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MIRA INFORM REPORT
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Report No. : |
485790 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL FARIS GROUP GENERAL CONTRACTING COMPANY LIMITED |
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Registered Office : |
District 923, Street 35, Jadriyah, Baghdad |
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Country : |
Iraq |
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Date of Incorporation : |
1966 |
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Com. Reg. No.: |
6804 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in trading and mechanical
/ electrical installation to efficient and cost effective after sales
service. We have a professional and dedicated service team to ensure
qualified services. |
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No. of Employees : |
35 |
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
name and address
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Company Name (legal name) |
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Business Address |
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Tel No |
+964 770 152 6539 |
Fax No |
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E-mail |
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 Foreign Co State-owned Co Sole Proprietorships Partnership |
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Legal Form (Specific) |
others (please specify) |
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Registered
No. (License
Number) |
Chamber of Commerce |
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Issuing Authority |
Ministry of Trade Baghdad -
Chamber of Commerce Erbil - Chamber
of Commerce and Industry Others |
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No. of Group Employees : |
In Office : |
35 |
In Factory : |
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In Branch : |
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Total : |
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Main Products & Services |
Al Faris Group was established in 1966 in Baghdad,
Iraq, to provide a variety of high quality equipment, installation and
maintenance to the customer’s satisfaction. This incorporates trading and mechanical
/ electrical installation to efficient and cost effective after sales
service. We have a professional and dedicated service team to ensure
qualified services. |
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 |
2,000,000 IQD |
No. of Shares |
200,000 |
Share Value : |
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Paid-up Capital |
2,000,000 IQD |
No. of Shares |
200,000 |
Share Value : |
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Date of latest increase |
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MANAGEMENT
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First name |
Salah |
Last Name |
Al-Jahran |
Age |
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Nationality |
Iraqi |
Job Description |
President |
Sex |
Male |
MAJOR
SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Amount of shares |
% of Shares |
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Salah Al-Jahran and family |
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100% |
TRADE
MARKETS
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Percentage |
Countries |
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Exports |
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Imports |
20% |
Turkey |
Detailed
Data
TRADE
REFERENCE AND RELATED PARTIES
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/Affiliates/ (*) |
1.Al Faris Group General Trading Co. Ltd 2. 3. |
Note (*): Please indicate the country, company
name, address and contact details
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 : |
National Bank of Iraq |
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Bank Address : |
Baghdad, Iraq |
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Bank Account No: |
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ADDITIONAL INFORMATION |
Reporter Comment Date:
13/01/2018 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 63.41 |
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1 |
INR 87.17 |
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Euro |
1 |
INR 77.44 |
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IQD |
1 |
INR 0.054 |
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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VAR |
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Report Prepared
by : |
DNS |
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.