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Report No. : |
329587 |
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Report Date : |
07.07.2015 |
IDENTIFICATION DETAILS
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Name : |
JIZZAK DORI-DARMON OOO |
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Registered Office : |
Sharaf Rashidov Street 106, Dzhizak 130100 (formerly 708000) |
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Country : |
Uzbekistan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.09.2011 |
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Com. Reg. No.: |
4283 |
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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 Employees : |
154 |
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 200,000,000 |
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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 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
Jizzak Dori-Darmon OOO (Correct)
OOO JIZZAX
DORI DARMON (Requested)
_____________________________________________________________________
Street : Sharaf Rashidov Street 106
Town : Dzhizak 130100 (formerly 708000)
Country : Uzbekistan
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
E-Mail :
jiz-dori@mail.ru
Website :
www.doridarmon.uz
Extended
Name :
Jizzak Dori-Darmon Obshchestvo s Ogranichennoy
Otvetstvennostyu
English
Translation : Jizzak Dori-Darmon LLC
Also
known as : Jizzax Dori-Darmon MChJ
Formerly
known as : Jizzak Dori-Darmon DP
_____________________________________________________________________
Name Position
1. Ergash Tadzhibayevich Tadzhibayev
Managing Director
2. Gayrat Ishonkulov
Head of
Economic Department
Total Employees : 154 (subject)
3,800 (group)
_____________________________________________________________________
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 200,000,000 (higher
amounts may be considered with assurance
from the
shareholder)
Trade risk assessment: Normal
_____________________________________________________________________
NAME : NATIONAL BANK FOR FOREIGN ECONOMIC ACTIVITY
OF UZBEKISTAN
Branch : Rashidova Street 39
Town : Dzhizak 72222
Telephone : (998 72) 222
3827
Fax : (998 72) 222
3827
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 8,000,000,000 - 2013 - exact
: SUM 10,000,000,000 - 2014 - exact
: SUM 15,000,000,000 - 2015 – projected
Net Profit : SUM
360,000,000 - 2013 - exact
: SUM
420,000,000 - 2014 - exact
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 : 15 September 2011
History : The subject company was established in Uzbekistan on 15
September 2011 as a subsidiary company under the name Jizzak Dori-Darmon DP. On
14 March 2014, subject was converted into a limited liability company with the
present name and ownership structure.
C.R. No. : 4283 (issued on 15 September 2011)
Tax No.: INN 200344484
Authorised Capital : SUM 2,443,533,170
Paid-Up Capital : SUM 2,443,533,170
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) 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%
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. Syrdarya Dori-Darmon DP
Gulistan 107000
Telephone: (998 672) 272 240
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 start to provide pharmaceuticals
packaging services in 2015.
NACE Code: 4646
Imports from Europe, France, Moldova, India and Russia.
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 82 pharmacies located throughout
Dzhzak and Dzhizak Region.
_____________________________________________________________________
Sharaf Rashidov Street 106
Dzhizak 130100 (formerly 708000)
_____________________________________________________________________
You enquired on: OOO JIZZAX DORI DARMON. Please note that the correct name is as per heading.
Interviewed: Ergash Tadzhibayevich Tadzhibayev (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.57 |
|
|
1 |
Rs. 99.10 |
|
Euro |
1 |
Rs. 70.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.