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Report No. : |
335111 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
SIRDARYO DORI-DARMON DP |
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Registered Office : |
A.Sultan Street
4, Village Ulugobod Gulistan 102100 |
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Country : |
Uzbekistan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.08.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of pharmaceuticals. |
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No. of Employee : |
260 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Sum 450,000,000 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Uzbekistan |
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 |
UZBEKISTAN ECONOMIC OVERVIEW
Uzbekistan is a dry, landlocked country; more than 60% of the population lives in densely populated rural communities. Export of natural gas, gold and cotton provides a significant share of foreign exchange earnings. Despite ongoing efforts to diversify crops, Uzbekistani agriculture remains largely centered around cotton; Uzbekistan is now the world's fifth largest cotton exporter and sixth largest producer. The country is beginning to enforce a ban on the use of child labor in its cotton harvest and is trying to address international criticism for its previous use of this practice. Following independence in September 1991, the government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. A sharp increase in the inequality of income distribution has hurt the lower ranks of society since independence. While aware of the need to improve the investment climate, the government continues to intervene in the business sector and has not addressed the impediments to foreign investment in the country. In 2003, the government accepted Article VIII obligations under the IMF, providing for full currency convertibility. However, strict currency controls and tightening of borders have lessened the effects of convertibility and have also led to some shortages that have further stifled economic activity. The Central Bank often delays or restricts convertibility, especially for consumer goods. Uzbekistan's growth has been driven primarily by state-led investments and a favorable export environment. In the past Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani laws and have frozen and even seized their assets. At the same time, the Uzbekistani Government has actively courted several major US and international corporations, offering financing and tax advantages. Diminishing foreign investment and difficulties transporting goods across borders further challenge Uzbekistan’s economy though it recently has intensified economic ties to Beijing. Tashkent began exporting natural gas to China and Chinese investments in the country have substantially increased.
|
Source
: CIA |
SIRDARYO DORI-DARMON OOO (CORRECT)
SIRDARYO
DORI-DARMON LLC (REQUESTED)
Street :
A. Sultan Street 4, Village Ulugobod
Town :
Gulistan 102100
Province : Sirdaryo Region
Country : Uzbekistan
Telephone :
(998 67) 227 7240 (Sayora Irgasheva) / 227 7227
Fax : (998 67) 227 7227
E-Mail
: info@sirdoridarmon.uz
Website
: www.doridarmon.uz
Extended Name
: Sirdaryo
Dori-Darmon Obshchestvo s Ogranichennoy Otvetstvennostyu
English Translation : Sirdaryo Dori-Darmon LLC
Also known as : Sirdaryo Dori-Darmon MChJ
Formerly known as : Sirdaryo Dori-Darmon DP
Name Position
1. Bakhtiyor
Saribayevich Ravshanov Managing Director
2. Zebo
Abdurazakova Chief Accountant
3. Sayora
Irgasheva Accountant
Total Employees : 260
No complaints have
been heard regarding payments from local suppliers or banks.
Subject is a subsidiary of Dori-Darmon JSC, which
is leading pharmaceutical enterprise in Uzbekistan
market supplying people and therapeutic institutions of the Republic with
pharmaceutical production for more than 85 years. Subject has its own regional
subdivisions including 9 joint-stock corporations and 11 subsidiaries with
infrastructure of 18 warehouses, 15 analytical control laboratories, 1,186
pharmacy institutions.
In view of the association, 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 Uzbekistani importers.
Opinion on maximum
credit : SUM 450,000,000 (higher amounts may be
considered with
assurance from the
shareholder)
Trade risk
assessment: Normal
NAME :
NATIONAL BANK OF UZBEKISTAN
Branch : Navoi Street 43
Town : Gulistan
Telephone : (998 67) 225 2088
Fax :
(998 67) 225 2088
The company also
has an account with :
Ipak
Yuli Bank
Farkhadskaya
Street 12A
Tashkent
100135
Telephone : (998 71) 120 0009 / 120 3899 / 116
1991
Fax :
(998 71) 120 3886
Private companies
in Uzbekistan are not required to publish or disclose balance sheets. However,
the subject interviewed offered
the following
information :
Sales
Turnover : SUM 21,887,155,000 - 2013 - exact
: SUM 22,756,164,000 - 2014 - exact
: SUM
14,727,214,000 - 2015 – exact *
Net Profit : SUM
205,453,000 - 2013 - exact
:
SUM 828,342,000 - 2014 - exact
: SUM 527,720,000 - 2015 – exact *
* 6 months results
(January - June).
Financial year
ends 31 December.
Balance
Sheets as at 31 December 2013 applies to subject parent company Dori-Darmon JSC
(latest available) :
31/12/2012 31/12/2013
(in thousands of SUM)
ASSETS
Fixed
Assets 12,994,806 31,056,249
Long-term
investment 39,864,975 49,328,273
Capital
investments 17,485,741 12,200,902
Inventories 31,892,224 30,558,064
Prepaid
expenses 2,338,358 3,004
Debtors 16,659,049 29,530,142
Cash 961,763 607,175
TOTAL
ASSETS 122,196,916 156,139,026
EQUITY
AND LIABILITIES
Share
capital 40,144,000 54,194,400
Added
capital 5,851 5,851
Reserve
capital 5,970,153 8,894,021
Retained
earnings 23,258,070 24,047,013
Directed
receipts 39,805 39,805
Long-term
liabilities 927,779 3,406,554
Current
liabilities 51,851,258 65,551,382
TOTAL
EQUITY AND LIABILITIES
122,196,916 156,139,026
PROFIT
AND LOSS ACCOUNT
Revenue 161,889,733 175,871,682
Cost
of sales (150,082,105) (165,236,683)
Gross
profit 11,807,628 10,634,999
Expenses
for the period (16,818,306) (20,445,700)
Other
income from operations 28,679,547 34,794,039
Operating
profit (loss) 23,668,869 24,983,338
Finance
income 7,996,338 10,067,512
Finance
costs (3,866,433) (5,998,002)
Profit
before income tax 27,798,774 29,052,848
Profit
for year 23,026,612 23,815,555
Financial year ends 31 December.
Date Started : 22
August 2005
History : The
subject company was established in Uzbekistan on 22 August 2005 as a subsidiary
company under the name Sirdaryo Dori-Darmon DP. On 14 March 2014, subject was
converted into a limited liability company with the present name and
shareholding structure.
C.R. No. : 0036
Tax No. : INN 200322259
Authorised Capital
: SUM 8,578,044,600 (increased from SUM 8,382,864,300 in July 2014)
Paid-Up Capital :
SUM 8,578,044,600 (increased from SUM 8,382,864,300 in July 2014)
Obshchestvo s OgranichennoyOtvetstvennostyu (limited liability company)
with the following sole shareholder :
Dori-Darmon AK (Dori-Darmon JSC) 100%
Chorsu Square 21 (frmly Akhunbabaeva)
Shaykhantakhursky District
Tashkent 100021
Telephone: (998 71) 120 3831 (Saida Kazimovna) /
120 4848 / 120 3836 / 120 1654 (Accounts
Department) /
120 3803 (International Relations Department) /
181 1001 / 281 4308 / 281 4312 / 120 1656
Website :
www.doridarmon.uz
Chairman: Abdugani Abdurakhmonovich Kamilov
Est.: 11 April 1994
C.R. No. : 27, as of 1 June 1994, Ministry of
Justice
Tax No. : INN 201389395
Statistics Code : OKPO 02027227
Activity Code : OKONKh 71212
Capital : SUM 54,194,400,000
Shareholders:
-
Goskomimushchestvo Respubliki Uzbekistan
36.1%
-
Chester Trading & Investments LLC
34.9%
285
Liberty, Oregon
Salem
USA
-
Avaz Ashrapovich Lipatov
0.083%
-
Umida Saidovna Salihbaeva
0.037%
-
Mirmasud Salihovich Fajziev
0.083%
- Ilez
Zhabarovich Razakov
0.083%
-
Okil Nigmanovich Hodzhimetov
0.083%
-
Saidvali Saidnabievich Nasretdinov
0.08%
-
Tatyana Juryevna Nikulina
0.077%
-
Umida Bobokolanovna Ruzieva
0.077%
- 2,500 minority
shareholders 28.397%
Affiliated companies of the subject company :
Associates
Subject is a member of the Dori-Darmon Group of
Companies, headed by:
Dori-Darmon AK (Dori-Darmon JSC)
Chorsu Square 21 (frmly Akhunbabaeva)
Shaykhantakhursky District
Tashkent 100021
Telephone: (998 71) 120 3831 (Saida Kazimovna) /
120 4848 / 120 3836 / 120 1654 (Accounts
Department) /
120 3803 (International Relations Department) /
181 1001 / 281 4308 / 281 4312 / 120 1656
Website :
www.doridarmon.uz
Chairman: Abdugani Abdurakhmonovich Kamilov
Est.: 11 April 1994
C.R. No. : 27, as of 1 June 1994, Ministry of
Justice
Tax No. : INN 201389395
Statistics Code : OKPO 02027227
Activity Code : OKONKh 71212
Capital : SUM 54,194,400,000
Shareholders:
-
Goskomimushchestvo Respubliki Uzbekistan
36.1%
-
Chester Trading & Investments LLC
34.9%
285 Liberty, Oregon
Salem
USA
-
Avaz Ashrapovich Lipatov
0.083%
-
Umida Saidovna Salihbaeva
0.037%
-
Mirmasud Salihovich Fajziev
0.083%
-
Ilez Zhabarovich Razakov
0.083%
-
Okil Nigmanovich Hodzhimetov
0.083%
-
Saidvali Saidnabievich Nasretdinov
0.08%
-
Tatyana Juryevna Nikulina
0.077%
-
Umida Bobokolanovna Ruzieva
0.077%
- 2,500 minority
shareholders 28.397%
Other
members of the group includes the following companies:
1. Dori-Darmon Invest OOO
T.
Shevchenko Street 42a
Tashkent
100060
Telephone:
(998 71) 281 4332
Fax : (998 71) 281 4332
Est.: 8
June 2004
2. Dori-Darmon Garant DP
Yangi
Olmazar Street 1A
Tashkent
100021
Telephone:
(998 71) 248 7785
Fax : (998 71) 248 7935
3. Dori-Darmon HCP DP
Sh.
Rashidova Street 40a
Tashkent
100029
Telephone:
(998 71) 255 9300
Fax : (998 71) 255 9300
Est.: 3
December 2007
4. Uzb. Dori-Taminoti DP
Yangi
Olmazor 1a
Tashkent
100029
Telephone:
(998 71) 148 1556 / 148 1038 / 248 2836 / 148 1554
Fax : (998 71) 248 2223 / 148 1556
Tax
No. : INN 201389395
5. Korakalpok Dori-Darmon DP
Nukus
Telephone:
(998 36122) 45171
Fax : (998 36122) 45171
Managing
Director : Gulistan Saparbayevna Saburova
6. Surkhan Dori-Darmon DP
Ikramova Street 119
Termez
132000
Telephone:
(998 7622) 37982
7. Jizzak Dori-Darmon OOO
Sharaf Rashidov Street 106
Dzhizak 130100 (formerly 708000)
Telephone
: (998 72) 222 3308 / 222 4504 / Mobile (998 90) 229
7166 (Ergash Tadzhibayevich Tadzhibayev) /
(998 95) 283 344 (Chief
Accountant)
Fax
: (998 72) 222 3308
Managing Director: Ergash Tadzhibayevich
Tadzhibayev
Est.: 15 September 2011
C.R. No. : 4283 (issued on 15 September
2011)
Tax No.: INN 200344484
Capital : SUM 2,443,533,170
Sole Shareholder:
- Dori-Darmon
AK (Dori-Darmon JSC)
8. Khorezm Dori-Darmon DP
Khorezm
Telephone:
(998 36222) 64404
Fax : (998 36222) 64404
Managing
Director : Sukhbat Abrazmukhamedovich Radjabov
9. Bukhara Dori-Darmon DP
Gagarina
Street 40
Bukhara
705000
Telephone:
(998 65) 225 2181 / 225 3615
Fax : (998 65) 225 2307 / 225 7506
Est.: 3
May 1995
Tax No. :
INN 200851700
10.DD General Insurance OOO
T.
Shevchenko Street 42-A
Mirabarskiy District
Tashkent
Telephone:
(998 71) 281 4000
Fax : (998 71) 254 9600
E-Mail:
info@ddgi.uz
General
Director: Saidolim Saidakmalovich Nasretdinov
Est.: 14
June 2011
Tax No.:
INN 207121875
Capital:
EURO 1,650,000
11.Andijon Dori-Darmon OAO
Istiklol
Street 1
Andizhan
110012
Telephone:
(998 374) 237 5453
Fax : (998 374) 237 5453
Managing
Director : Ravshan Mamatkulovich Kambarov
12.Kashkadaryo Dori-Darmon OAO
Uzbekistan
ovozi Street 25
Karshi
130000
Telephone:
(998 7522) 34588
Fax : (998 7522) 34588
Managing
Director : Ochil Gafurovich Khalilov
13.Namangan Dori-Darmon OAO
Nosira
Street 12
Namangan
116000
Telephone:
(998 369) 226 3731
Managing
Director : Rakhimberdi Khakimovich Kasimov
14.Navoi Dori-Darmon OAO
Navoi
Street 65
Navoi
106800
Telephone:
(998 79) 224 4700
15.Samarkand Dori-Darmon OAO
Superfosfatniy Avenue
Samarkand
103901
Telephone:
(998 662) 250 273 / 343 294
Fax : (998 662) 250 273 / 251 779 / 251 780
Managing
Director : Furkat Abduvakhidovich Shermatov
16.Dori-Darmon Tashkentskoy Oblasti OAO
Yusuf Khos
Khozhib Street
Yakkasarayskiy District
Tashkent 100031
Telephone:
(998 71) 256 3743/ 256 5449
Fax : (998 71) 256 3743
Managing
Director: Abdugani Abdurakhmanovich Kamilov
17.Tashkentskiy Gorodskoy Dori-Darmon OAO
Tashkent
city Dori-Darmon
Square
Akhunbabaeva 21
Tashkent 100021
Telephone:
(998 71) 228 0430
Fax : (998 71) 228 0430
Managing
Director : Vasilya Valiyevna Ziyayeva
18.Fergana Dori Darmon OAO
A. Fargoni
Street 50
Fergana
712000
Telephone:
(998 732) 249 496 / 243 079 / 490 028
Fax :
(998 732) 243 079
Chairman :
Muhamadamin Abduvasievich Tursunov
Employees:
250
Est.: 26
June 1994
Tax No.:
INN 200153801
Statistic
Code : OKPO 2018470
Statistics
number-activity : OKNKh 71212
Capital :
SUM 1,240,000,00
Shareholders:
-
Dori-Darmon AK - 35.0%
-
Employees of the subject - 5.8%
-
Free shares for investment - 59.2%
The Company is
involved in the following activities :
Trading
as importers, wholesalers and retailers of pharmaceuticals.
Subject plans to
commence packing of herbals by August 2015.
NACE Code: 4646
Imports from
Ukraine, Russia, Georgia and India.
Subject does not
export, all sales are domestic.
The Company has
the following facilities :
Owned premises
comprising administrative offices and storage facilities located at the heading
address as well as 112 pharmacies located throughout Sirdarya Region.
A.Sultan Street 4,
Village Ulugobod
Gulistan 102100
You enquired on: SIRDARYO
DORI-DARMON LLC. Please note that this
name applies to an English translation of the subject’s name. Subject’s correct
registered name is as per heading.
Interviewed: Sayora
Irgasheva (Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.