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Report No. : |
325748 |
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Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
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Name : |
VEYSELOGLU MMC |
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Formerly Known As : |
VEYSELOGLU ISTEHSALAT KOMMERSIYA
FIRMASI |
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Registered Office : |
2-Ci Enine Street 2
(Vtoraya Parallelnaya Street 2 / 2nd Parallel Street 2) Nizami District,
Keshli Vilage Baku AZ1031 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
November, 1994 |
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Com. Reg. No.: |
1206-S4-739 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers,
wholesalers and distributors of general merchandise including detergents, biscuits,
chocolates, chewing gums, canned food, other confectionery items, juices,
pasta, household chemicals and kids hygiene products. |
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No. of Employees : |
1,800 (Subject) and 2,200
(Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limits : |
New Manat 1,900,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Azerbaijan |
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 |
AZERBAIJAN - ECONOMIC
OVERVIEW
Azerbaijan's high economic growth has been attributable to
large and growing oil and gas exports, but some non-export sectors also featured
double-digit growth, including construction, banking, and real estate. Oil
exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and
the Baku-Supsa pipelines remain the main economic driver, but efforts to boost
Azerbaijan's gas production are underway. The eventual completion of the
geopolitically important Southern Gas Corridor between Azerbaijan and Europe
will open up another, albeit, smaller source of revenue from gas exports.
Azerbaijan has made only limited progress on instituting market-based economic
reforms. Pervasive public and private sector corruption and structural economic
inefficiencies remain a drag on long-term growth, particularly in non-energy
sectors. Several other obstacles impede Azerbaijan's economic progress,
including the need for stepped up foreign investment in the non-energy sector
and the continuing conflict with Armenia over the Nagorno-Karabakh region.
Trade with Russia and the other former Soviet republics is declining in
importance, while trade is building with Turkey and the nations of Europe.
Long-term prospects depend on world oil prices, Azerbaijan's ability to
negotiate export routes for its growing gas production, and its ability to use
its energy wealth to promote growth and spur employment in non-energy sectors
of the economy.
|
Source
: CIA |
VEYSELOGLU MMC (CORRECT)
VEYSELOGLU LLC (Requested)
Street :
2-ci Enine Street 2 (Vtoraya Parallelnaya Street 2 /
2nd
Parallel Street 2)
Area :
Nizami District, Keshli Vilage
Town :
Baku AZ1031
Country :
Azerbaijan
Telephone : (994 12) 514 3030 / Mobile (994 50) 225 8757 (Ilgar Nuriyev) /
(994 50) 225 3777 / (994 50) 225 7576
Fax :
(994 12) 514 3636
E-Mail :
ayna.saidova@veyseloglu.az/ ilqar.nuriyev@veyseloglu.az /
natavan.ibragimova@veyseloglu.az
Website : www.veyseloglu.az
ShortForm Name : Veyseloglu
MMC
Extended Name : Veyseloglu
Mekhdud Mesuliatli Camiyeti
English Translation :
Veyseloglu LLC
Formerly Known As :
Veyseloglu Istehsalat Kommersiya Firmasi
Name Position
1. Aydin Veyseloglu
Talibov President
2. Ilqar Veyseloglu
Talibov Vice President
3. Ilgar Nuriyev Vice President / Finance
4. Baxtiyar Adil Oglu
Allahverdi Managing Director
5. Natavan Ibragimova Financial Director
6. Gulnara Gurbanova Chief Accountant
7. Aynur Sadykova Accountant
Total Employees : 1,800 (Subject)
2,200 (Group)
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a large trade
and distributing company which was founded in 1994. Formerly subject was acting
as a wholesale center, but then it transformed to modern trade holding, which
is well-known by its high service level.
We consider it is
acceptable to deal with subject for LARGE amounts, however in view of the lack
of financial information we recommend international suppliers exercise a degree
of caution.
Opinion on maximum credit:
NEW MANAT 1,900,000 (higher amounts may be considered with full fiscal
disclosure)
Trade risk assessment: Normal
Is normal accepted practice
for international suppliers to deal on secured terms with Azerbaijani
importers.
NAME : RESPUBLIKA BANK JSC
Branch : Khagani Street 21
Town : Baku AZ1000
Telephone: (994 12) 598
0800
Fax :
(994 12) 598 0880
The company also has an
account with the following banks :
1. Mugan Bank
3-Mikrorayon, Building 33, Office 1
Baku AZ1000
Telephone: (994 12) 448 2910 / (164) 20778
Fax
: (994 12) 448 2910
2. International Bank of Azerbaijan
Nizami Avenue 67
Baku AZ1005
Telephone: (994 12) 498 1053 / 493 1842
Fax
: (994 12) 493 4091 / 498 1158
3. Yapi Kredi Bank (fmly
Kocbank Azerbaijan JSB)
28 May Street 5
Baku AZ1000
Telephone: (994 12) 497 7795
Fax : (994 12) 497 0276
Private companies in
Azerbaijan are not required to publish or disclose balance sheets. Balance
sheets are not available from other sources, and the subject interviewed
declined to give any financial information, which the company regards as
strictly confidential.
The following financial
information is the latest available on the subject in our file :
Sales Turnover :
US DLRS 100,000,000 - 2010 – approx
: US DLRS 120,000,000 – 2011 – approx
: US DLRS 150,000,000 – 2012 – approx
Net Profit :
not given but stated to be profitable
Financial year ends 31
December.
The following financial
information applies to subject’s affiliated company, Azerbaycan Turkiye
Veyseloglu-Yaycili Qardaslar MMC:
Sales Turnover : NEW MANAT 1,500,000 - 2006 - exact
: NEW MANAT 2,000,000 - 2007 - exact
: NEW MANAT 5,000,000 - 2008 - exact*
: NEW MANAT 8,000,000 - 2009 - approx
: NEW MANAT 8,000,000 - 2010 - approx
: NEW MANAT 7,100,000 - 2011 - approx **
Net Profit : NEW MANAT 450,000 - 2007 - approx
:
NEW MANAT 1,000,000 - 2008 - exact
: NEW MANAT 1,800,000 - 2009 - approx
: NEW MANAT 1,800,000 - 2010 - approx
* Sharp increase in sales
turnover and net profit in 2008 was attributed to a large number of orders
awarded and increased production.
** 9 months results
(January - September).
Full 2011 financial results
are not yet available.
Financial year ends 31
December.
Date Started : November
1994
History : The subject
company was established in Azerbaijan in November 1994 as Veyseloglu Istehsalat
Kommersiya Firmasi (Production & Commercial Firm) on the basis of Bifa
Company in business since 1992. On 22 May 2006, subject changed its legal status
into a limited liability company (MMC) with Baxtiyar Adil Oglu Allahverdiyev as
sole shareholder. In 2007 subject s shareholding structure changed to: Aydin
Veyseloglu Talibov and Ilqar Veyseloglu Talibov. On 30 January 2009, subject's
shareholding structure changed to the present.
C.R. No. : 1206-S4-739
Tax No.: VOEN 0700159551
Authorized Capital : NEW
MANAT 1,250,000 (increased from NEW MANAT 1,100,000 in 2012)
Paid-Up Capital : NEW MANAT
1,250,000 (increased from NEW MANAT 1,100,000 in 2012)
Mekhdud Mesuliatli Camiyeti
(limited liability company) with the following shareholders :
Shareholders Percentage
1. Aydin Veyseloglu
Talibov 41.65%
(Azerbaijani National / Identity No.:
AZE No. 05113051, issued on 16.02.2006)
2. Ilqar Veyseloglu
Talibov 20.85%
(Azerbaijani National / Identity No.:
AZE No. 06696323, issued on 27.08.2008)
3. Ishak Muharrem Oglu
Yaycili 20.00%
(Turkish National / Passport No.:
TRT-T No. 083412 issued on 06.04.2007)
4. Mehmet Alper Ishak Oglu
Yaycili 17.50%
(Turkish National / Passport No.:
TRT-N No. 888898 issued on 24.07.2003)
Affiliated companies of
Veyseloglu MMC :
Associates
1. Azerbaycan-Turkiye
Veyseloglu-Yaycili Qardaslar MMC
2nd Parallel Street, 2
Keshli Vilage
Baku AZ1031
Telephone: (994 12) 447 2660
Fax
: (994 12) 447 4011
Employs: 220
Est.: 26 April 2004
Tax No.: VOEN 0700007111
Capital : NEW MANAT 4,500,000
Shareholders :
- Aydin Veyseloglu Talibov 41.65%
- Ilqar Veyseloglu Talibov 20.85%
- Ishak Muharrem Oglu Yaycili 20.00%
- Mehmet Alper Ishak Oglu Yaycili
17.50%
(Producers of Ulduz chocolates)
2. Sirab ASC
Sirab Village
Babek District
Nakhchivan (Autonomous Republic) AZ6721
Telephone: (994 136) 418 113
Fax
: (994 136) 400 161
Managing Director : Mehmet Alper Ishak Oglu
Yaycili
Est.: 3 October 2006
Tax No.: VOEN 0200304621
Capital : NEW MANAT 400
(registered address: Nakhchivan (Autonomous
Republic) AZ7000, A.
Calilov Street 17, Flat 45)
(producers of Sirab mineral water)
The Company is involved in
the following activities :
Trading as importers,
wholesalers and distributors of general merchandise including detergents,
biscuits, chocolates, chewing gums, canned food, other confectionery items,
juices, pasta, household chemicals and kids hygiene products.
NACE Code: 4619 / 4636
Imports from Turkey, India,
China, South Korea, Russia, Ukraine, Belarus, Poland, Germany, Latvia, Italy,
France, Bulgaria, Denmark, Baltic countries and Romania.
Distributors for: Albena,
Nuh'un Ankara Makarnas , AVK, B FA, Bonduelle, Campbells, Canbebe, Delicpol, D
nesit, ET, Gamma, HAYAT, Heinz, Mieszko and others
The Company has the
following facilities :
Owned 3 hectares plot of
land comprising administrative offices, a wholesale outlet and storage
facilities located at the heading address as well as branch offices located
elsewhere in Azerbaijan (see 'Branch Offices' below).
Representative office
located in Siyagut Village, Sharurskiy District AZ1031, Nakhchivan (Autonomous
Republic).
Subject's formerly
telephone numbers were:
Telephone: (994 12) 447
2700 / 447 2701 / 447 7122/ 447 7133
Until December 2006 subject
was located at :
Aliev Avenue 106
Azergeyim Bazasi
Baku
Telephone: (994 12) 498
8132
Fax : (994 12) 498 8132
2-ci Enine Street 2
(Vtoraya Parallelnaya Street 2 / 2nd Parallel Street 2)
Nizami District, Keshli
Vilage Baku AZ1031
Subject formerly was located at :
Siyagut Village
Sharurskiy District AZ1031
Nakhchivan (Autonomous
Republic)
1. Salyan Branch
Yanvar Street 32
Salyan
Telephone :
(994 163) 55602 / 55317
Fax
: (994 163) 55602 / 55317
2. Mingachevir Branch
Ganja Highway 16
Mingachevir
Telephone :
(994 12) 418 9233 / (994 50) 245 2927 / 255 0709
Fax
: (994 147) 47077
3. Sumgayit
4. Guba
You enquired on: VEYSELOGLU
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
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|
1 |
Rs.98.90 |
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Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.