Wasit Textile Co

# Template State Owned Enterprises- Company Overviews OCPA - Ministry of Industry & Minerals Note: All currency figures are in 000's of Iraqi Dinars unless otherwise noted. 1. General Information Company Name: Wasit Company for Textile Industries Sector Textile Brief Description Manufacturer of cotton fabrics, socks, underwear, hats and external wear. The company was formed in 2001. Revenue in 2002 (ID '000) 26685233 # of Employees 3317 (Other source claims 2,657 employees) Annual Employee Salaries & Bonus 6382182 Headquarters Address Al Kut 2. Company Highlights Company lost $2M USD worth of raw materials in looting. Factories are old, but were not significantly damaged in war. Company may have difficulty competing against higher quality and lower priced imports. Allocated $250K USD for 2H 2003 operating budget and provided with 2 mw off of grid. 3. Facilities Name Province City Grid Damage % Power Needs Headquarters Factory Al Kut 0 3 to 6 mw Storage Facilities 1 Value of All Plant & Equipment Before War, and Initial Purchase Dates and Prices for Major Items $2.6M USD the value before the war. The original purchased price is very hard to calculate because of fluctuations in the value of the Dinar. Cost of land and building was 147,758,028 ID, and the machine and equipment was 111,168,321. 4. Products Product Name Unit Measurement Design Capacity Available Capacity 2002 Production 2002 Revenue Weaving Cotton Fabrics 1,000 pieces 20700 24434 Underwear 1,000 pieces 1420 3090 Socks 1,000 pair 2600 3362 Hats 1,000 pieces 600 633 External Knitted Wear 1,000 pieces 2000 1929 External Knitted Fabrics 1,000 m^2 17940 3639 Description of Importance of Products to Other Iraqi Industries None that couldn't be satisfied through imports. 5. Customers Customer Name 2002 Revenue Subsidized (Y/N) Products Sold to Customer and Unit Pricing State Company for Cotton Industries 7000000 Ministry of Defence 3320000 Military blouses Al Kheim Mill 698617 6. Suppliers Supplier Name 2002 Purchases Subsidized (Y/N) Products Purchased and Unit Pricing State Company for Cotton Industries 3611 tons of cotton Syrian Companies 2322 tons of cotton yarns Asian Companies 670 Tons blend yarns Current Payment Terms From Suppliers cash at delivery or standard MOU contracts organized by the state. 7. Imports & Exports 2002 Import Markets for Raw Materials Potential Import Markets in Free Market USA, Europe and Asia 2002 Export Markets for Finished Products None Potential Export Markets in Free Market Gulf area 8. Competition Description of Competitive Situation Imported products are of better quality and design. Within Iraq, Company competes against other MIM Companies, including SC for Cotton, and SC for Textiles - Hilla. Market Share Description About 10% of the Iraqi market. 9. Summary of War Damage & Looting of Property & Equipment Description of Damage Minimal damage to property, only the damaged area is the storage. Current Operating Status Needs power to restart. 6 mw Immediate Property & Equipment Needs To Restart Operations None Total Cost to Return to Pre-War Condition 3 million dollars for damage to storage area. May be able to repair it for less though.