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Report No. : |
324553 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
DOLPHIN SEA TRADING CO. LLC |
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Registered Office : |
No 215, Mahwi Street, P O Box 38 Suleymanya |
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Country : |
Iraq |
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Date of Incorporation : |
05.08.2004 |
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Com. Reg. No.: |
7451 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Supplier of dried fruits, nuts, pulses, tea and oils. |
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No. of Employee : |
9 |
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.
IRAQ ECONOMIC OVERVIEW
During 2014, worsening security and financial stability throughout Iraq—driven by an ongoing insurgency, decreasing oil prices, and political upheaval—decreased the prospects for improving the country's economic environment and securing much-needed foreign investment. Long-term fiscal health, a strengthened investment climate, 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. Oil exports in 2014 remained relatively flat at 2.4 million barrels per day on average, despite new production coming online at the West Qurna 2 and Badrah oilfields, because repeated attacks on the Iraq-Turkey pipeline reduced export capacity. During the second half of 2014, government revenues decreased as global oil prices fell by more than 30%. 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. In December, the federal government and the KRG agreed to sell oil exports from Kurdish-controlled oil fields under the federal oil ministry, in exchange for the central government paying $1 billion to the Kurdish Peshmerga forces and resuming budget transfers to the KRG that amount to 17% of the national budget. 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.. 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. 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 local governments. 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. 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.
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Source
: CIA |
Company Name: DOLPHIN
SEA TRADING CO. LLC
Also Trade as:
-
Address: No 215,
Mahwi Street, P O Box 38 Suleymanya, Iraq
Tel: + 964
533211046 / + 964 7701520590
Fax: +
964 533211046
Website: www.dolphintradingco.com
E-mail: info@dolphintradingco.com
/ dara_ali@hotmail.com
Company was originally started as a on2004.
Current Legal Form:
Limited Liability Company
Registration Address:
No 215, Mahwi Street, P O Box 38 Suleymanya, Iraq
Registration Number:
7451
Registration Date: 05/08/2004
Registration Town:
Suleymanya
Capital:
7,000,000,000
Shareholders:
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Shareholder Name |
Share % |
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Mr. Dara A. Hussein family |
70% |
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Mr. Gazanfar Saglam |
30% |
Name: Mr. Dara A. Hussein
Position within the company: Chairman
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: Arabic, Kurdi
Name: Mr. Gazanfar Saglam
Position within the company: Director
Country of Birth:
Turkey
Nationality: Turkish
Can fluently speak: Turkish
Name: Mr.
Salim Noori
Position within the company: Director
Country of Birth: Iraq
Nationality: Iraqi
Can fluently speak: Arabic, Kurdi
Supplier of dried fruits, nuts, pulses, tea and oils.
Local Reporters consider the investigated company to be Small
in their field of concern
Company Employs:
9
Sales:
100% Nationally
Sales to:
Group companies, General Public
Sales Term:
Cash, Bank Transfer, accept credit, Letter of credit
Vehicles:
5
Operates Form: Owned: Offices, Warehouses
and factory
Location: Central
Business Area, Main Road
Bank Sepah
Iran
Auditors: Mr. Dalawer Bahrami
Solicitors: Mr. Rawand Ramazan
Imports From: Turkey,
India
Importing Terms: Bank Transfer
Import % and type of product: 100 % Finished Goods
Export % and type of product:
Subject does not export
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Subject's payments reported to be: NO COMPLAINTS
Name/Title: Mr. Salim Noori- Manager
The subject refused to give us the Registration Details.
Local Reputation:
The company being investigated is considered by local reporters to be a MediumTrade Risk
Local informants consider granting of credit to be a
fair trade risk
Owner/Shareholders Comments: Some of the owners / shareholders have an active participation in the running of the business.
Age of Business: Old business
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.94 |
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|
1 |
Rs.98.27 |
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Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
ANK |
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.