company name and address

Company summary

SPECIFIC NAMES OF PRODUCTS /SERVICES

CAPITAL STRUCTURE

MANAGEMENT

MAJOR SHAREHOLDERS

TRADE MARKETS

BANK DETAILS

MIRA INFORM REPORT

3decades

Report No. :	485792
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	MIDDLE EAST SCIENTIFIC BUREAU (MESB)

Registered Office :	District 923, Street 35, Jadriyah Baghdad

Country :	Iraq

Date of Incorporation :	19.03.2011

Com. Reg. No.:	381096

Legal Form :	Bureau

Line of Business :	The subject is supplier of Pharmaceuticals, Medical Equipment and Instruments. The import, Marketing and distribution of drugs & medical equipment for the market of Iraq and provides Installation, maintenance and after sales services.

No. of Employees :	20

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Iraq

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

Company Name (legal name)	MIDDLE EAST SCIENTIFIC BUREAU (MESB)
Business Address	District 923, Street 35, Jadriyah Baghdad, Iraq
Tel No	+964 770 152 6539	Fax No	-
E-mail	info@mesb-med.com	Website	www.mesb-med.com

Location :

Owned

Rented

Leased

Area

Sq. ft.

Type (M, I, T, E, S)	Service Provider		Industry		Distributor for Several international Pharmaceutical and Medical
Date of Incorporation	19/03/2011		Authorized Capital (local)				2,000,000 IQD
Chairman’s name	Salah Al-Jahran			Sex			-
Legal Form (General)	Public Listed Co Joint-stock company Foreign Co State-owned Co Sole Proprietorships Partnership Limited Liability Company others (please specify) ___ ___
Legal Form (Specific)	CO LLC LTD others (please specify)
Registered No. (License Number)	381096	Chamber of Commerce				-
Issuing Authority	Ministry of Trade Baghdad - Chamber of Commerce Erbil - Chamber of Commerce and Industry Others

No. of Group Employees :	In Office :	20	In Factory :
	In Branch :		Total :

Main Products & Services

The subject is supplier of Pharmaceuticals, Medical Equipment and Instruments. The import, Marketing and distribution of drugs & medical equipment for the market of Iraq and provides Installation, maintenance and after sales services.

Activity (M, I, E, T, S)	Detailed Products
Service Provider	Distributor for Several international Pharmaceutical and Medical

Note: (M) Manufacture; (T) Trader; (I) Importer; (E) Exporter; (S) Service

Authorized Capital

2,000,000 IQD

No. of Shares

200,000

Share Value :

Paid-up Capital	2,000,000 IQD	No. of Shares	200,000	Share Value :
Date of latest increase

First name	Salah	Last Name	Al-Jahran	Age
Nationality	Iraqi	Job Description	President	Sex	Male
Department		Email address
Other details

Names of Shareholders	No. of Shares	Amount of shares	% of Shares

Salah Al-Jahran

	Percentage	Countries
Exports	-	-
Imports	20%	Turkey

Type of Office :

Commercial Office Bldg

Semi-commercial office Bldg

Retail shop

Industrial Park

Business Center

Home Office

Residential Bldg

Bank Name :	National Bank of Iraq
Bank Address :	Baghdad, Iraq
Bank Account No:

ADDITIONAL INFORMATION

Name/Title: Secretary

The subject refused us

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35
IQD	1	INR 0.054

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.