MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	MAMAL AL IRAQ TRADING COMPANY

Registered Office :	Jamela, Baghdad

Country :	Iraq

Date of Incorporation :	Not Available

Legal Form :	Private Company

Line of Business :	· Subject is involved in general trading and contracring. · Import food stuff (rice, sugar) · Non‑specialised wholesale of food, beverages and tobacco

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Iraq

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

IRAQ ECONOMIC OVERVIEW

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

Company name and addres

MAMAL AL IRAQ TRADING COMPANY

Payment Record: UNDETERMINED

This rating is based on available data. In the event of additional information a possibility for a different rating applies.

Registration Briefing

Registration Number: N/A

Registration Date: N/A

Legal Form: LEGAL STRUCTURE NOT ASCERTAINED

Latest Financials: N/A

Financial Briefing

Nominal Capital: N/A

Issued Capital: N/A

Turnover: N/A

Net Profit: N/A

Net Worth:

Company Details

Company Name: MAMAL AL IRAQ TRADING COMPANY

Headquarter Address: Jamela,

Baghdad,

Iraq

Telephone: +964770 1521070

E‑Mail: mamal_aliraq@yahoo.com

Registration & Legal Details

Current Legal Form: LEGAL STRUCTURE NOT ASCERTAINED

Additional Information: Private Company

Registration Town: Baghdad

Shareholders / Owners

Information on Shareholders is not available/applicable

Principals

Name: Mr Ahmed

Position within the company: Deputy General Manager

Company Activities

NACE Codes: 4639 Non‑specialised wholesale of food, beverages and tobacco

Subject is involved in general trading and contracring. They import food stuff (rice, sugar, etc) from Oman, UAE and India.

OperationS

HQ Premises Operates from: Office

Location: Central Business Area

Imports

Imports Finished Goods

Imports From: Far East, United Arab Emirates, Oman

Importing Terms: Cash

Additional Information: CAD, L/C

Exports

Export % and type of product: Subject does not export

Trading & Selling

Territory: 100% Nationally

Type of Customer: Government Bodies, wholesalers

Related Companies

Subsidiaries

Affiliates

Information on Related Companies is not available/applicabl

Bankers

Information on Bankers is not available/applicable

Payments

Subject's payments reported to be: UNDETERMINED

Interview & Reporter Comments

Name/Title: Mr. Ahmed Deputy General Manager

Comment: We have sent a fax/e‑mail/questionnaire however no reply has been received as of yet.

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. Ahmed, deputy general manager, he provided us with

information shown in report and advised us that the general manager is currently abroad.

Mr. Ahmed, asked us to send him a written request in order to forward it to the general manager

and then come back to us with his reply.

However, until today we didn't receive any reply, although we have contacted him again several

times, but with no success, we got no answer.

As soon as we receive any additional information, we shall send it to you at once.

Conclusions

Local Reputation: Local informants have not adequate information to assess the Subject's local reputation.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.