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MIRA INFORM REPORT
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Report No. : |
485793 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
BAGHDAD COMPANY FOR GAS TURBINES LTD |
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Registered Office : |
1st Floor, Bldg No. 113, District 929, Arasat, Baghdad |
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Country : |
Iraq |
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Date of Incorporation : |
11.05.2001 |
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Com. Reg. No.: |
1110434 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The subject is provided in gas & steam turbines
and diesel electrical generation; with focus on Gas Turbines, Engineering,
procurement and construction for oil and gas projects. |
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No. of Employees : |
400 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Iraq |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
IRAQ - ECONOMIC OVERVIEW
Iraq's GDP grew by more than 10% in 2016, the best performance in the
past decade, because of rising oil prices, a significant driver of Iraqi GDP. During
2016, security and financial stability throughout Iraq began to improve as
Iraqi Security Forces made gains against the ongoing insurgency and oil prices
slowly rose. The Iraqi Government entered into a Stand-By Arrangement (SBA)
with the IMF in July 2016, which helped stabilize its finances by encouraging
improved fiscal management, needed economic reform, and expenditure reduction.
Iraq passed its first SBA review in December 2016, and additional progress on
the program is critical to its long-term fiscal health. Diversification efforts
– a key component to Iraq’s long-term economic development – require a
strengthened investment climate to bolster private-sector engagement. Sustained
improvements in the overall standard of living depend heavily on global oil
prices, the central government passage of major policy reforms, and progress in
the conflict with ISIL.
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 2016 averaged 3.3 million barrels per day from
southern Iraq, up from 2015. Moreover, the slow recovery of global oil prices
improved export revenues throughout 2016, although monthly revenue remained
below 2015 levels. 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.
Iraqi oil exports from northern fields are hampered by fundamental
disagreements between the Iraqi Government and autonomous Kurdistan Regional
Government (KRG) in Iraq’s Kurdistan region (IKR) on the roles of federal and
regional authorities in the development and export of natural resources. In
2007, the KRG passed an oil law to develop IKR oil and gas reserves independent
of the federal government. The KRG has signed about 50 contracts with foreign
energy companies to develop its reserves, some of which lie in territories
whose status is in dispute between Baghdad and Erbil. Some of the companies
have left or returned blocks, citing lack of commercial prospects. In 2014, the
KRG began exporting its oil unilaterally through its own pipeline to Turkey,
which Baghdad claims is illegal. In the absence of a national hydrocarbons law,
the two sides have entered into four provisional oil- and revenue-sharing deals
since 2009, all of which collapsed. In September 2016, the two sides began
implementing a fifth ad hoc agreement to split oil exports from
Baghdad-controlled fields in Kirkuk.
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
summary
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Company Name (legal name) |
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Business Address |
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Tel No |
+96265928006 +96265920373 +96476000048 +964 7901326639 +964 7600007048 |
Fax No |
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E-mail |
aiser@baghdad-co.com |
Website |
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Location : |
Owned |
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Rented |
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Leased |
Area |
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Sq. ft. |
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Type of Office : |
Commercial Office Bldg |
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Semi-commercial
office Bldg |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg |
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Type (M, I, T, E, S) |
Industry |
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Date of Incorporation |
Authorized Capital (local) |
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Chairman’s name |
Sex |
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Legal Form (General) |
Public Listed Co Joint-stock company Public Company State-owned Co Sole Proprietorships Partnership Not Registered |
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Legal Form (Specific) |
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Registered No. (License Number) |
Duration / Corporate Terms |
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Issuing Authority |
Ministry of Trade ________ Others |
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No. of Employees : |
In Office : |
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In Factory : |
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In Branch : |
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Total : |
400 |
SPECIFIC
NAMES OF PRODUCTS /SERVICES
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Activity (M, I, E, T, S) |
Detailed Products |
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Service Provider |
Note: (M)
Manufacture; (T) Trader; (I) Importer; (E) Exporter; (S) Service
CAPITAL
STRUCTURE
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Authorized Capital |
700,000,000 IQD |
No. of Shares |
700,000 |
Share Value : |
1,000 |
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Paid-up Capital |
700,000,000 IQD |
No. of Shares |
700,000 |
Share Value : |
1,000 |
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Date of latest
increase |
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MANAGEMENT
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First name |
Aiser |
Last Name |
Tobia |
Age |
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Nationality |
Iraqi |
Job Description |
Bus
& ops Director |
Sex |
Male |
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Department |
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Email address |
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First name |
Mumtaz |
Last Name |
Rushdi |
Age |
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Nationality |
Iraqi |
Job Description |
President |
Sex |
Male |
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Department |
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Email address |
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First name |
Aiser |
Last Name |
Katoola |
Age |
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Nationality |
Iraqi |
Job Description |
VP. Projects and operations |
Sex |
Male |
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Department |
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Email address |
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First name |
Ali |
Last Name |
Al Niamey |
Age |
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Nationality |
Iraqi |
Job Description |
Commercial Director |
Sex |
Male |
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Department |
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Email address |
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First name |
Steve |
Last Name |
Holmes |
Age |
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Nationality |
American |
Job Description |
Oil & Gas Director |
Sex |
Male |
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Department |
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Email address |
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First name |
Ammar |
Last Name |
Mahmoud |
Age |
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Nationality |
Iraqi |
Job Description |
CEO |
Sex |
Male |
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Department |
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Email address |
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First name |
Saad |
Last Name |
Mahir |
Age |
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Nationality |
Iraqi |
Job Description |
Projects Manager |
Sex |
Male |
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Department |
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Email address |
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MAJOR
SHAREHOLDERS
Names of Shareholders
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No. of Shares |
Amount of shares |
% of Shares |
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Mr. MUMTAZ RUSHDI |
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Ammar Mahmoud |
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IMPORT
AGENCIES
If the Subject
Business Entity is importing products / materials from overseas, they probably are
the exclusive import agent for that product.
If “Yes” then
please make note of the brand names and countries for which they are the local
agent.
BANK DETAILS
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Bank Name : |
Iraqi Islamic Bank for Development & Investment |
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Bank Address : |
Baghdad, Iraq |
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Bank Account No: |
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Bank Name : |
Iraqi Middle East Investment Bank |
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Bank Address : |
Baghdad, Iraq |
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Bank Account No: |
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ADDITIONAL INFORMATION |
Branches Basra / Iraq Kirkuk / Iraq Amman / Jordan Dubai / UAE Projects
Branches : Basrah ,Iraq Email: info@baghdad-co.com Al –jezair District Near Khora Park Building No 81-1-268 Adnan Hulu Hussen Mob :+964 78001190650/ +964 7809202500 Kirkuk ,Iraq Email: info@baghdad-co.com Mob :+964 7708522439/+964 7816397043 Amman , Jordan Tel : +962 592 8002/6 Fax :+962 592 0373 Email: info@baghdad-co.com Hussain Khawaja st, bldg. 18 Al Bayader -8th circle P.O.BOX
1140 Amman , Jordan11821 Dubai ,UAE Tel : +971 4 258 2101 Fax ;+971 4 258 2102 Email: info@baghdad-co.com Address : Bur Juman Business Tower,Tower 20 th Floor,Office No4,P.OBOX
8022 Name/Title: Secretary The subject refused us |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.52 |
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1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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IQD |
1 |
INR 0.053 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.