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Report No. : |
336134 |
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Report Date : |
14.08.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Nukus
Street 88, Apartment 91, Mirabad District, Tashkent 100060 |
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Country : |
Uzbekistan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.02.2009 |
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Com. Reg. No.: |
005298-11 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as Importers and Wholesalers of Spare Parts for Agricultural Machinery. |
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No. of Employees : |
16
(Permanent) 40
(Casual Staff) |
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 Limits : |
SUM
120,000,000 |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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.
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Source
: CIA |
ASIA DIESEL SERVICE OOO (CORRECT)
ASIA
DIESEL SERVICE (REQUESTED)
Street : Yangi-Sergeli Street 35
Area : Sergeli District
Town : Tashkent
Country : Uzbekistan
Mobile : (998 93) 180 3050 / (998 90) 374 3050
(Kamil Mahmudzhonovich Irgashkhodzhaev)
E-Mail
: agrokom.uz@mail.ru
Extended Name : Asia Diesel Service
Obshchestvo s Ogranichennoy Otvetstvennostyu
English Translation : Asia Diesel Service Ltd
Also known as : Asia Diesel Service MChJ
Name
Position
1. Mahmudzhon
Mamadzha Irgashkhodzhaev Managing Director
2. Bakhtiyor
Obidzhonovich Khasanov Chief Accountant
3. Kamil
Mahmudzhonovich Irgashkhodzhaev Sales Manager
4. Mamura Senatovna
Irgashkhodzhaeva Economist
Total Employees : 16 (Permanent)
40 (Casual Staff)
No complaints have
been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for SMALL amounts,
although it is normal
accepted practice for international suppliers to deal on secured terms with
Uzbekistani importers.
Opinion on maximum
credit : SUM 120,000,000
Trade risk
assessment: Normal
As per the interviewee, subject informed that the share capital would be
increased from SUM 132,000,000 to SUM 2,000,000,000 by 2015.
As per the
interviewee, subject confirmed that the registered address would be changed
from Nukus Street 88, Apartment 91, Mirabad District, Tashkent 100060 to
Yangi-Sergeli Street 35, Sergeli District, Tashkent.
NAME : KDB BANK UZBEKISTAN CJSC
Branch : Yakkasaray District, Mirabad Street 2
Town : Tashkent 100031
Telephone: (998 71)
140 0630
Fax : (998 71) 256 4694
The company also has
an account with :
Agrobank OJSC
A. Kodiriy Street 9
Tashkent 100128
Telephone: (998 71)
150 6765
Fax : (998 71) 150 6765
Balance Sheets as at 31 December 2013 showed
(latest available):
31/12/2012 31/12/2013
(in thousands of SOM)
ASSETS
LONG-TERM ASSETS
Fixed Assets
Including:
Initial Value 223,792.10 267,020.90
Depreciation (47,977.50) (98,224.20)
Net Value 175,814.60 168,796.70
Long-term investments 44,329,686
47,953,235
Including:
Securities
-
70,000
Capital Investments -
211,000
TOTAL LONG-TERM ASSETS 175,814.60 449,796.70
CURRENT ASSETS
Inventories 1,091,711.80 2,283,194.06
Prepaid expenses 86,852 -
Total receivables 457,038.90 77,985.90
Including:
Trade receivables 457,038.90 77,985.90
Cash & cash equivalents 464,073.20 168,382.80
Including:
Cash in bank accountant 464,073.20 168,382.80
TOTAL CURRENT ASSETS 2,099,675.90 2,529,562.76
TOTAL ASSETS 2,275,490.50 2,979,359.46
LIABILITIES & EQUITY
Charter capital 132,000 132,000
Undistributed profit (retained loss) 822,651.60
1,324,085.30
Reserves for future expenses 885,588.60 978,099.83
TOTAL EQUITY 1,840,240.20 2,434,185.13
LIABILITIES
Current liabilities 435,250.30 545,174.33
Including:
Trade liabilities 381,282
537,995.60
Tax liabilities 51,084.40 3,303.75
Insurance liabilities 645
205.20
Liabilities to government funds 142 855
Settlements with employees 2,096.90 2,814.78
TOTAL LIABILITIES 435,250.30
545,174.33
TOTAL LIABILITIES & EQUITY 2,275,490.50 2,979,359.46
INCOME STATEMENT
Sales revenue 3,561,413.50 3,990,959.70
Cost of sales (2,647,694.50)
(3,007,976.90)
Gross profit 913,119 982,982.80
Expenses for the period (250,448.40) (245,769.60)
Sales expenses (200,779.30) (213,089)
Administrative expenses (33,012.50) (32,680.60)
Other operating expenses (16,656.50) -
Income (loss) from operating
Activity 663,270.60 737,213.20
Income (loss) from financial
Activity 1,145.60 183.70
Income (loss) from financial
Activity
(14,625.90) (36,440.20)
Income (loss) from non-operating
Activity 649,790.30 700,956.70
Income (loss) before taxation 649,790.30 700,956.70
Income tax (178,070.60) (199,523)
Net Profit 471,719.70 501,433.70
The following financial information is obtained
from the subject 's financial statement :
Individual Income Tax :
SUM 5,426,200 – 2013 – exact
Individual Pension Tax :
SUM 434,000 – 2013 – exact
Single tax payment :
SUM 197,023,000 - 2013 – exact
Pension tax :
SUM 190,400 – 2013 – exact
Unified Social Payment :
SUM 10,850,000 – 2013 - exact
Total Taxes Paid :
SUM 213,923,600 – 2013 – exact
Historical Profit and Loss Account
Sales Turnover :
SUM 3,561,413,500 - 2012 - exact
: SUM 3,990,959,700 - 2013 - exact
: SUM 6,000,000,000 - 2014 – approx
: SUM 5,600,000,000 – 2015 – approx *
: SUM 7,000,000,000 – 2015 - projected
Net Profit : SUM 471,719,700 -
2012 - exact
: SUM
501,433,700 - 2013 – exact
: SUM 1,100,000,000 – 2014 -
approx
Value of current
contracts : US DLRS 650,000 (as of November 2014)
Total Value of Stock
Held : SUM 5,450,000,000 (as of 1 August 2015)
Total Invested Capital
: SUM 500,000,000 (as of 1 August 2015)
* 6 months results
(January - June).
Financial year ends
31 December.
Date Started : 17
February 2009
History : The subject
company was established in Uzbekistan on 17 February 2009.
C.R. No. : 005298-11
(issued on 23 April 2003, formerly 004622-08)
Tax No.: INN
301068071
Statistics Code :
OKPO 22645105
Activity Code :
OKONKh 71150
Authorised Capital :
SUM 132,000,000
Paid-Up Capital : SUM
132,000,000
Obshchestvo s Ogranichennoy
Otvetstvennostyu (limited liability company) with the following shareholders :
Percentage
1. Atkham Muratov 50%
2. Mahmudzhon Mamadzha
Irgashkhodzhaev 25%
3. Mamura Senatovna
Irgashkhodzhaeva 25%
Affiliated companies
of the subject company :
Associates
1. Agri Parts Osiyo
OOO
Babur Street 6
Tashkent
Telephone: (998 71) 253 9609
Est.
: 2007
2. Taminotchi Pakhta
OAO
Village Pakhta
Chinazkiy District
Tashkent Region
3. Angor
AgroTekhservis MTP
Surkhandarya Region
4. Oltinkul
AgroTekhservis
Andijan Region
The Company is
involved in the following activities :
Trading as importers
and wholesalers of spare parts for agricultural machinery.
NACE Code: 4661
Imports from USA,
Turkey, India, China, Germany, the Netherlands, Poland, Belgium, Slovenia,
Italy, UK, India, Greece and USA.
Subject does not
export, all sales are domestic.
Subject plans to
engage as assemblers of spare parts for agricultural machinery and currently
building a manufacturing unit located in Yangi-Sergeli Street 35, Sergeli
District, Tashkent.
Subject’s main
suppliers include: Carlisle Transportation Products (the Netherlands), Letrik
DD (Slovenia) and Baldwin Filters NV (Belgium).
The Company has the
following facilities :
Owned 2-storey building (1,600 sq. m. / 0.5 hectares) comprising
administrative offices, a manufacturing unit and storage facilities located at
the heading address as well as 3 branch offices located elsewhere in Termez,
Bukhara and Saykhun (Syrdarya Region).
Until February 2015
subject was located at:
Nukus Street 88,
Apartment 91
Mirabad District
Tashkent 100060
The subject
previously used the following telephone and fax numbers:
Telephone :
(998 71) 254 0491
Fax :
(998 71) 254 0491
Nukus Street 88,
Apartment 91
Mirabad District
Tashkent 100060
You enquired on :
ASIA DIESEL SERVICE. Please note that the correct name is as per heading.
The address which you
provided: 88-91 NUKUS ST, 100060 TASHKENT applies to subject's registered
office address. Please note that
subject's
administrative office address is as per heading.
The telephone number which you provided: 99
8712540491 is no longer in use. Please note that subject's current telephone
number is as per heading.
Interviewed: Kamil
Mahmudzhonovich Irgashkhodzhaev (Sales Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.92 |
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1 |
Rs.101.44 |
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Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 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.