MIRA INFORM REPORT

 

 

Report No. :

321804

Report Date :

29.05.2015

 

IDENTIFICATION DETAILS

 

Name :

BUMA SP OOO

 

 

Formerly Known As ;

BUMA O'ZBEKISTON-ROSSIYA SP OOO

 

 

Registered Office :

Olmos (aka K. Otabaev) Street 74A Bektemirskiy District Tashkent 100104 

 

 

Country :

Uzbekistan

 

 

Date of Incorporation :

19.12.2002

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of cosmetic products and household items.

 

 

No. of Employee :

92

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Sum 130,000,000

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Uzbekistan

B2

B2

 

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

 

BUMA SP OOO (CORRECT)

BUMA OZBEKISTON ROSSIYA SP OOO (REQUESTED)

 

 

ADDRESS

 

Street               : Olmos (aka K. Otabaev) Street 74A 

 

Area                              : Bektemirskiy District 

 

Town                : Tashkent 100104 

Country             : Uzbekistan

 

Telephone         : (998 71) 295 0452 / 295 0453 / 295 0984 

Fax                   : (998 71) 295 0453 

E-Mail               : buma-jv@yandex.ru 

 

 

Trading Style                 : Sanata / Vispa / Juventa

 

English Translation        : Buma JV Ltd

 

Also known as               : Buma O'zbekiston-Rossiya SP OOO

 

Formerly known as        : PKF Buma

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                             Position

 

1. Babur Nazimovich Nadirkhanov                       Managing Director

 

2. Bahodir Yaminzhanovich Raimov                    Business Development Manager

 

3. Mikhail Osipyan                                                         Production Director

 

4. Anzhelika Vladimirovna Astanina                     Chief Accountant   

 

 

Total Employees           : 92

 

 

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 130,000,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKER

 

NAME                : BANK IPAK YULI

 

Branch               : Farkhadskaya Street 12A

Town                             : Tashkent 100135

 

Telephone         : (998 71) 120 0009 / 116 1991

Fax                   : (998 71) 120 3886  

 

 

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  3,500,000,000 - 2011 - approx

                        : SUM  5,400,000,000 - 2012 – exact

                         : SUM  5,466,000,000 – 2013 – exact

                                    : SUM  6,068,000,000 – 2014 – exact  

 

Net Profit         : SUM     98,700,000 – 2014 – exact

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 19 December 2002

 

History : The subject company was established in Uzbekistan on 19 December 2002 under the name PKF Buma owned by Bahodir Yaminzhanovich Raimov. On 3 July 2003 subject was converted into a Joint Venture Limited Liability Company with the present name and shareholding structure. In 2005 subject commenced its production.

 

C.R. No.                       : 1811 

 

Tax No.                         : INN 204287085 (issue date : 20/12/2002)

 

Statistics Code             : OKPO 18817196 

 

Activity Code                : OKONKh 18131

 

Authorised Capital         : US DLRS 211,922.87

 

Paid-Up Capital             : US DLRS 211,922.87

 

Sovmestnoye Predpriyatiye, Obshchestvo s Ogranichennoy

Otvetstvennostyu (joint venture, limited liability company) with the following shareholders :

 

1. Bahodir Yaminzhanovich Raimov                     66%

  (Uzbekistani national)

 

2. Vadim Aleksandrovich Shemin                       34%

  (Russian national) 

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of cosmetic products and household items.

 

NACE Code : 4645 / 1722

 

Imports from China, Poland, Germany, Russia and Turkey.

 

Exports occasionally to Afghanistan and Kyrgyzstan.

 

Until 2005 subject was engaged in trading as importers and wholesalers of cosmetics.  

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices, a manufacturing unit with integrated storage facilities located at the heading address as well as a workshop located at Buyuk Ipak Yuli Street 139,

Mirzo-Ulugbekskiy District, Tashkent 100142.

 

Until February 2015, subject was located at:

 

Buyuk Ipak Yuli Street 139

Mirzo-Ulugbekskiy District 

Tashkent 100142

Telephone          : (998 71) 268 9098 / 268 9097 / 261 4935 / 261 5330 / 267 4374

Fax                   : (998 71) 268 9097

 

 

REGISTERED OFFICE

 

Olmos (aka K. Otabaev) Street 74A 

Bektemirskiy District 

Tashkent 100104

 

Until February 2015, subject’s registered address was located at:

 

Buyuk Ipak Yuli Street 18, Passage 5

Mirzo-Ulugbekskiy District 

Tashkent 100142

 

 

SPECIAL NOTE

 

You enquired on: Buma OZbekiston Rossiya SP OOO. Please note that this name applies to subject's also known as name only. Subject’s correct registered name is as per heading.

 

The address which you provided: Buyuk Ipak Yo Li KO Chasi 18 Proezd Taszkent Mirzo Ulugbek Tumani applies to subject's former address. Please note that subject's current administrative office address is as per heading.

 

The telephone and fax numbers given by you: +771 2689097-N and +771 2689097-N are incorrect. Please note that subject’s correct telephone and fax numbers are as per heading.

 

Interviewed: Bahodir Yaminzhanovich Raimov (Business Development Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.90

UK Pound

1

Rs.98.16

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.