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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOVE BROTHERS CO. |
|
|
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Registered Office : |
2ND Sheikh Umar St Bus Garage Baghdad |
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Country : |
Iraq |
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Date of Incorporation : |
Not Available |
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|
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Legal Form : |
Not Available |
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Line of Business : |
Non‑specialised wholesale trade [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Iraq |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
LOVE BROTHERS CO.
Registration Number: N/A
Registration Date: N/A
Legal Form: LEGAL STRUCTURE
NOT ASCERTAINED
Latest Financials: N/A
Nominal Capital: N/A
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth: N/A
Investigation Number: 225467
Rime Reference: 0
Company Name: LOVE BROTHERS CO
Country: IQ
Street Name: 2ND
SHEIKH UMAR ST BUS GARAGE BAGHDAD
City Code:
Phone Number: 0047802216747/004790193904
Rime Reference: 10530899
Company Name: Love Brothers Co.
Headquarter Address: 2nd Sheikh Umar Street, Bus Garage,
Baghdad,
Iraq
Postal Address: P.O.Box 53319
Telephone: +964
163206
+964780
2216747
+964790
1939047
Fax: +964790
1939047
Current Legal Form: LEGAL STRUCTURE NOT ASCERTAINED
Registration Address: 2nd Sheikh Umar Street, Bus Garage,
Baghdad
Capital is NOT disclosed.
Information on Shareholders is not available/applicable
Name: Mr
Abu Muhannad Abdul Ameer A Hussen
Position within the company: General manager
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: Arabic & English
Education: Graduate
University
NACE Codes: 4690 Non‑specialised wholesale trade
HQ Premises Location: Central Business Area
Imports
Imports
Finished Goods
Imports
From: China
Importing
Terms: Cash
Trading
& Selling
Territory: 100%
Nationally
Subsidiaries
Affiliates Information
on Related Companies is not available/applicable
Information on Bankers is not available/applicable
Subject's payments reported to be: UNDETERMINED
Name/Title: Mr.
Abu Muhannad Abdul Ameer A Hussen General manager
Comment: Company
Officials have refused to co‑operate with local reporters in
confirming/providing
information.
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. Abu Muhannad Abdul Ameer A Hussen, General
Manager,
he
advised that they import various types of goods from china on cash terms,
therefore, they
are
not interested in supplying any details on his company citing the ground of
company's
confidentiality.
It
was confirmed that the company name is "Love Brothers Co.".
It
was confirmed that the company address is as mentioned above.
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.