MIRA INFORM REPORT

 

 

Report Date :

20.11.013

 

IDENTIFICATION DETAILS

 

Name :

GENCE CIHAZQAYIRMA ZAVODU ASC

 

 

Registered Office :

Veli Khuluflu Street 1 Ganja A2023

 

 

Country :

Azerbaijan

 

 

Date of Incorporation :

30.03.2008

 

 

Legal Form :

Open Joint Stock Company

 

 

Line of Business :

Manufacturers of water meters and accessories.

 

 

No. of Employees :

150

 

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:

NEW MANAT 100,000

Status :

Satisfactory

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Azerbaijan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

AZERBAIJAN - ECONOMIC OVERVIEW

 

Azerbaijan's high economic growth during 2006-10 was attributable to large and growing oil and gas exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate. In 2012, economic growth picked up to 3.8%. Continued production declines in the oil sector were offset by strong growth in the non-oil sector. However, the non-oil sector growth may be driven primarily by government investment, which may not be sustainable if oil production continues to decline. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway. The eventual completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another, albeit, smaller source of revenue from gas exports. Azerbaijan has made only limited progress on instituting market-based economic reforms. Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors. Several other obstacles impede Azerbaijan's economic progress, including the need for stepped up foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects depend on world oil prices, Azerbaijan's ability to negotiate export routes for its growing gas production, and its ability to use its energy wealth to promote growth and spur employment in non-energy sectors of the economy.

 

Source : CIA

 

company name

 

GENCE CIHAZQAYIRMA ZAVODU ASC (CORRECT)

GANCA CIHAZGAYIRMA ZAVODU OPEN JOINT (Requested)

 

 

ADDRESS

 

Street                                       : Veli Khuluflu Street 1

Town                             : Ganja A2023

Country                          : Azerbaijan

 

Telephone                     : (994 22) 255 1235 / 561 8037 / Mobile (994 50) 348 4244

Fax                               : (994 22) 255 0990

 

English Translation         : Gence Cihazqayirma Zavodu OSJC

 

Also known as               : Gence Cihazqayirma Zavodu Achiq Sehmdar Cemiyyeti

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                        Position

 

1. Ayet Celal Oglu Bagirov          Managing Director

 

2. Teyub Tagiyev                        Chief Accountant

 

Total Employees : 150

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Azerbaijani importers.

 

Opinion on maximum credit : NEW MANAT 100,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME               : UNIBANK 

 

Branch              : Rashid Behbudov Street 57

Town                  : Baku

Telephone         : (994 12) 498 2244 

Fax                    : (994 12) 498 0953 

 

 

FINANCIAL INFORMATION

 

Private companies in Azerbaijan are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover               : NEW MANAT 1,815,000 - 2011 - exact

                                    : NEW MANAT 5,436,000 - 2012 - exact

                                     : NEW MANAT 2,864,000 - 2013 – exact *

                                                : NEW MANAT 3,300,000 - 2013 - projected

 

Net Profit                       : NEW MANAT    20,000 - 2012 - exact

 

* 10 months results (January - October).

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 30 March 2008

 

History                          : The subject company was established in Azerbaijan on 30 March 2008 and commenced production in September 2011.

 

Tax No.                         : VOEN 2301024501

 

Authorised Capital          : NEW MANAT 211,956

 

Paid-Up Capital              : NEW MANAT 211,956

 

Açıq Sehmdar Cemiyyet (open joint stock company) with the following shareholders:

 

   Shareholders                                                   Percentage

 

1. Abseron-E.I.S MMC                                                        60%

   (aka Absheron-E.I.Sh MMC)

   Alasgar Alakbarov Street 5, Flat 73

   Yasamal District

   Baku AZ1073

   Telephone: (994 12) 561 8037

   Fax      : (994 12) 561 8037

   E-mail   : info@absheron-gcz.com

   Managing Director: Emil Yusif Oglu Pashazade

   Est.: 19 June 2003

   Tax No.: VOEN 1300236351               

   Capital: NEW MANAT 10

 

2. Pasha Holding MMC                                                        40%

   Pasha Center

   Lev Tolstoy Street 170

   Baku AZ1000

   Azerbaijan

   Telephone: (994 12) 598 1290 / 598 1291

   Fax      : (994 12) 598 1291

   E-Mail   : ebagirov@pasha-holding.az

   Date Started : 26 November 2006

   Tax No.: VOEN 1401007871

   Shareholders :

           - Bless MMC                                                        - 50%

             Samed Vurgun Street 7

             Baku AZ1095

             Est.: 20 August 2007

             Tax No. : VOEN 1700786011

             Capital : NEW MANAT 2,000,000

 

           - Reveri MMC                                                        - 50%

             Samed Vurgun Street 7

             Baku AZ1095

             Azerbaijan

             Est.: 20 August 2007

             Tax No. : VOEN 1700785891

             Capital : NEW MANAT 2,000,000   

 

Pasha Holding is an investment company with two types of asset portfolios: holding controlling stakes in leading firms of the banking, insurance, construction and travel and leisure sectors of the national economy.

 

Affiliated companies of the subject company :

 

Associates

 

1. Pasha Bank ASC

   Yusif Mammadaliyev Street 15

   Baku AZ1005

   Telephone: (994 12) 496 5000

   Fax      : (994 12) 496 5010

   E-Mail   : office@pashabank.az

   Website  : www.pashabank.az 

   Employees: 122

   Est.: 18 June 2007

   C.R. No. : 1107-AZ-455

   Tax No.: VOEN 1700767721

   Bank License No.: 250 (issued on 28 November 2007)

   SWIFT BIK: PAHAAZ22

   Code: 505141

   Correspondent Account No.: 0137012071944

   Capital : NEW MANAT 115,407,000 

   Shareholders:

           - Pasha Holding MMC - 60%

           - Ador Ltd          - 30%

           - Arif Pashayev     - 10%                                              

  (The Bank is ultimately controlled by Mr. Arif Pashayev)

 

2. Pasha Travel                                   

   Neftchilar Avenue 91

   Baku AZ1000

   Telephone: (994 12) 497 1090 / 497 4090

   Fax      : (994 12) 497 6934

 

3. Pasa Sigorta ASC 

   (aka Pasha Insurance OJSC)

   Pasha Center

   Lev Tolstoy Street 170

   Baku AZ1000

   Azerbaijan

   Telephone: (994 12) 598 1803 / 598 1804 / 598 1805

   Fax      : (994 12) 598 1807

   E-Mail   : office@pasha-insurance.az

   Website  : www.pasha-insurance.az

   Est.: 3 March 2006

   Tax No.: VOEN 1400837161

   Capital : NEW MANAT 30,000,000

 

4. Kapital Bank

   Fizuli Street 71

   Nasimi District

   Baku AZ1014

   Telephone: (994 12) 598 1295 / 493 6630 ext. 1155 (Rumiya Aga

   Dzhafar Qizi Mamedova) / 598 4896 (Rumiya Aga Dzhafar Qizi

   Mamedova) / ext. 1131 (Mahyaddin Tayir Oglu Mamedov) / ext. 1215

   (Accounts Department) / ext. 1164 / ext. 1562 / ext. 1216 / ext.

   1700 / ext. 1701

   Fax      : (994 12) 493 7905

   E-Mail   : office@kapitalbank.az / rumiya.mamedova@kapitalbank.az

   Website  : www. kapitalbank.az

   Chairman of the Board : Elmar Mammad Oglu Mammadov        

   Employees: 2,100

   Est.: 25 February 2000

   Tax No. : VOEN 9900003611

   SWIFT Code : AIIBAZ2X

   Capital : NEW MANAT 50,800,000

   Shareholders:

           - Pasha Holding MMC           - 99.76%

           - Other minority shareholders -  0.24%

  (The Bank is ultimately controlled by Mr. Arif Pashayev)

 

5. Pasha Development MMC                                

   Nasimi District, Lev Tolstoy Street 170

   Baku AZ1095

   Managing Director : Araz Nazim Oglu Agayev

   Est.: 12 June 2012

   Tax No.: VOEN 1402272621

   Capital : NEW MANAT 16,000,000 

 

6. Pasha Hayat Sigorta ASC                          

   Mayakovskogo Street 15

   Narimanovskiy District

   Baku АZ1154

   Telephone : (994 12) 567 3236 

   Fax       : (994 12) 567 3239  

   Capital : NEW MANAT 7,000,000 

 

7. Ikar-SP MMC

   Yasamal District, Alasger Alekberov Street 5, Flat 22

   Baku AZ1073

   Managing Director : Aydin Kerim Oglu Safarov 

   Est.: 9 March 2012

   Tax No.: VOEN 1302821941

   Capital : NEW MANAT 312,500 

   Shareholders :

           - Pasha Holding MMC

           - Hasan Tarlan Oglu Sharifov 

 

8. Yeni Absheron Oteli MMC

   JW Marriott Absheron Baku Hotel  

   Azadliq Square 674

   Sabail District

   Baku AZ1010

   Telephone: (994 12) 499 8888 / 404 4800 / 493 2039

   Fax        : (994 12) 499 8889

   E-Mail     : rtelford@pashaconstruction.com / 

   aguliyeva@pashaconstruction.com

   Managing Director : Mirdzhalal Pashayev

   Employees: 290

   Est.: 23 April 2009

   Tax No.: VOEN 1700992161

   (Owners and operators of a hotel styled “JW Marriott Absheron

   Baku”)

 

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of water meters and accessories.

 

NACE Code : 2573

 

Imports from Europe, Turkey, Italy, Germany, Romania, Russia, China, Iran and Taiwan.

 

Exports to Russia, Kazakhstan, Kyrgyzstan and Georgia.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices, a manufacturing unit and storage facilities located at the heading address.

 

 

REGISTERED OFFICE

 

Veli Khuluflu Street 1

Ganja A2023

 

 

SPECIAL NOTE

 

You enquired on: GANCA CIHAZGAYIRMA ZAVODU OPEN JOINT. Please note that the correct name is as per heading.  

 

Interviewed: Teyub Tagiyev (Chief Accountant).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.100.18

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.