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Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
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Name : |
AL AKHYAR GROUP CO, LTD |
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Registered Office : |
14 July Street Near Al‑Abaychi
Mosque, |
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Country : |
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Date of Incorporation : |
1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is involved in general trading, agencies, and construction |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
|
|
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
An improving security environment and foreign investment are helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic development, long-term fiscal health, and sustained improvements in the overall standard of living still depend on the central government passing major policy reforms. Iraq's largely state-run economy is dominated by the oil sector, which provides more than 90% of government revenue and 80% of foreign exchange earnings. Iraq in 2012 boosted oil exports to a 30-year high of 2.6 million barrels per day, a significant increase from Iraq's average of 2.2 million in 2011. Government revenues increased as global oil prices remained persistently high for much of 2012. Iraq's contracts with major oil companies have the potential to further expand oil exports and revenues, but Iraq will need to make significant upgrades to its oil processing, pipeline, and export infrastructure to enable these deals to reach their economic potential. The Iraqi Kurdistan Region's (IKR) autonomous Kurdistan Regional Government (KRG) passed its own oil law in 2007, and has directly signed about 50 contracts to develop IKR energy reserves. The federal government has disputed the legal authority of the KRG to conclude most of these contracts, some of which are also in areas with unresolved administrative boundaries in dispute between the federal and regional government. Iraq is making slow progress enacting laws and developing the institutions needed to implement economic policy, and political reforms are still needed to assuage investors' concerns regarding the uncertain business climate, which may have been harmed by the November 2012 standoff between Baghdad and Erbil and the removal of the Central Bank Governor in October 2012. The government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles including a tenuous political system and concerns about security and societal stability. Rampant corruption, outdated infrastructure, insufficient essential services, skilled labor shortages, and antiquated commercial laws stifle investment and continue to constrain growth of private, nonoil sectors. Iraq is considering a package of laws to establish a modern legal framework for the oil sector and a mechanism to equitably divide oil revenues within the nation, although these reforms are still under contentious and sporadic negotiation. Under the Iraqi Constitution, some competencies relevant to the overall investment climate are either shared by the federal government and the regions or are devolved entirely to the regions. Investment in the IKR operates within the framework of the Kurdistan Region Investment Law (Law 4 of 2006) and the Kurdistan Board of Investment, which is designed to provide incentives to help economic development in areas under the authority of the KRG. Inflation has remained under control since 2006 as security improved. However, Iraqi leaders remain hard pressed to translate macroeconomic gains into an improved standard of living for the Iraqi populace. Unemployment remains a problem throughout the country despite a bloated public sector. Encouraging private enterprise through deregulation would make it easier for Iraqi citizens and foreign investors to start new businesses. Rooting out corruption and implementing reforms - such as restructuring banks and developing the private sector - would be important steps in this direction.
Source
: CIA
AL AKHYAR GROUP CO, LTD
Definition: INSUFFICIENT DATA
There is insufficient information for an adequate credit assessment.
Current Recommended
Credit:
Payment Record: UNDETERMINED
This rating is based on available data. In the event of additional information a
possibility for a different rating applies.
Registration Number: N/A
Registration Date: N/A
Legal Form: LIMITED LIABILITY COMPANY
Latest Financials: N/A
Nominal Capital: N/A
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Investigation Number: 201651
Rime Reference: 0
Company Name: AL AKHYAR GROUP CO
Country: IQ
Street Name: 14 JULT ST NER AL ABAYCHI MOSQUE BASRAH
City Code:
Rime Reference: 10770410
Company Name: AL AKHYAR GROUP CO, LTD
Headquarter Address: KARRADA,
AL‑KHADIRI MOSQUE ROAD,
Baghdad,
Iraq
Telephone: +9641 7780385
Fax: +9644 7781351
E‑Mail: akhyarbaghdad@alakhyargroup.com
Web Site: wwww.alakhyargroup.com
Company was originally
started on 1992
Current Legal Form: LIMITED LIABILITY COMPANY
Year/Date Company Established: 1992
Information on Shareholders is not available/applicable
Name: Eng. Adel Al
Salehi
Additional Information: Owner
Nationality: Iraqi
Can fluently speak: English & Arabic
Education: Graduate University
NACE Codes: 4221 Construction of utility projects for fluids
Subject is involved in General Trading, Agencies, and Construction
The company supplies all industrial materials including Oil, Chemical, Electrical Industries and Water treatment projects. It
has the full experience to implement all turn key projects.
Projects conducted by subject company:
Construct & implement the project of (Ibn Majid) corporation
Implement of listed rooms for the Marine Institute with implement of the smart
board rooms & the work of training courses for students of the institute
Implement of maritime safety labs & training of specialist stuff
Establish & implement of water network for (Al‑Jamhuriyah) district for the
benefit of water authority
Implement & install of lighting project in (Um‑Qassir)
Water treatment plant for iron & steel company
Construct of fuel station for the Naval Academy
Implement of scientific library project with supplying scientific books for (I.M.O)
international organization
Basrah water treatment plant
Al‑Ghadeer water treatment plant
Water Treatment station for screw pipes plant
Some water treatment plants for civil & private sector
Supply & setup laboratory motor breakers for Naval Academy
Training & qualifying of Navy staff in Indonesia
Maintenance & development of Al‑Sader hospital
Study designs to treat heavy water of basrah hospital for Ministry of Health
(Qibla) district lighting project
Maintenance & construct of schools
HQ Premises Operates from: Office
Location: Central Business Area, Main Road
Branches BASRAH OFFICE,
14 JULY STREET NEAR AL‑ABAYCHI MOSQUE,
Basra,
Iraq
Description of branch: Office
DIWANIYA OFFICE,
DIWANIYA NEXT TO DIWANIYA CHAMBER OF COMMERCE,
DIWANIYA,
Iraq
Description of branch: Office
Imports
Imports Finished Goods
Imports From: USA, China, Egypt, India
Agencies:
WINTARA INC. USA Oil & Gas Refinery Service – Power
Generation and Turnkey Services
Tianjin Metals & Mineral Group Co China Tianjin Metals & Mineral Group Co
Xing Xing Ductile Pipes China ductile iron pipes & fittings
Egyptian Iron & Steel Egypt steel
El Naser Steel Pipes & Fittings Co. Egypt welded steel pipes,steel sections,cast
iron pipes. lighting poles
Delta Steel Mill Co. Egypt cold drawing, welding wire mesh, cast iron
casting , steel casting
El Naser Co. For Coke & Chmeicals Egypt metallurigical coke, crude benzol, pure
ammonium, Co2 gas
Egyptian Ferro Alloys Co Egypt ferro silicon alloy
General Metals Co. Egypt aluminium products,copper ,lead
products,precious metals
The General Egpytion Co. For Rail Egypt freight wagons,flat trucks,hopper
Way wagons,container wagons
El Naser Mining Co. Egypt phosphate,quartz,magnesite,clays,granit
e,gypsum
Alexandria Co. For Refractories Egypt all refractories which produced in shaped
or unshaped)
Beni Impex India India
Global Engineering Turkey Turkey
Territory: 100% Nationally
Terms of Sales: special agreements
Type of Customer: Government Bodies, Local Authorities, oil and gas
companies, contracting & industrial companies
Subsidiaries
Affiliates
Deema Trading &
Construction
Co
Egypt
Operates as: Real Estate Investment & Construction
Aya Commercial
Agencies Est
Jordan
Operates as: Import and Export
Information on Bankers is not available/applicable
Subject's payments reported to be: UNDETERMINED
Date: 24/10/2013
Comment: We have been unable to contact a company official.
Reporter Comment Date: 24/10/2013
Reporter Comment: Registration/ legal and financial information is not publicly available. Thus all data stated in the report was obtained from 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.
We tried to contact subject company several times, but we are getting no answer.
We sent them email with the request information, but we didn't receive any reply until today.
All information shown in report was obtained from subject's website and internet business
directories.
The supplied address is branch address
Accounts Comments: Full Financial Statements were unavailable to local analysts so a complete and
accurate picture of the financial strength of the company could not be ascertained.
Our assessment and ratings are therefore based on non‑financial data.
Local Reputation: Local informants have not adequate information to assess the Subject's local
reputation.
General Conclusion: Subject not legally obliged to produce or publish accounts
Age of Business: The company is long established in the local market.
Country: Iraq
Date: 20/08/2013 00:00:00
Source: "Economist Intelligence
Unit" ‑ The Economist
Risk: Last Updated: 24/07/2013
Sovereign risk
Iraq continues to honour its debt commitments, and the Paris Club, Russia and China have agreed to
substantial debt write‑offs. The sovereign risk rating is undermined, however, by the slow progress on
debt relief with Arab creditors and a high–risk political environment.
Currency risk
Strong levels of foreign‑exchange reserves and high current‑account surpluses will provide ample
support to Iraq's currency. The Central Bank of Iraq will continue to peg the Iraqi dinar to the US dollar
Banking sector risk
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 will remain unstable. Fissures between the central government and the
Kurdistan Regional Government and between Sunni groups and the (Shia‑dominated) central
government will undermine stability.
Economic structure risk
Oil revenue accounts for around 99% of export earnings and over 90% of budget revenue. Disputes
between the central government and the Kurdish authorities will, to a degree, hamper development of
the oil and gas sector.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.