|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
POWER MEN COMPANY |
|
|
|
|
Registered Office : |
PMC Bldg Electrical Market Makhmoor Road
Erbil |
|
|
|
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Country : |
Iraq |
|
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Date of Incorporation : |
2003 |
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|
|
|
Legal Form : |
Legal Structure Not Ascertained |
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|
|
|
Line of Business : |
Subject is engaged in Electrical Installation |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Iraq |
C1 |
B2 |
|
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 |
POWER MEN COMPANY
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:
Investigation
Number: 237435
Rime
Reference: 0
Company
Name: POWER
MEN COMPANU
Country: IQ
Street
Name: PMC
BLDG ELECTRICAL MARKET MAKHMOOR ROAD
ERBIL
City
Code:
Rime
Reference: 10781004
Company
Name: POWER
MEN COMPANY
Headquarter
Address: Kooran
Makhmoor road, Electrical Market, PMC bldg,
Erbil,
Iraq
Telephone: +964750
4476604
E‑Mail: powermen_co@yahoo.com
Company was originally started on 2003
Current
Legal Form: LEGAL
STRUCTURE NOT ASCERTAINED
Year/Date
Company Established: 2003
Information
on Shareholders is not available/applicable
Name: Mr
Masoud Bapiri
Position
within the company: Chief
executive
Nationality: Iraqi
Name: Mr
Zaher Abam
Additional
Information: Application
Engineer
Education: Graduate
University
Name: Ms
Noora Mohammed
Position
within the company: Sales
Manager
NACE
Codes: 4321 Electrical installation
The company is an engineering company working
in the field of electricity (generation, transmission, distribution and scada,
Switching Power Supply, Electric Power
Tools, Transformers) and it has various branches and subdivisions in Iran and
Iraq as well.
Products Types: High voltage, medium voltage
switchgear, low voltage, power plant, oil and gas and related aspects services
to the customers.
Power Men Company (PMC) was established for
running and handling projects in Iraq by presence and supporting a group
of experienced and expert engineers and
well‑known companies. During
these years it has executed many projects successfully all over Iraq.
The
main focus is on deliveries of:
1‑EPC
Contracting & Project Management for:
‑
Power (Generation, Transmission, Distribution, Automation)
‑
Petroleum Industry
2‑
Trading of Electrical and Petroleum Material
It is Authorized Distributor for following main brands: ‑ EATON,
MEGGER, MTE, MULTI‑TEK, ITRON, OSRAM, Hyundai Heavy Industries, Elprom, FKN.
HQ Premises
Location: Central Business Area
Branches Iran
Description
of branch: Office
Other Branches
Subject
has numerous other branches nationally.
Imports
Imports
Finished Goods
Imports
From: Iran, Far
East, Europe, USA
Agencies:
Megger Europe electric test
equipment and measuring
instruments
EATON USA power tools
MTE USA power solutions
MULTI‑TEK United
Kingdom electromechanicals
ITRON USA energy and
water tools
OSRAM Germany lighting
Hyundai
Heavy Industries Korea
(South)
Elprom Europe AC and DC electric
motors
FKN
Exports
Export
% and type of product: Subject does not
export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Government
Bodies, Local Authorities, oil and gas
companies,
industrial companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Information
on Bankers is not available/applicable
Subject's
payments reported to be: UNDETERMINED
Comment: We have
been unable to contact a company official.
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.
We
tried to contact subject company several times, but we got no answer.
We sent them email with the required
information, but we didn't receive any reply until today.
Information shown in report was obtained
from internet business directories and newspaper.
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.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.