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Report No. : |
317788 |
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Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Basti Bagirova
Street 15B, Yasamal District, Baku AZ1065 |
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Country : |
Azerbaijan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.07.1999 |
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Com. Reg. No.: |
0502-A1-82 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of furniture such as wall units, living room furniture, office furniture, children's room furniture and kitchen furniture. Subject also manufactures melamine plates, accessories and complete sets of furniture. |
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No. of Employees : |
1,300 |
RATING & COMMENTS
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MIRA’s 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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Azerbaijan |
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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.
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Source
: CIA |
EMBAWOOD MMC
Street : Basti Bagirova Street 15B
Area : Yasamal District
Town : Baku AZ1065
Country : Azerbaijan
Telephone: (994 12) 436 7405 / 436 7407 / 436 9375 / 436 7940 / 436 9374 / 436 9376 / Mobile (994 55) 505 1140 (Tamerlan Kurtiev) / (994 50) 362 3241 / (994 55) 221 7790 / (994 50) 245 9715 / (994 70) 777 0070 / (994 50) 250 1046 (Eldar Mammadov) / (994 55) 222 6254 (Eldar Mammadov) / (994 55) 505 1199 (Vugar Akhundov)
Fax : (994 12) 431 0081 / 431 5931
E-Mail : office@embawood.com / meded.rustamov@embawood.com /
karim.mammedov@embawood.com / elder.mammadov@embawood.com / info@embawood.com / elshan.akperov@embawood.com / tamerlan.kurtiev@embawood.com
Website : www.embawood.az
Trading Style : Ideal Dizayn / Ideal Design / Dolce Noch / Madeyra
English Translation : Embawood Ltd
Also Known As : Embawood Mekhdud Mesuliatli Camiyetti
Name Position
1. Elshad Inshalla Oglu Abbasov Managing Director
2. Tamerlan Kurtiev Group Chief Financial Officer
3. Eldar Mammedov Financial Manager
4. Azad Hamudullazade Executive Director
5. Ilkham Urudzhev Chief Accountant
6. Elshan Akperov Procurement Manager
7. Rustam Hasanov Accountant
8. Sehavet Mirzoev Accountant
9. Aslan Valiyev Senior Marketing Specialist
10.Asif Sadigov Strategic Management Specialist
Total Employees : 1,300 (subject)
3,000 (group)
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 : INTERNATIONAL BANK OF AZERBAIJAN
Branch : Nizami Avenue 67
Town : Baku AZ1005
Telephone: (994 12) 498 1053 / 493 1842
Fax : (994 12) 493 4091 / 498 1158
The company also has an account with the following banks:
1. Bank Technique OJSC
M. K. Ataturk Avenue, 1107-Block, Narimanov District
Baku AZ1069
Telephone: (994 12) 447 7744
Fax : (994 12) 447 7744
2. Yapi Kredi Bank Azerbaijan QSC (Fmly Kocbank Azerbaijan Jsb)
28 May Street 5
Baku AZ1014
Telephone: (994 12) 497 7795
Fax : (994 12) 497 0276
3. DemirBank ASC
Garabagh Street 31
Narimanov District
Baku AZ1008
Telephone: (994 12) 444 7130
Fax : (994 12) 496 0977
4. Unibank
Rashid Behbudov Street 57
Baku AZ1022
Telephone: (994 12) 498 2244
Fax : (994 12) 447 9341
5. Bank of Baku
Ataturk Avenue 42
Baku AZ1000
Telephone: (994 12) 447 0055
Fax : (994 12) 498 8278
6. VTB Bank (Azerbaijan) OJSC
96 Nizami Street
Baku AZ1010
Telephone: (994 12) 436 8100
Fax : (994 12) 436 8101
7. Pasha Bank ASC
Yusif Mammadaliyev Street 15
Baku AZ1005
Telephone: (994 12) 496 5000
Fax : (994 12) 496 5010
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 165,000,000 - 2012 - exact
: US DLRS 195,000,000 - 2013 - exact
: US DLRS 190,000,000 – 2014 – exact
Net Profit : US DLRS 26,000,000 - 2012 - exact
: US DLRS 32,500,000 - 2013 – exact
: US DLRS 30,000,000 – 2014 - exact
Financial year ends 31 December.
The following financial information applies to the group :
Sales Turnover : US DLRS 189,000,000 - 2012 - exact
: US DLRS 240,000,000 - 2013 – exact
: US DLRS 250,000,000 – 2014 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
The following financial information applies to Embawood Georgia ShPS, Tbilisi :
Sales Turnover : LARI 19,000,000 - 2008 - exact
: LARI 30,000,000 - 2009 – exact
: LARI 33,000,000 – 2010 – exact
: LARI 35,000,000 – 2011 – exact
: LARI 36,340,000 – 2012 – exact
: LARI 44,600,000 – 2013 – exact
Net profit : LARI 2,300,000 – 2008 – exact
: LARI 4,000,000 – 2009 - exact
: LARI 5,800,000 – 2010 – exact
: LARI 6,500,000 – 2011 – exact
: LARI 3,000,000 – 2012 – exact
Financial year ends 31 December.
Date Started : 2 July 1999
History : The subject company was established in Azerbaijan on 2
July 1999 on the basis of Embe MMC which was operating since 1996.
Initially subject’s shareholding structure was as follows : Elshad Abbasov (50%) and Makhshur Mamedov (50%). On 1 March 2010, subject’s shareholding structure changed to the present. In March 2010 subject took over assets and operations of Ideal-Dizayn MMC in business since 22 November 2001.
C.R. No. : 0502-A1-82 (Ministry of Justice)
Tax No.: VOEN 6400009481
Authorised Capital : NEW MANAT 3,750 (increased from NEW MANAT 2,000] on 1 March 2010)
Paid up Capital : NEW MANAT 3,750 (increased from NEW MANAT 2,000] on 1 March 2010)
Mekhdud Mesuliatli Camiyetti (limited liability company) with the following shareholders :
Percentage
1. Elshad Inshalla Oglu Abbasov 36%
(Azerbaijan national / Personal No.: 3857250)
2. Makhshur Mamedov 32%
(Azerbaijan national)
3. Bashir Israpil Oglu Sultanov 32%
(Russian national / Personal No.: 703362294)
Affiliated companies of Embawood MMC :
Associates
1. Embawood Ukraina OOO
V. Chernovola Street 36
Sambor 81400
Lvovskaya oblast
Ukraine
Telephone: (38 3236) 60594
Fax : (38 3236) 60594
Managing Director : Vugar Sadikzade
Logistics Manager : Elchim Babashev
2. Emba Stroy ShPS
T. Erestavi Street 1
Tbilisi.
3. Myatbyakh Mebel OAO
Baku
(12,500 sq. m. owned premises)
4. Embawood Georgia ShPS
Marneuli Street 37
Tbilisi 0165
Georgia
Telephone: (995 32) 240 2989 / 240 2988 ext. 124 (Lyubov Tzhkhamadze) / 240 2990 / 245 4572 / (995 595) 906 268 (Javid Yolchev) / (994 50) 235 9481 (Karim Mammedov Financial Manager at Embawood MMC)
Fax : (995 32) 240 2988 / 240 2990
E-Mail : embawoodgeorgia@gmail.com / eka.comakhidze@embawood.com
/ accountant.georgia@embawood.com / office_georgia@embawood.com
Managing Director : Almaz Alimerdan Oglu Guliyev
Employees : 467
Est.: 15 November 1999
C.R. No. : 06/4-203
ID Code : 204379975
Capital : LARI 7,506,238
Shareholders :
- Elshad Inshalla Oglu Abbasov - 36%
- Bashir Israpil Oglu Sultanov - 32%
- Mashhur Shahbaz Oglu Mammadov - 32%
5. Embawood Kazakhstan TOO
Kabanbay Batyr Street 140/140а
Almalinskiy District
Almaty 050012
Telephone: (7 727) 234 7940 / Mobile (7 701) 206 2797
Fax : (7 727) 234 7940
E-Mail : zakir-designer@rambler.ru
Tax No. : RNN 600700584433
Business Identification No.: BIN 070240009924
Est.: 6 February 2007
The above company has registered branch office in Shymkent.
6. Bank Olmayan Kredit Tashkilati Embafinans MMC
Basti Bagirova Street 15B
Yasamal District
Baku AZ1065
Telephone: (994 12) 436 9375 / 436 7940
Fax : (994 12) 436 9375
Managing Director : Ilgar Adil Oglu Tagiyev
Est.: 25 June 2012
Tax No.: VOEN 1302932691
Capital : NEW MANAT 500,000
Subject’s former affiliated companies :
1. Ideal Dizayn MMC
Fatali Khan Khoisky kuch. 106
Baku AZ1072
Tel/Fax: (994 12) 442 0870
Employs : 300 (when in operations)
Est.: 22 November 2001
Tax No.: VOEN 1500079171
Sole Shareholder :
(manufacture to order and retail of furniture; rented offices at
Fatali Khan Khoisky Street 106; owned 5-storey factory at
Khirdalan gasabasi, Baku)
2. Embavvood Insaat MMC
Basti Bagirova Street 6, Mahalla 577, Flat 13
Yasamal District
Baku AZ1022
Managing Director : Mashur Sahbaz Ogly Mammedov
Est.: 1 December 2005
Tax No.: VOEN 1400718031
(currently dormant)
The Company is involved in the following activities :
Manufacturers and exporters of furniture such as wall units,
living room furniture, office furniture, children's room furniture and kitchen furniture.
Subject also manufactures melamine plates, accessories and complete
sets of furniture.
NACE Codes: 3101 / 3102 / 3109
Imports from Turkey, Bulgaria, Poland, Germany, Italy, Latvia,
Lithuania, Ukraine, Russia, Romania, China and Spain.
Exports to Kazakhstan, Uzbekistan, Kyrgyzstan, Turkey, Iran, Russia, Turkmenistan, Ukraine, Tajikistan and Georgia.
Subject’s suppliers include: Kronospan, Kronostar, Egger, Pleiderer, Roma Plastik, Hafele, Samet, Kroening, Lignadecor, Pfleiderer Grajewo, Aydin Tekstil, Isbir Sunger, Boyteks, Kadifeteks, Nova Sunger, Henkel, Jowat, Ive and Dewilux.
The Company has the following facilities :
Owned administrative offices located at the heading address as well as a branch office/factory located at Shahriara Street 2 (fmly G. Sultanov St), Masally AZ4400. Subject also has 2 manufacturing units located in Sumgait and Khirdalan.
Subject has 129 retail outlets located throughout Azerbaijan.
Subject also has around 100 delivery vans for distribution purposes.
Until May 2011 subject was located at :
Alatava Street 2
Baku AZ1102
Telephone: (994 12) 431 9842-4 / 431 9843 / 442 0870
Fax : (994 12) 431 0081 / 431 5931
Dadash Bunyadzade Street 1A, Flat 21
Qaradag District
Lokbatan Village
Baku AZ1063
Until 27 May 2010 subject’s registered offices was located at:
Shahriara Street 2 (fmly G. Sultanov St)
Masally AZ4400
1. Muhammed Hadi Street 63
Xatai district
Baku
Telephone: (994 12) 570 3837 / 470 5945
2. Q.Qarayev Avenue 39/47
Nizami district
Baku
Telephone: (994 12) 423 7170
3. 12 Hasan Aliyev Street
Nesimi district
Baku
Telephone: (994 12) 596 0074 / 596 0440
4. Azadliq Avenue 187
Nesimi district
Baku
Telephone: (994 12) 562 4334 / 562 4224
5. Abbas Sherifzade Street 198
Yasamal district
Baku
Telephone: (994 12) 432 6442
6. Ismayilbey Qutqashinli Street 9
Qabala Trade Center
Qabala
Telephone: (994 50) 220 5521
7. Haydar Aliyev Avenue
Shirvan
Telephone: (994 197) 54740
8. Tibilisi highway
Qazax
Telephone: (994 50) 315 9854
9. 2-th microdistrict
Sumqayit
Telephone: (994 18) 642 4161
10.Seybetin Street
Masalli
Telephone: (994 50) 648 6475 / 399 9585
11.Salman Mumtaz Street
Sheki
Telephone: (994 177) 46311
12.Atakishili village
Kurdamir
Telephone: (994 145) 66201
13.Qabala highway
Agdash
Telephone: (994 193) 55222
14.Haydar Aliyev Avenue
Trade Center
Zardab
Telephone: (994 135) 54224
15.Nizami Street
Barda
Telephone: (994 110) 55102
16.Dashburun settlement
village Shahseven 1-th.
Beylaqan
Telephone: (994 152) 22355
17.Bazar territory
Qusar
Telephone: (994 50) 356 2030
18.Haydar Aliyev Avenue
Agstafa
Telephone: (994 244) 52858
19.Shahriara Street 2 (fmly G. Sultanov St)
Masally AZ4400
Telephone: (994 151) 53802
Fax : (994 151) 51902
The address which you provided: Alatava Street 2, 1102 Baku applies to subject's former address. Please note that subject's current administrative office address is as per heading.
The telephone number which you provided: (994 12) 442 0870 applies to subject’s former telephone number. Subject’s current telephone number is as per heading.
Interviewed : Tamerlan Kurtiev (Group Chief Financial Officer).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.40 |
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1 |
Rs.95.42 |
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Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.