MIRA INFORM REPORT

 

 

Report No. :

346910

Report Date :

02.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SPAYKA OOO

 

 

Registered Office :

Arshakunyats Avenue 252, Yerevan 0007

 

 

Country :

Armenia

 

 

Date of Incorporation :

16.04.2001

 

 

Com. Reg. No.:

269.110.02311

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject provides a wide variety of services including :

- Intentional transportation;

- Maintenance;

- Partial and groupage transportation;

- Heavy and outsize cargo;

- Transportation of dangerous goods;

- Cargo insurance.

 

 

No. of Employees :

310

 

 

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 Limits :

DRAM 415,000,000

 

 

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)

Armenia

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

ARMENIA - ECONOMIC OVERVIEW

 

Under the old Soviet central planning system, Armenia developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics, in exchange for raw materials and energy. Armenia has since switched to small-scale agriculture and away from the large agroindustrial complexes of the Soviet era. Armenia has only two open trade borders - Iran and Georgia - because its borders with Azerbaijan and Turkey have been closed since 1991 and 1993, respectively, as a result of Armenia's ongoing conflict with Azerbaijan over the separatist Nagorno-Karabakh region. Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to the sharp deterioration in the global economy and the economic downturn in Russia. Armenia is particularly dependent on Russian commercial and governmental support and most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector, including electricity and natural gas. Remittances from expatriates working in Russia are equivalent to about 20% of GDP and partly offset the country's severe trade imbalance. Armenia joined Russia in the Eurasian Economic Union upon the bloc's launch in January 2015, even though the ruble's sharp depreciation in December 2014 led to currency instability, inflation, and significant decrease of export from Armenia to Russia. Armenia joined the WTO in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been ineffective. Armenia will need to pursue additional economic reforms and to strengthen the rule of law in order to regain economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from two of its nearest neighbors, Turkey and Azerbaijan.

 

Source : CIA

 

 

Company NAME

 

SPAYKA OOO (Correct)

SPAYKA LLC (Requested)

 

 

ADDRESS

 

Street   : Arshakunyats Avenue 252

 

Town     : Yerevan 0007

Country  : Armenia

 

Telephone: (374 10) 444 470 / 440 591

Fax      : (374 10) 444 470 / 440 591

E-Mail   : spayka@spayka.com / h.hakobyan@spayka.com

Website  : www.spayka.com

 

Extended Name : Spayka Obshchestvo s Ogranichennoy Otvetstvennostyu

 

English Translation : Spayka LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. David Vengerovich Kazaryan              Managing Director

 

2. Garegin Egoryan                               Head of Production

 

3. Anait Surenovna Bagdasaryan            Head of Transport Department

 

4. Arman Akopyan                                 Financial Director

 

5. Karen Kamoevich Bagdasaryan          Head of Projects Department

 

6. Ogannes Edikovich Akopyan              Chief Accountant

 

7. Grigor Abraamovich Abraamyan         Head of Car Fleet

 

8. Gevork Aramovich Budagyan             Logistic Manager

 

9. Shushanik Genrikovna Siroyan             Human Resources Manager

 

10.Lianna Tamrazovna Tamrazyan          Marketing Manager

 

11.Anush Samvelovna Khachaturayn      Office Manager

 

12.Artavazad Stepanyan                        Head of Repair Department

 

13.Artur Robertovich Martirosyan           Head of Legal Department

 

Total Employees : 310

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Armenia importers.

 

Opinion on maximum credit : DRAM 415,000,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : AMERIABANK CJSC

 

Branch   : Grigor Lusavorich Street 9

Town     : Yerevan 0015

 

Telephone: (374 10) 561 111

Fax      : (374 10) 513 133

 

Subject also has an account with :

 

VTB Bank (Armenia) CJSC

Nalbandyan Street 46

Yerevan 0010

Telephone: (374 10) 565 578

Fax      : (374 10) 565 578

 

Subject previously had an account with :

 

HSBC Bank Armenia CJSC

Teryan Street 66

Yerevan

Telephone: (374 10) 515 000

Fax      : (374 10) 515 001

 

 

FINANCIAL INFORMATION

 

Private companies in Armenia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover  : US DLRS   5,000,000 - 2006 - exact

                      : US DLRS  10,000,000 - 2007 - exact *

                      : US DLRS  20,000,000 - 2008 – approx

                      : not given – 2009/2013

                      : DRAM 20,708,859,000 - 2014 - exact

                      : DRAM 15,085,221,000 – 2015 – exact ***

 

Net Profit            : DRAM  2,000,000,000 – 2014 – exact

 

* Sharp increase in 2007 and 2008 was attributed to investments made to the company.

 

*** 6 months results (January - June).

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 16 April 2001

 

History : Subject was established in Armenia on 16 April 2001 with the following sole

 

shareholder : David Vengerovich Kazaryan.

 

Later on, subject’s shareholding structure changed to the present.

 

C.R. No. : 269.110.02311

 

Tax No. : 02228898

 

Authorised Capital : DRAM 21,617,278,000 (increased from EURO
                                          1,000,000 in 2013)

 

Paid-up Capital : DRAM 21,617,278,000 (increased from EURO 1,000,000

                                       in 2013)

           

Obshchestvo s Ogranichennoy Otvetstvennostyu (Limited Liability Company) with the following shareholders :

 

                                                                                    Percentage

 

1. David Vengerovich Kazaryan                                     51%

   (Armenian national)

 

2. Voltex Express                                                          49%

   Scotland

 

Affiliated companies of Spayka OOO :

 

Subsidiaries

 

1. Spayka Rus OOO

   Bolshaya Filevskaya Street 16

   Moskwa 121087

   Est. : 14 June 2011

   Tax No. : 7715870580

 

2. Spayka Georgia

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Subject provides a wide variety of services including :

 

- intentional transportation;

- maintenance;

- partial and groupage transportation;

- heavy and outsize cargo;

- transportation of dangerous goods;

- cargo insurance.

 

Official distributor for : Carrier Transicold France (France).

 

NACE Code : 5224

 

Imports from Europe and CIS countries.

 

Exports to Armenia and Russia.

 

 

FACILITIES

 

The Company has the following facilities :

 

Premises comprising administrative offices located at the heading address as well as warehouse located elsewhere in Yerevan (see 'Branch Office' below).

 

Subject also owns 100 hectares plot of land located elsewhere in Armenia.

 

Subject owns a fleet of 100 supersize vehicles, mostly VOLVO and IVECO.

 

 

REGISTERED OFFICE

 

Arshakunyats Avenue 252

Yerevan 0007

 

Subject’s previously registered address was located at :

 

3rd Street, 42

Nizhniy Shengovit

Yerevan

 

 

BRANCH OFFICE

 

Warehouse

Bagratunyats Street 70/80

Yerevan 0007

 

 

SPECIAL NOTES

 

You enquired on : “SPAYKA 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.

 

The address given by you : “Arshakunyats 252, Erewan” is misspelt. Please note that subject’s correct administrative office address is as per heading.

 

Interviewed : Ogannes Edikovich Akopyan (Chief Accountant).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.67

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

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.