MIRA INFORM REPORT

 

 

Report Date :           

09.01.2012

 

IDENTIFICATION DETAILS

 

Name :

AKTYUBINSKIY ZAVOD KHROMOVYKH SOYEDINENIY AO

 

 

Formerly Known As :

Aktyubinskiy Zavod Khromovykh Soyedineniy OAO

 

 

Registered Office :

Promzona 15, Aktobe 030015

 

 

Country :

Kazakhstan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.06.1995

 

 

Com. Reg. No.:

182-1904-АО (IU)

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturers of chromium acids

 

 

No. of Employees :

2,029

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

TENGE 300,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Kazakhstan

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 COmpany NAME

 

Aktyubinskiy Zavod Khromovykh Soyedineniy AO (Correct)

Aktyubinsk Chromium Chemicals Plant (Requested)

 

 

Company ADDRESS

 

Area     :           Promzona 15

Town     :           Aktobe 030015

Country  :          Kazakhstan

Telephone:        (7 7132) 536 501 / 536 532 / 501 801 / 501 803 / 939 550  / 939 624 (Chief Accountant) / 504 936

/ 503 635 / 939 777 (Aleksey Nikolaevich Chumak)  

Fax      :            (7 7132) 505 041 / 501 436 / 536 508 

E-Mail   :           inform@azhs.kz  / glbuh@azhs.kz

 

Shorform name :            AZKHS

 

English Translation :       Aktyubinsk Chromium Compounds Plant JSC

 

Also Known As :            Aktyubinskiy Zavod Khromovykh Soyedineniy AK

 

Formerly Known As :      Aktyubinskiy Zavod Khromovykh Soyedineniy OAO

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Aleksey Andreevich Khimich                           Chairman

 

2. Radiy Minishevich Fakhretdinov                       Deputy Chairman Economics & Finance

 

3. Yuriy Gennadevich Trusov                               Deputy Chairman

 

4. Aleksey Nikolaevich Chumak                          Head of Marketing & Procurement

 

5. Maksim Vladimirovich Mozgovykh       Production Director          

 

6. Nadezhda Gennadyevna Tischenko                  Chief Accountant

 

Total Employees : 2,029

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts,

although it is normal accepted practice for international suppliers

to deal on secured terms with Kazakhstani importers.

 

Opinion on maximum credit : TENGE 300,000,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     :         KAZKOMMERTSBANK

Branch   :          Abulkhair-Khana Street 58

Town     :           Aktobe 030000

Telephone:        (7 7132) 594 631 / 594 623

Fax      :            (7 7132) 594 631

 

 

FINANCIAL INFORMATION

 

Balance sheets as at 31 December 2010 showed :

 

                                    31/12/2010           31/12/2009

                                         (in thousands of TENGE)   

 

ASSETS

 

Short-term assets

Cash and cash equivalents               61,818              251,599

Short-term trade and other

receivables                          2,388,532            1,496,067

Current income tax                         255                4,071

Inventories                          2,971,518            2,341,744

Other Current Assets                 1,173,028            1,033,411

Total Current Assets                 6,595,151            5,126,892

Assets held for sale                         0                6,809

Long-term assets

Long-term trade and other receivables    6,919                9,874

Investment property                      1,255                  838

Fixed assets                         5,214,272            3,619,361

Intangible assets                           47                   66

Other non-current assets               155,127               94,426

Total non-current assets             5,377,620            3,724,565

                                    11,972,771            8,858,266

 

SHAREHOLDERS EQUITY & LIABILITIES     

 

Short-term liabilities 

Loans                                   26,000                    0

Other current financial liabilities  3,910,163            3,936,674

Short-term trade and other payables    863,846              926,498

Current tax liabilities for income 

tax                                     54,895               28,615

Other current liabilities            1,486,717              628,372

Total current liabilities            6,341,621            5,520,159

Long-term liabilities

Deferred tax liabilities               686,186              170,047

Total long term liabilities            686,186              170,047

Equity

Share Capital                          500,000              500,000

Reserves                             3,248,706            2,031,601

Retained earnings (accumulated

losses)                              1,196,258              636,459

Total equity attributable to

owners of the parent                 4,944,964            3,168,060

Total Equity                         4,944,964            3,168,060

                                    11,972,771            8,858,266

 

PROFIT & LOSS ACCOUNT

 

Revenue                             18,993,120           11,523,490

Cost of goods and services          15,158,184            8,852,278

Gross Profit                         3,834,936            2,671,212

Distribution costs                   1,806,834              795,176

Administrative expenses              1,035,612              974,937

Other expenses                         924,206            1,603,003

Other income                           934,083              930,691

Total operating income (loss)        1,002,367              228,787

Income from financing                      274                   37

Financing expenses                     342,118              387,958

Income (loss) before tax               660,523             (159,134)

Income (loss) before tax               660,523             (159,134)

Income tax expense                     471,065              (73,559)

Income (loss) after tax from

continuing operations                  189,458              (85,575)

Profit for the year                    189,458              (85,575)

 

The following financial information is obtained from the local tax office file :

 

Corporate Income Tax      : TENGE    118,900,000 – 2008 – exact

                          : TENGE     44,500,000 – 2009 – exact

                          : TENGE    195,800,000 - 2010 - exact 

                          : TENGE    194,000,000 – 2011 – exact

 

VAT Tax                   : TENGE (1,387,700,000)– 2008 – exact

                          : TENGE (1,068,900,000)– 2009 – exact

                          : TENGE (1,315,100,000)– 2010 – exact

                          : TENGE (1,054,900,000)– 2011 – exact

 

Individual Income Tax     : TENGE    128,400,000 – 2008 – exact

                          : TENGE     70,500,000 – 2009 – exact

                          : TENGE    111,200,000 - 2010 - exact 

                          : TENGE     97,700,000 – 2011 – exact

 

Social Tax                : TENGE    132,600,000 – 2008 – exact

                          : TENGE     75,900,000 – 2009 – exact

                          : TENGE     93,700,000 - 2010 - exact 

                          : TENGE     81,000,000 – 2011 – exact

 

Property Tax              : TENGE     19,700,000 – 2008 – exact

                          : TENGE     13,900,000 – 2009 – exact

                          : TENGE     17,000,000 - 2010 - exact 

                          : TENGE     16,600,000 – 2011 – exact

 

Land Tax                  : TENGE     26,400,000 – 2008 – exact

                          : TENGE     26,600,000 – 2009 – exact

                          : TENGE     45,400,000 - 2010 - exact 

                          : TENGE     34,000,000 – 2011 – exact

 

Tax on vehicles           : TENGE        300,000 - 2008 - exact  

                          : TENGE        500,000 - 2009 – exact

                          : TENGE        500,000 – 2010 – exact

                          : TENGE        600,000 - 2011 – exact

 

Severance tax             : TENGE        100,000 – 2008 – exact

                          : TENGE     28,000,000 – 2009 – exact

                          : TENGE      6,200,000 - 2010 - exact 

                          : TENGE      4,900,000 – 2011 – exact

 

 

Other Income              : TENGE     37,200,000 – 2008 – exact

                          : TENGE     13,600,000 – 2009 – exact

                          : TENGE     25,200,000 - 2010 - exact 

                          : TENGE     25,100,000 – 2011 – exact

 

Total Taxes Paid          : TENGE   (924,100,000)– 2008 – exact

                          : TENGE   (795,400,000)– 2009 – exact

                          : TENGE   (820,100,000)– 2010 – exact

                          : TENGE   (601,000,000)– 2011 – exact

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 23 June 1995

 

History : The subject company was established in Kazakhstan on 23 June 1995 as an Open Joint Stock Company styled Aktyubinskiy Zavod Khromovykh Soyedineniy OAO on the basis of a state-owned company operated since 1950s and on 16 June 2004 subject was re-registered under the current name.

 

C.R. No.: 182-1904-АО (IU)

 

Tax No. : RNN 061800013654

 

Business Identification No.: BIN 950640000404

 

Statistic Code : OKPO 05604174

 

Authorised Capital : TENGE 500,000,000 (divided into 500,000 shares of TENGE 1,000 each)

 

Paid-Up Capital : TENGE 500,000,000

 

Aktsyonernoye Obshchestvo (joint stock company) with the following directors and shareholders :

 

Directors

 

1. Aleksey Andreevich Khimich

  (RNN 061810209675 / IIN 510818300132)

 

2. Radiy Minishevich Fakhretdinov

  (RNN 600710183005 / IIN 690822301455)

 

3. Yuriy Gennadevich Trusov

  (RNN 061810445516 / IIN 680328302189)

 

4. Aleksey Nikolaevich Chumak

  (RNN 600718680985 / IIN 681025300019)

 

5. Maksim Vladimirovich Mozgovykh

  (RNN 061812939155 / IIN 750605301499)

 

Shareholders                                       Number of shares               

 

1. Chromachem (International) Ltd                155,000                   

   Gibraltar

   C.R. No.: 58508 

 

2. Capella Invest Corp.                                  100,000

   British Virgin Islands

   C.R. No.: IBC 260241

 

3. Valmore Commercial Ltd                          100,000

   British Virgin Islands

   C.R. No.: IBC 260832

 

4. Archem Limited                                        50,000

   British Virgin Islands

   C.R. No.: IBC 188530

 

5. Tsentralniy Depozitariy Tsennykh Bumag AO    31,055

   Dostyk Avenue 291/3 

   Medeuskiy District

   Almaty 050020

   Telephone : (7 727) 266 9500 / 266 9501

   Est.: 17 July 1997

   Tax No.: RNN 600400073798

   Business Identification No.: BIN 970740000154

 

6. Other 777 minority shareholders          

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of chromium acids.

 

NACE Code : 2013

 

Imports mainly from Russia.

 

Exports to Europe (90% of production), Belarus and other CIS countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Administrative offices, a registered branch office and a plant with storage facilities located at the heading address.

 

 

REGISTERED OFFICE

 

Promzona 15

Aktobe 030015

 

 

BRANCH OFFICES

 

Promzona 15

Aktobe 030015

Telephone : (7 7132) 939 614

Est.: 29 December 1995

Business Identification No.: BIN 951241001268

Tax No.: RNN 061800010616

 

 

SPECIAL NOTE

 

You enquired on : Aktyubinsk Chromium Chemicals Plant. Please note

that subject's correct name is as per heading.

 

Interviewed: Nadezhda Gennadyevna Tischenko (Chief Accountant).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.