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Report No. : |
350832 |
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Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
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Name : |
AROVA LLC |
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Registered Office : |
Griboyedovi
Street 60 Arabkir District Yerevan 0051 |
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Country : |
Armenia |
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Date of Incorporation : |
14.03.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors
of household goods and foodstuffs, such as tea and canned vegetables. |
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No. of Employee : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Dram 5,000,000 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Armenia |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
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 |
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 |
Arova LLC (Correct)
AROVA LTD (Requested)
Street :
Griboyedovi Street 60
Area :
Arabkir District
Town :
Yerevan 0051
Country :
Armenia
Telephone : (374 10) 230 794
Fax :
(374 10) 230 794
E-Mail :
sayae@arova.am
English Translation : Arova LLC
Also Known As : Arova OOO
Name Position
Armen
A. Khakobyan Managing Director
Total
Employees : 10
Unknown
We
consider it is acceptable to deal with subject for SMALL amounts, however in
view of the lack of financial information we recommend international suppliers
exercise a degree of caution.
Opinion
on maximum credit : DRAM 5,000,000 (higher amounts may be considered with full
fiscal disclosure)
Trade
risk assessment: Normal
It is
normal accepted practice for international suppliers to deal on secured terms
with Armenian importers.
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 :
Inekobank CJSC
Tumanyan Street 17
Yerevan 0001
Telephone : (374 10) 565 974 / 589 119
Fax :
(374 10) 563 725
Private
companies in Armenia 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.
Date
Started : 14 March 2002
History
: Subject was established in
Armenia on 14 March 2002.
C.R.
No. : 264.110.05700
Tax
No. : 09414793
Capital
: not given
Limited Liability Company with the
following sole shareholder :
Artur
Marturasyan 100%
The
Company is involved in the following activities :
Trading
as importers, wholesalers and distributors of household goods and foodstuffs,
such as tea and canned vegetables.
Distributors
for:
-
Kolorado (Poland);
- Maki
(Poland);
- Mikado
(Germany);
-
Riston (UK).
NACE
Codes: 4638 / 4637
Imports
from Europe, UK, Germany and Poland.
Subject
does not export, all sales are domestic.
The
Company has the following facilities :
Premises
comprising administrative offices, a retail outlet and storage facilities
located at the heading address.
Griboyedovi
Street 60
Arabkir
District
Yerevan
0051
You
enquired on : “AROVA LTD”. Please note that the correct name is
as per heading.
The commercial registration
number given by you : “03A053858” is incorrect. Please note that subject’s
correct commercial registration number is 264.110.05700.
Interviewed
: Armen A. Khakobyan (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.