MIRA INFORM REPORT

 

 

Report No. :

341034

Report Date :

19.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ALBILAL GROUP FOR GENERAL CONTRACTS CO, LTD

 

 

Registered Office :

House 13/399, Mahala 913 Jaderia Baghdad

 

 

Country :

Iraq

 

 

Date of Incorporation :

1993

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Construction of other civil engineering projects.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Iraq

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

IRAQ ECONOMIC OVERVIEW

 

During 2014, worsening security andFINANCIAL 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 Iraq's 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.

 

Source : CIA

 

 

Company name

 

ALBILAL GROUP FOR GENERAL CONTRACTS CO, LTD

 

 

INVESTIGATION HIGHLIGHTS

 

REGISTRATION NBR.

N/A

TURNOVER

N/A

REGISTRATION DATE

N/A

NET PROFIT

N/A

LEGAL FORM

LIMITED LIABILITY COMPANY

NET WORTH

N/A

TRADE LICENSE NBR

N/A

NOMINAL CAPITAL

N/A

NBR OF EMPLOYEES

N/A

ISSUED CAPITAL

N/A

 

 

INTERVIEW RESULTS

 

Subject officials were not available to attend the correspodent's phone calls. Information stated in the report is as obtained from official and/ or other publicly available sources. The case will be monitored and in case of any reply an update will follow

Person Interviewed: Mr. Soudod (Administration Officer)

 

 

ORIGINAL INVESTIGATION DETAILS

 

COMPANY NAME

Albilal Group for General Contracts Co

ADDRESS

House 13/399, Mahala 913 Jaderia Baghdad

COUNTRY

Iraq

 

 

COMPANY DETAILS

 

COMPANY NAME IN ENGLISH

ALBILAL GROUP FOR GENERAL CONTRACTS CO, LTD

TRADE NAME

AlBilal Group

HEADQUARTER ADDRESS

Jaderia, House 13/399, Mahala 913 , Baghdad, Iraq

TELEPHONE

964 15415676
964770 3442241

EMAIL

Info@albilalgroup.com

WEBSITE

www.albilalgroup.com

 

 

REGISTRATION & LEGAL DETAILS

 

 

DATA

 

CURRENT LEGAL FORM

LIMITED LIABILITY COMPANY

 

REGISTRATION DATE

N/A

 

 

 

HISTORY

 

ORIGINAL START DATE

1993

 

 

CAPITAL

 

Information is not publicly available from official sources  / or applicable

 

 

OWNERSHIP

 

NAME

APPOINTED ON

# OF SHARES

% HELD

ADDRESS

PERSONAL INFO

ADDITIONAL INFO

MR. AKEEL RAOUF ABDEL RAZZAK

-

-

-

Baghdad, Baghdad, Iraq

-

-

MR. BILAL AKEEL RAOUF ABDEL RAZZAK

-

-

-

Canada

Passport:
 931316

-

 

 

PRINCIPALS

 

NAME

POSITION

ADDRESS

PERSONAL INFO

EDUCATION

ADDITIONAL INFO

MR AKEEL RAOUF ABDEL RAZZAK

President and chief executive

Email: akeel.razzak@albilalgroup.com

Nationality:
Iraqi

Education:
Graduate: University

-

MR BILAL AKEEL RAOUF ABDEL RAZZAK

General Director

Baghdad

Passport:
931316

Nationality:
Canadian

Family Connection with:
Son of Mr. Akeel Raouf Abdel Razzak

-

-

MR HUSSEIN HASSONNY

-

-

Nationality:
Iraqi

Education:
Graduate: University

Other Info:
Commissioning Manager

MR HAIDER ALI

-

-

Nationality:
Iraqi

Education:
Graduate: University

Other Info:
Site Manager

MR SAMER BAYATI

-

-

Nationality:
Iraqi

Education:
Graduate: University

Other Info:
QA/QC MANAGER

 

 

ACTIVITIES

 

NACE CODES

4299

Construction of other civil engineering projects n.e.c.

 

 

LINE OF BUSINESS

The company is an Iraq-based company that was established in 1993 in response to the emerging needs for rebuilding of Iraq infrastructure, following two decades of regional and border conflicts. Specialized in civil and electro-mechanical engineering & construction.

AlBilal Group is also one of the largest construction companies in Iraq with a successful track record in construction, rehabilitation, and maintenance of war-damaged large and small scale
infrastructure.

SERVICES

OIL & GAS
POWER
RENEWABLE ENERGY
INFRASTRUCTURE
WATER TREATMENT
OUR WORKSHOPS
PROJECTS

Supported by an experienced and a highly competent management team, AlBilal Group has employed some of the best talents with direct knowledge and experience in: building, maintenance and operation of thermal & gas power plants; construction and commissioning of power substations; overhead and underground feeder transmission lines, oil & gas facilities, communications systems (e.g., SCADA), commercial & residential development; infrastructure; and water supply, distribution, treatment, and waste water systems.

Since its establishment, AlBilal Group has been in forefront of “Re-build Iraq” and has undertaken numerousn small and large scale projects for divers clients including: Project and Contracting Office (PCO) of the United States Government, United States Army Corps of Engineers (USACE).

Washington International Inc. (WII), Black & Veatch (BV), Bechtel, Odebrecht, ABB, SARA (Turkey), BWSC (Denmark), Siemens, BHEL (India), SYMBION (USA), Northshore International (USA), Secure Global Engineering (USA), to name a few.

AlBilal Group has also worked very closely with various Iraqi municipalities and ministries including Ministry of Electricity (MoE) in completing utilities projects.

There dedicated staff with previous knowledge and experience of living and working in Iraq has gained extensive experience and knowledge in managing work related security challenges, and in adapting international engineering and construction standards and specifications. AlBilal Group currently owns its safety & QA/QC manuals.

AlBilal Group strives to be the best general civil and electro-mechanical contractor in Iraq by working closely with clients, maintaining an outstanding safety record, and by taking care of they employees, providing competitive compensations, training, and continuing education – all to earn the reputation for a reliable employer.

They is committed to work responsibly to fulfil those needs in a secure, safe, and an efficient manner, and to improve the lives of people of Iraq by completing quality projects that provide reliable electricity, clean water, environmentally healthy sanitation services, and sound commercial, industrial, and residential infrastructure.

The company is an Iraq-based company that was established in 1993 in response to the emerging needs for re-construction of Iraq infrastructure. Supported by an experienced and a highly competent management team, AlBilal Group is currently operating in Iraq, Jordan, United Arab Emirates, and Yemen (under establishment), and provides engineering and construction services in the areas of: Power (generation, transmission, distribution, testing and commissioning, and operation and maintenance); Communications (e.g., SCADA); Oil & Gas facilities; Water & Wastewater system; Infrastructure; Commercial & Residential development; and Assessments & Surveys.

In addition to joint venture, partnership, and sub-contracting agreements and relationships, AlBilal Group has provided a suite of support including but not limited to: logistics, procurements, security solutions, labor and manpower, etc., to many renowned international engineering and construction companies that are operating in Iraq.

AlBilal Group is through representations and partnership, is capable of working with international companies in identifying feasible project opportunities to include all aspect of design-build (DB), design-bid-build (DBB), turn-key (TK) and build-operate-transfer (BOT)projects.

Subject's clients:
SAMSUNG, ALSTOM,HYUNDAI GS, ABB, SIEMENS, STX, Eni

 

Local Reporters consider the investigated company to be large in their field of concern.

 

 

OPERATIONS

 

EMPLOYEES

COMPANY EMPLOYS

N/A

 

 

BRANCHES

NAME

Jordan Office

 

ADDRESS

Fountain Plaza, Gate (2), 2nd Fl., Abdel Rahim Haj Moh d Street, Sweifiyah, Jordan

 

DESCRIPTION

Office

 

OPERATES AS

Tel:+962-65829734 / 35, Email: info@albilalgroup.com

 

BRANCHES (Cont.)

NAME

UAE Office

 

ADDRESS

Al Mazaya Business Avenue AA1, Unit No. 3702, JLT, Dubai, United Arab Emirates

 

DESCRIPTION

Office

 

OPERATES AS

Tel: 971 4 420 8312, Email: info@albilalgroup.com

 

BRANCHES (Cont.)

NAME

Egypt Office

 

ADDRESS

Smooha Circle Street, Alexandria, Egypt

 

DESCRIPTION

Office

 

OPERATES AS

Tel: 0020120166266 , Email: info@albilalgroup.com  

 

 

SUBSIDIARIES

 

Information is not available/ applicable

 

 

AFFILIATES

 

Name

% Held

Reg. No

Established Date

Address

Additional Info

Source

Rime ID

ALBILAL GARMENT INDUSTRY

-

-

2005

Amman , Amman , Jordan



Related through: a common shareholder

Internet sources

-

ALBILAL PETROLEUM SERVICES COMPANY

-

-

2008

Amman , Amman , Jordan



Related through: a common shareholder

Internet sources

-

SHAT AL ARAB CONTRACTING CO.

-

-

2008

Amman , Amman , Jordan



Related through: a common shareholder

Internet sources

-

AL SARAH FOR HOUSING COMPANY

-

-

2006

Amman , Amman , Jordan



Related through: common principals and shareholders

Internet sources

-

 

 

FINANCIAL STATEMENTS

 

Subject’s Financial Statements are not available

 

 

DETRIMENTAL DATA

 

DETRIMENTAL DATA

NEGATIVE DATA

No official sources are available for obtaining negative data

 

 

COMMENTS

 

REPORTER'S COMMENT DATE

17/9/2015

 

COMMENTS

In the interview with Mr. Soudod, administration officer, he advised us to contact company's office in Dubai stating that it is the headquarter office, As we contacted Dubai's office the  secretary advised us that Jordan office is the headquarter, and  the responsible person is Mr. Samer, Financial Manager.
Several attempts were made to contact Mr. Samer, Financial Manager, but all their numbers (Tel:+962-65829734 / 35) are unobtainable.
 
Information shown in report was obtained from company's website, and internet business directories.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.92

UK Pound

1

Rs.102.75

Euro

1

Rs.75.13

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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