MIRA INFORM REPORT

Report No. :	331736
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	AZAMAT SERVICE GROUP OOO

Registered Office :	Arnasoy Street 3A, Chilanzarskiy District, Tashkent 100115

Country :	Uzbekistan

Date of Incorporation :	11.02.2013

Com. Reg. No.:	008582-08

Legal Form :	Limited Liability Company

Line of Business :	Trading as importers, wholesalers and distributors of automotive spare parts, lubricants and other auto chemicals.

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	SUM 160,000,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

COMPANY NAME

AZAMAT SERVICE GROUP OOO (Correct)

AZAMAT SERVICE GROUP LTD (Requested)

ADDRESS

Street : Arnasoy Street 3A

Area : Chilanzarskiy District

Town : Tashkent 100115

Country : Uzbekistan

Telephone : (998 71) 271 1296 / 271 1297 / 271 1298 / 288 2828 / Mobile (998 98) 300 1282 / (998 98) 300 1282

Fax : (998 71) 271 1297

E-Mail : zied@inbox.ru / zied71@rambler.ru / bori2002@bk.ru

Extended Name : Azamat Service Group Obshchestvo s Ogranichennoy Otvetstvennostyu

English Translation : Azamat Service Group Ltd

Also known as : Azamat Service Group MChJ

SENIOR COMPANY PERSONNEL

Name Position

1. Zievuddin Makhkamovich Ibragimov Managing Director

2. Umida Sabirovna Berdieva Chief Accountant

Total Employees : 10

PAYMENTS

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 160,000,000

Trade risk assessment: Normal

PRINCIPAL BANKER

NAME : UZPROMSTROYBANK UAKPSB

Branch : Shakhrisab Street 3

Town : Tashkent 100000

Telephone: (998 71) 120 4501

Fax : (998 71) 233 3426

FINANCIAL INFORMATION

Private companies in Uzbekistan are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

Sales Turnover : SUM 3,300,000,000 - 2013 – exact *

: SUM 8,000,000,000 – 2014 - approx

: SUM 4,000,000,000 – 2015 – approx **

Net Profit : SUM 1,400,000,000 – 2014 - approx

* First 7 months of operations (May - December).

** 6 months results (January - June).

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 11 February 2013

History : The subject company was established in Uzbekistan on 11 February 2013 on the basis of Azamattextransservis OOO, which was operating since 23 January 2002 and was liquidated on 27 December 2013. Subject started trading in May 2013.

C.R. No. : 008582-08

Tax No.: INN 207171799

Statistics Code : OKPO 24300712

Activity Code : OKONKh 71150

Authorised Capital : SUM 682,912,900

Paid-Up Capital : SUM 682,912,900

Obshchestvo s Ogranichennoy Otvetstvennostyu (limited liability company) with the following shareholders :

Shareholders Percentage

1. Zievuddin Makhkamovich Ibragimov 54.83%

(Uzbekistani national)

2. Zaniddin Makhkamovich Ibragimov 25.72%

(brother of the above)

3. Fakhriddin Makhkamovich Ibragimov 19.45%

(brother of the above)

Affiliated companies of the subject company :

Associate

Tosol-Sintez Azia SP OOO

Tashkent

Former associate:

Azamattextransservis OOO

Arnasoy Street 3A

Chilanzarskiy District

Tashkent

Telephone: (998 71) 271 1296 / 271 1297 / 271 1298

Fax : (998 71) 271 1297

Est.: 23 January 2002

Est.: C.R. No. : 107

Tax No.: INN 203851414 (issued on: 29 January 2002)

Statistics Code: OKPO 18372676

Activity Code: OKONKh 71150

Capital : SUM 118,198,758

(was liquidated on 27 December 2013)

ACTIVITIES

The Company is involved in the following activities :

Trading as importers, wholesalers and distributors of automotive spare parts, lubricants and other auto chemicals.

NACE Code: 4532

Imports from Poland, Belgium and Russia.

Subject does not export, all sales are domestic.

Subject plans to engage in production of auto chemicals by the end of 2015.

FACILITIES

The Company has the following facilities :

Rented premises comprising administrative offices and storage facilities located at the heading address.

REGISTERED OFFICE

Arnasoy Street 3A

Chilanzarskiy District

Tashkent 100115

SPECIAL NOTE

You enquired on: AZAMAT SERVICE GROUP LTD. 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: Umida Sabirovna Berdieva (Chief Accountant).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.68.91

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.