a Medium
Trade Risk
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: Old business
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
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Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
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<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.