MIRA INFORM REPORT
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Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
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Name : |
IRANIAN OFFSHORE ENGINEERING CONSTRUCTION COMPANY |
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Registered Office : |
Iran No.27 Arak St Nejatollahi (Villa) St, 15836 15511 Tehran Iran P O Box 15989/66911 |
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Country : |
Iran |
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Date of Incorporation : |
21.03.1993 |
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Com. Reg. No.: |
96225 |
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Legal Form : |
Private Joint Stock |
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Line of Business : |
Subject operates as an offshore general contractor for petroleum, gas,
and petrochemical industries in Iran and internationally. |
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No. of Employees : |
250 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
IRAN - ECONOMIC OVERVIEW
Iran's economy is marked by
statist policies, an inefficient state sector, and reliance on oil, a major
source of government revenues. Price controls, subsidies, and other distortions
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. New fiscal and monetary constraints on
Tehran, following the expansion of international sanctions in 2012 against
Iran's Central Bank and oil exports, significantly reduced Iran's oil revenue,
forced government spending cuts, and fueled a 60% currency depreciation.
Economic growth turned negative in 2012 and 2013, for the first time in two
decades. Iran continues to suffer from double-digit unemployment and
underemployment. Lack of job opportunities has convinced many educated Iranian
youth to seek jobs overseas, resulting in a significant "brain
drain." However, the election of President Hasan RUHANI in June 2013
brought about widespread expectations of economic improvements and greater
international engagement among the Iranian public, and early in Ruhani's term
the country saw a strengthened national currency and a historic boost to market
values at the Tehran Stock Exchange.
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Source
: CIA |
Company Details
Company Name: IRANIAN OFFSHORE
ENGINEERING CONSTRUCTION COMPANY
Also Trade as: Offshore Engineering
Construction Company , IOEC
Address: Iran No.27
Arak St Nejatollahi (Villa) St
15836 15511 Tehran Iran P O Box 15989/66911
Tel: + 98 21 82840
Fax: + 98 21 88812180 / 889378467
Website: www.ioec.com
E-mail: info@ioec.com
Company was originally started as an
on 1993.
Registration & Legal Details
Current Legal Form: Private Joint Stock
Registration Address: Iran No.27 Arak St Nejatollahi (Villa) St
15836 15511 Tehran Iran P O Box
15989/66911
Registration Number: 96225
Registration Date: 21/03/1993
Registration Town: Tehran
National id:
10101402850
Capital:
4,879,906,300,000 Iranian Rials
Shareholders
Shareholders:
|
Shareholder Name |
Share % |
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Naft Jey Palayesh Company |
40% |
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Naft Sepahan Company |
20% |
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Oil’ Staff Retiree Fund Investment Co |
30% |
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Hami Ghadr
Investment Development Co |
5% |
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Ghadr Investment
Development Co |
5% |
Principals
Name: Mr. Gholamali
Kiani
Position within the company: Chairman
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi-English
Name: Mr. Saeid Vafapour
Position within the company: Director
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi- English
Name: Mr. Ali Taheri Motlagh
Position within the company: Vice Chairman & Managing Director
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi, English
Name: Mr. Ali Golestaneh
Position within the company: Member, Director
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi, English
Name: Mr. Abulfazl Ghanbarpour
Position within the company: Member, Director
Country of Birth: Iran
Nationality: Iranian
Can fluently speak: Farsi, English
Activations
It operates as an offshore
general contractor for petroleum, gas, and petrochemical industries in Iran and
internationally. The company manages, designs, procures, constructs, installs,
and commissions offshore and onshore upstream and downstream oil, gas, and
petrochemical plants, facilities, and structures, as well as designs, builds,
and supplies sub-sea pipelines and fixed process platforms. It also operates an
offshore fleet of specialized sub-sea pipelaying vessels in the Middle East.
Branches:
90-92 No, Shahrak Sanaati, Phase 1
Kish Island, Iran
Local Reporters consider the investigated company to be LARGE in their field of concern
Operations
Company Employs: 250
Sales: 100% Nationally
Sales to: Group companies, General Public
Sales Term: Cash, Bank
Transfer, accept credit, Letter of credit
Vehicles: 12
HQ Premises
Operates Form:
Owned: Offices, Warehouse
Location: Central
Business Area, Main Road,
Bankers
Bank Tejarat
Iran
Financial
Auditor: Iran Auditing Organization
Solicitor: Mr. Majid Darabi
Imports
Imports From: China, India
Importing Terms: Bank
Transfer
Import % and type of product: 10% Finished Goods
Export
Export % and type of product: Subject does not export
Related
Companies
No Related companies.
Payment
Subject's payments reported to be: NO COMPLAINTS
Interview & Reporter Comments
Following to the interview with Mr. Ali Golestaneh ( Member,
Director), he refused to cooperate with us.
Note: the registered name of company is Iranian Offshore Engineering Construction Company.
Conclusions
Local Reputation:
The company being investigated is considered by local reporters to be a High
Trade Risk and To Be Secured.
Owner/Shareholders Comments:
Some of the owners / shareholders have an active participation in the running of the business.
Age of Business: Old business
News:
Aug 19, 2012
Arvandan Signs Contract with Iranian Offshore
Engineering and Construction Company
Aug 19 12
Arvandan Oil & Gas Co, signed a $135
million contract with Iranian Offshore Engineering and Construction Company to
develop the Arvand oil field in the southwest. The field is projected to
produce 5,000 barrels of crude a day in the early production stage and as much
as 20,000 barrels after the completion of the first phase. The Arvand oil
field, which has recoverable oil reserves of 150 million barrels a day, has an
estimated 500 million to one billion barrels in reserves and will be developed
within 18 months.
Date: Sep 8, 2013
EU
court strikes down sanctions on Iranian engineering company
File
photo shows offshore installations in South Pars gas field in southern Iran.
Sun
Sep 8, 2013 3:13PM
Related
Interviews:
The
European Union's top court has struck down sanctions imposed on Iranian
Offshore Engineering and Construction Company (IOEC) for its alleged links to
Iran’s nuclear energy program.
“By virtue of the preliminary ruling of the Court of Justice of the European
Union ... EU sanctions on this engineering company [must] be lifted and this
union is obligated to pay damages incurred on the company due to the
sanctions,” Managing Director of IOEC Ali Taheri Motlaq noted on Sunday.
He said documents submitted to the court proved that IOEC had no activity
related to Iran’s nuclear facilities.
On September 6, the court also rejected sanctions imposed against eight Iranian
banks and companies allegedly linked to Iran’s nuclear program
It ruled that there was not sufficient evidence to justify the unilateral
sanctions imposed by the bloc on Iranian entities.
The court, however, said the sanctions would stay in place for at least two
months pending any appeal.
“The
IOEC is a completely technical and engineering company, and has not had, and
does not have, any connection to this type of [nuclear] activities,” Taheri
Motlaq said.
The
United States, Israel and some of their allies have repeatedly accused Iran of
pursuing non-civilian objectives in its nuclear energy program, with the US and
European Union using the claim as an excuse to impose illegal sanctions against
Tehran.
Iran has categorically rejected the allegation, stressing that as a committed
member of the International Atomic Energy Agency (IAEA) and a signatory to the
Non-Proliferation Treaty, it is entitled to develop nuclear technology for
peaceful purposes.
In addition, the IAEA has conducted numerous inspections of Iran's nuclear
facilities, but has never found any evidence showing that Tehran's civilian
nuclear program has been diverted toward military objectives.
Date: May 9, 2012
Iranian Offshore Engineering and Construction Co
Involved in the construction of the uranium enrichment site at
Qom/Fordow in Iran; listed by the European Union on December 1, 2011 as an
entity linked to Iran's proliferation-sensitive nuclear activities or Iran's
development of nuclear weapon delivery systems; with some exceptions, European
Union member states must freeze all funds and economic resources owned, held or
controlled by the listed entity, and prevent funds or economic resources from
being made available to it; sanctioned by the governments of Norway and
Switzerland, restricting business and financial transactions with the entity
and/or freezing its assets in those countries; subject to UK, Italian and
Spanish export denials.
Allegedly purchased a satellite communications system manufactured by
Sea Tel Incorporated of Concord, California in February 2004, from Mohammad Farahbakhsh
via Diamond Technology LLC in the United Arab Emirates.
Subsidiary of the National Iranian Oil Company (NIOC), created through a
joint venture with Industrial Development and Renovation Organization of Iran
(IRDO).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.38 |
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1 |
Rs.101.63 |
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Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NNA |
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 |
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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.