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Report No. : |
316119 |
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Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
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Name : |
"ENGIN LTD" LTD |
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Registered Office : |
Khatai Avenue 115, Nizami
District, Baku AZ1031 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
22.12.2000 |
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Com. Reg. No.: |
916 (Ministry of Justice) |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, retailers,
wholesalers and distributors of toiletries, cosmetics, health care and
hygiene products and foodstuff. |
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No. of Employees : |
650 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
NEW MANAT 3,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Azerbaijan |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
AZERBAIJAN - ECONOMIC
OVERVIEW
Azerbaijan's high economic
growth has been 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. 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 |
ENGIN LTD MMC (CORRECT)
ENGIN LTD (REQUESTED)
Street :
Block 1222, Building 12
Area :
Narimanov district, on the territory of Electroterm
factory,
close to Refrigerators and Conditioners factory
Town :
Baku AZ1029
Country :
Azerbaijan
Telephone : (994 12) 447 7600 / 447 7601 / Mobile
(994 55) 455 5000 (Georgi Chachiashvilli) /
(994 55) 455 5060 (Nigar Kheydarova)
Fax :
(994 12) 447 7607
E-Mail :
office@engin.az / nigar@engin.az
Website :
www.engin.az
Trading Style : Ferrero /
Procter & Gamble / Nutella / Lorenz
Extended Name
: Engin Ltd Mehdud Mesuliyyetli Camiyyeti
English Translation :
"Engin Ltd" Ltd
Name Position
1. Gurkan Andac General Manager
2. Fakhmida Ayvazova Head of Demands and Claiming Department
3. Nigar Kheydarova Head
of Financial Department
Total Employees: 650
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 Azerbaijani
importers.
Opinion on maximum credit :
NEW MANAT 3,500,000 (higher amounts may be considered
with assurances from the shareholders)
Trade risk assessment :
Normal
NAME : PASHA BANK ASC
Branch : Yusif Mamedaliyev
Street 15
Town : Baku AZ1005
Telephone: (994 12) 496 5000
Fax : (994 12) 496 5001
The company also has an account with the following banks:
1. Yapi Kredit Bank (frmly Kocbank)
28th May Street 28
Baku AZ1010
Telephone: (994 12) 497 7795
Fax
: (994 12) 497 7795
2. Kapital Bank ASC
Fizuli Street 71
Baku AZ1014
Telephone: (994 12) 598 1295 /
493 6630
Fax : (994 12) 493 7905
3. Bank Standard
Gusi Hadzhiev Street 4
Baku AZ1005
Telephone: (994 12) 497 1070
Fax
: (994 12) 498 0778
Private companies in
Azerbaijan are not required to publish or disclose balance sheets. However, the
subject interviewed offered the following information :
Sales Turnover :
US DLRS 108,777,551 - 2008 - exact
: US DLRS 128,286,751 - 2009 - exact
: US DLRS 137,147,396 - 2010 - exact
:
not given - 2011
: US DLRS 160,000,000 - 2012 - exact
: US DLRS 172,000,000 - 2013 exact
: US DLRS 180,000,000 2014 exact
Net Profit :
US DLRS 1,899,554 - 2008 - exact
: US DLRS
2,112,836 - 2009 - exact
: US DLRS
2,263,359 - 2010 exact
: not given - 2011/2013
: US DLRS
3,000,000 2014 exact
Financial year ends
31 December.
Date Started : 22 December
2000
History : The subject
company was established in Azerbaijan on 22
December 2000 and commenced
trading in January 2001.
C.R. No.: 916 (Ministry of
Justice)
Tax No.: VOEN 1600219131
Authorised Capital : US
DLRS 463,000
Paid up Capital : US DLRS
463,000
Mekhdud Mesuliatli Camiyeti
(limited liability company) with the following shareholders :
Shareholders Percentage
1. Musa Kazim Engin 98%
(Turkish national)
2. Giorgi
Chachiashvilli
2%
(Georgian national)
The Company is involved in
the following activities :
Trading as importers,
retailers, wholesalers and distributors of toiletries, cosmetics, health care
and hygiene products and foodstuff.
NACE Codes: 4645 / 4775 /
4711
Imports from Turkey,
Germany, Poland, Italy, Scotland, Czech Republic and Ukraine.
Distributors for Procter
& Gamble Company (P&G), Ferrero, Nutella, Lorenz, Eczacibashi, Vileda,
Ermop, Tana, Coppenrath and Sedat Tahir AS.
Subject's principal suppler
: Ipek Kagit (Turkey).
The Company has the
following facilities:
Rented premises comprising
administrative offices (1,600 sq. m.) located at the heading address as well as
storage facilities (10,000 sq. m.) located elsewhere in Hokmeli settlement,
Baku and three branch offices located in Ganja, Jalilabad and Khaldan.
Until April 2007 subject
was located a Geydar Alieva Avenue 115
(fmly Khatay prospekti),
Baku.
Khatai Avenue 115
Nizami District
Baku AZ1031
You
enquired on: ENGIN LTD. Please note that
the correct name is as per heading.
The address provided by
you: KHATAI ALLEE 115, AZ1031, BAKU NIZAMI applies to subject's registered
office address. Please note that subject's administrative office address is as
per heading.
Interviewed: Nigar
Kheydarova (Head of Financial Department).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
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|
1 |
Rs.91.60 |
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Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SCs
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.