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Report No. : |
338207 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
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Name : |
BOBRUISK MACHINE BUILDING PLANT JSC |
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Registered Office : |
Karla Marksa Street 235, Bobruysk 213805, Mogilev Region |
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Country : |
Belarus |
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Year of Establishment : |
1898 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is manufacturers of centrifugal pumps |
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No. of Employee : |
558 |
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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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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Belarus |
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 |
BELARUS - ECONOMIC OVERVIEW
As part of the former Soviet Union, Belarus had a relatively well-developed, though aging industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is largely inefficient and dependent on government subsidies. After an initial burst of capitalist reform from 1991-94, including privatization of smaller state enterprises and some service sector businesses, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and foreign investment has been hindered by a climate hostile to business. A few banks, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector. Economic output, which had declined for several years following the collapse of the Soviet Union, revived in the mid-2000s thanks to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below the world market. Belarus exported refined oil products at market prices produced from Russian crude oil purchased at a steep discount. In late 2006, Russia began a process of rolling back its subsidies on oil and gas to Belarus. Tensions over Russian energy reached a peak in 2010, when Russia stopped the export of all subsidized oil to Belarus save for domestic needs. In December 2010, Russia and Belarus reached a deal to restart the export of discounted oil to Belarus. In 2015, Belarus continued to import Russian crude oil at a discounted price. However, the plunge in global oil prices heavily reduced revenues. Little new foreign investment has occurred in recent years. In 2011, a financial crisis began, triggered by government directed salary hikes unsupported by commensurate productivity increases. The crisis was compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble, and eventually led to a near three-fold devaluation of the Belarusian ruble in 2011. In November 2011, Belarus agreed to sell to Russia its remaining shares in Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. Receiving more than half of a $3 billion loan from the Russian-dominated Eurasian Economic Community (EurAsEC) Bail-out Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and the $2.5 billion sale of Beltranzgas to Russian state-owned Gazprom helped stabilize the situation in 2012; nevertheless, the Belarusian currency lost more than 60% of its value, as the rate of inflation reached new highs in 2011 and 2012, before calming in 2013. As of January 2014, the final tranche of the EurAsEC loan has been delayed. In December 2013, Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continued to struggle under the weight of high external debt servicing payments and trade deficit. In mid-December 2014, structural economic shortcomings were aggravated by the devaluation of the Russian ruble and triggered a near 40% devaluation of the Belarusian ruble. Belarus entered 2015 with stagnant economic growth and reduced hard currency reserves, with under one month of import cover.
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Source
: CIA |
BOBRUYSKIY
MASHINOSTROITELNIY ZAVOD OAO
JSC BOBRUISK MACHINE BUILDING PLANT (Requested)
Street :
Karla Marksa Street 235
Town :
Bobruysk 213805
Region :
Mogilev Region
Country :
Belarus
Telephone :
(375 225) 474 799 / 474 971 / 474 708 / 474 940 / 474 939 (Sales Department) / 474
784 (Marketing Department)
Fax :
(375 225) 474 971
E-Mail : mail@bmbpump.by / kolos@bmbpump.by
Website : www.bmbpump.by
Extended Name : Bobruyskiy
Mashinostroitelniy Zavod Otkrytoye
Aktsyonernoye Obshchestvo
English
Translation : BOBRUISK MACHINE
BUILDING PLANT JSC
Also known as : BMS Factory
Name Position
1. Valeriy Vsevolodovich Likhman Managing
Director
2. Aleksey Borisovich Sychev Deputy
Managing Director
3. Tatyana Eduardovna Chief Accountant
4. Valentina Nikolaevna Deputy
Chief Accountant
5. Elena Kolos Head of Marketing Department
Total Employees : 558
No complaints have been heard regarding payments
from local suppliers or banks.
Subject is a member of GMS Group of Companies.
Subject is a largest CIS producer of centrifugal
pumps for oil refining, petrochemicals, mining, metallurgy and cement industry.
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 Belarusian importers.
Trade risk assessment: Normal
NAME : BELVNESHECONOMBANK
OJSC
Branch :
Internatsionalnaya Street 49
Town :
Bobruisk 213819
Telephone: (375 225) 123 920
Fax :
(375 225) 123 920
Subject also has an account with :
Alfa-Bank ZAO
Sotsialisticheskaya Street
84
Bobruisk 213809
Telephone: (375 225) 717
643
Fax : (375 225) 717 643
Private companies in Belarus are not required to
publish or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover : B ROUBLE 133,300,000,000 – 2013 – exact
: B ROUBLE
121,699,000,000 – 2014 – exact
: B ROUBLE 47,417,000,000 – 2015 – exact *
: B ROUBLE
115,000,000,000 – 2015 – projected
Sales Turnover : B ROUBLE
26,439,000,000 – 2005 – exact
Excluding VAT : B ROUBLE
29,822,000,000 – 2006 – exact
: B ROUBLE 42,933,000,000 – 2008 – exact
: B ROUBLE 25,096,000,000 – 2009 – exact
: B ROUBLE 37,065,000,000 – 2010 – exact
: B ROUBLE 82,346,000,000 - 2011 - exact
: B ROUBLE
142,071,000,000 - 2012 - exact
: B ROUBLE 129,001,000,000
- 2013 - exact
: B ROUBLE
119,239,000,000 - 2014 – exact
Net Profit (Loss) :
B ROUBLE 453,000,000 - 2011 - exact
: B ROUBLE 545,000,000 - 2012 - exact
: B ROUBLE
(11,895,000,000)- 2013 - exact
: B ROUBLE
(44,576,000,000)- 2014 – exact
: B ROUBLE
(40,367,000,000)- 2015 – exact *
* 6 months results (January - June).
Financial year ends 31 December.
Date Started : 1898
History : Subject was established in Belarus in
1898. In 2003, subject was converted into an open joint stock company with the
present name and ownership.
Tax No. : UNP 700067266
Authorised Capital : B ROUBLE 84,685,968,260
(divided into
13,012,595 ordinary shares of B ROUBLE 6,508 each)
Paid-Up Capital : B ROUBLE 84,685,968,260 (divided
into
13,012,595 ordinary shares of B ROUBLE 6,508 each)
Otkrytoye Aktsyonernoye Obshchestvo (Open Joint
Stock Company) with the following shareholders :
Shareholders Percentage
1. Hydromashservice JSC
57%
Aviakonstructor Mikoyan Street 12
Moscow
125252
Russia
Telephone:
(7 495) 664 8171
Fax : (7 495) 664 8172
2. The State Property Committee of the 42.72%
Republic of Belarus
3. 491 physical
entities 0.28%
Affiliated companies of the subject company :
Subject
is a member of the GMS Group of Companies, headed by:
Hydromashservice JSC
Aviakonstructor Mikoyan Street 12
Moscow 125252
Russia
Telephone: (7 495) 664 8171
Fax : (7
495) 664 8172
Other
members of the group includes the following companies:
1. Livgidromash GMS
Livny
Russia
2. Livnynasos OAO
Lyvny
Russia
3. Sumskiy Zavod
Nasosenergomash
Sumy
Ukraine
4. Zavod Promburvod OAO
Minsk
Belarus
5. Apollo Goessnitz GmbH
Germany
6. KazanKompressorMash
Kazan
Russia
7. NIITurbokompressor im.
V.B.Shneppa ZAO
Kazan
Russia
8. GMS Neftemash AO
Tyumen
Russia
9. Sibneftemash OAO
Tyumen
Russia
10.Sibnefteavtomatika OAO
IPF
Tyumen
Russia
11.GiproTyumenNeftegaz OAO
Tyumen
Russia
12.Nizhnevartovskremservis
ZAO
Nizhnevartovsk
13.Tomskgazstroy OAO
Tomsk
14.VNIIAEN OAO
Sumy
Ukraine
15.Institute Rostovskiy
Vodokanalproekt OAO
Rostov-na-Donu
16.Dimitrovgradhimmash OAO
Dimitrovgrad
The Company is involved in the following activities
:
Manufacturers of centrifugal pumps.
NACE Code : 2813
Imports from Russia and Ukraine.
Exports to Russia, Ukraine, Kazakhstan, Baltic
Countries, India, Vietnam, Georgia, Armenia, Azerbaijan, Bulgaria, Poland,
Hungary and Serbia.
The Company has the following facilities :
Owned office premises, a manufacturing unit and
storage facilities located at the heading address.
REGISTERED OFFICE
Karla Marksa Street 235
Bobruysk 213805
Migilev Region
You enquired on: JSC BOBRUISK MACHINE BUILDING
PLANT.
Please note that the correct name is as per
heading.
Interviewed: Elena Kolos (Head of Marketing Department).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.06 |
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1 |
Rs.102.35 |
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Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.