|
|
|
MIRA INFORM REPORT
|
Report No. : |
516632 |
|
Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUPER STEEL COMPANY |
|
|
|
|
Registered Office : |
Bibizak Baziyan Sulamaniyah |
|
|
|
|
Country : |
Iraq |
|
|
|
|
Date of Incorporation : |
07.12.2011 |
|
|
|
|
Com. Reg. No.: |
1495 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Distributor, Exporter, Importer, Manufacturer and Trade of steel and steel product |
|
|
|
|
No. of Employees : |
+100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
Iraq |
B2 |
C1 |
|
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 growth slowed to 1.1% in 2017, a marked decline compared to the previous two years as domestic consumption and investment fell because of civil violence and a sluggish oil market. The Iraqi Government received its third tranche of funding from its 2016 Stand-By Arrangement (SBA) with the IMF in August 2017, which is intended to stabilize its finances by encouraging improved fiscal management, needed economic reform, and expenditure reduction. Additionally, in late 2017 Iraq received more than $1.4 billion in financing from international lenders, part of which was generated by issuing a $1 billion bond for reconstruction and rehabilitation in areas liberated from ISIL. Investment and key sector diversification are crucial components to Iraq’s long-term economic development and require a strengthened business climate with enhanced legal and regulatory oversight 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, a stable security environment post-ISIS, and the resolution of civil discord with the Kurdish Regional Government (KRG).
Iraq's largely state-run economy is dominated by the oil sector, which provides roughly 85% of government revenue and 80% of foreign exchange earnings, and is a major determinant of the economy's fortunes. 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.
In 2017, Iraqi oil exports from northern fields were disrupted following a KRG referendum that resulted in the Iraqi Government reasserting federal control over disputed oil fields and energy infrastructure in Kirkuk. The Iraqi government and the KRG dispute the role 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 taken by Baghdad in October 2017. The KRG is able to unilaterally export oil from the fields it retains control of 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 five provisional oil- and revenue-sharing deals since 2009, all of which collapsed.
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
summery
|
Company Name (legal name) |
|||
|
Business Address |
|||
|
Tel No |
+964 751 134 9114 +964 770 1447646 |
Fax No |
|
|
E-mail |
Website |
||
|
Location : |
Owned |
|
Rented |
|
Leased |
Area |
|
Sq. ft. |
|
Type of Office : |
Commercial Office Bldg |
|
|
Semi-commercial office Bldg |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg |
|
|
|
|
|
|
Owned |
|
Rented |
|
Leased |
|
Area |
|
Sq. ft. |
|
Type (M, I, T, E, S) |
Industry |
||||||
|
Date of Incorporation |
Authorized Capital (local) |
||||||
|
Chairman’s name |
Sex |
||||||
|
Legal Form (General) |
Public Listed
Co Joint-stock
company Foreign Co State-owned Co Sole
Proprietorships Partnership |
||||||
|
Legal Form (Specific) |
others (please
specify) |
||||||
|
Registered
No. (License
Number) |
Chamber of Commerce |
22 |
|||||
|
Issuing Authority |
Ministry of Trade Baghdad - Chamber of Commerce Erbil - Chamber of Commerce and Industry Others |
||||||
|
No. of Group
Employees : |
In Office / Factory |
+100 |
|
Main Products & Services |
The subject established in 2011 in the
field of iron manufacturing, mold and scrap metal recycling, they have
specialized in manufacturing rebar of recycled metals and recycled using the
latest elements and techniques. This was achieved through the local capacity
of design and creativity using Local workforce and their technical work |
|
Company Overview / Historical
Events |
The subject (SSC) was established in
2011 after submitting a request to the Sulaymaniyah Companies Council of the General
Directorate of Companies in Kurdistan with the aim of launching the company
as Super Steel General Trading and Metal Co. Ltd. and the capital of
5,000,000 five million dinars. In accordance with the compliance of
Article 19 of the Companies Law Section 21 of 1997, after submitting a copy
of the contract between the partners and completing all legal requirements,
with the authority granted to the registration department of the company that
granted the application to establish our company under Section 21 This announcement is written in
Sulaymaniyah on 30/3/2011 and is compared to the Noruz / 2711 Kurdish
calendar under Article 3515 and License No. 1495. We also have Investment
License No. 22, which is a legal license to operate under the Investment Law
in the Kurdistan Region No. (4) of 2006, as their company has also been
granted the establishment of projects according to the following information The subject has a national
nationality and investment certificate for industrial projects with a capital
of 17000000 US $ 17 million in Sulaymaniyah / Bazian for the steel mill for
metal melting, reinforcing steel and soft steel angle in 16/4/2012 |
SPECIFIC
NAMES OF PRODUCTS /SERVICES
|
Activity (M, I, E, T, S) |
Detailed Products |
|
Service Provider |
Distributor,
Exporter, Importer, Manufacturer and Trade of steel and steel product |
Note: (M) Manufacture; (T) Trader; (I) Importer; (E) Exporter; (S)
Service
CAPITAL
STRUCTURE
|
Authorized Capital |
5,000,000 IQD |
No. of Shares |
|
Share Value : |
|
|
Paid-up Capital |
5,000,000 IQD |
No. of Shares |
|
Share Value : |
|
|
Date of latest increase |
|
||||
MANAGEMENT
|
First name |
Aras |
Last Name |
Jamal Ali |
Age |
|
|
Nationality |
Iraqi |
Job Description |
Managing Director |
Sex |
Male |
|
First name |
Omar |
Last Name |
Mohammed |
Age |
|
|
Nationality |
Iraqi |
Job Description |
Accounts and sales |
Sex |
Male |
|
Department |
|
Email address |
|
||
|
Other details |
Tel :964 - 7701522145 |
||||
|
First name |
Aram |
Last Name |
Ali |
Age |
|
|
Nationality |
Iraqi |
Job Description |
Technical Section |
Sex |
Male |
|
Department |
|
Email address |
|
||
|
Other details |
Tel :+964 - 7715614237 |
||||
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Amount of shares |
% of Shares |
|
|
|
|
|
|
Aras Jamal Ali |
|
|
|
TRADE
MARKETS
|
|
Percentage |
Countries |
|
Imports |
20% |
Turkey |
BANK DETAILS
|
Bank Name : |
National Bank of Iraq |
|
Bank Address : |
Baghdad, Iraq |
|
Bank Account No: |
|
|
Payment Details: |
Unknown |
|
ADDITIONAL INFORMATION |
Head office
Name/Title: Jamal Ali/Manager Subject has confirmed general details provided in the report |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.52 |
|
|
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.87 |
|
IRR |
1 |
INR 0.0016 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.