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Report No. : |
344117 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
EL-VE-EM MMC |
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Registered Office : |
Beshir Bunyadov Street 1 Sabunchu District, Bakikhanov Qesebesi (Settlement) Baku AZ1040 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
26.04.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers, retailers and distributors of car paints, auto-chemicals, abrasive materials, industrial lubricants and automotive lubricants. |
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No. of Employee : |
75 |
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 Limit : |
New Manat 85,000 |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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.
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Source
: CIA |
EL-VE-EM MMC (Correct)
Street : Beshir Bunyadov Street 1
Area : Sabunchu District, Bakikhanov Qesebesi (Settlement)
Town : Baku AZ1040
Country : Azerbaijan
Telephone : (994 12) 425 5600 / 425 6280 / Mobile (994 50) 222 1615 (Zia Abdullayev) / (994 50) 204 1462 (Ali Mammadali Oglu Alizade) / (994 50) 357 7037 (Geray Kyazimov) / (994 50) 358 4101 (Shakir Mamedov)
Fax : (994 12) 425 4500
E-Mail : office@elveem.az
Website : www.elveem.az
Extended Name : EL-VE-EM Mehdud Mesuliyyetli Cemiyyeti
English Translation : EL-VE-EM Ltd
Also Known As : EL-VE-EM Ltd Mehdud Mesuliyyetli Cemiyyeti / EL VE EM MMC
Name Position
1. Elchin Akif Oglu Maharramov Managing Director
2. Ali Mammadali Oglu Alizade Deputy Managing Director
3. Shalala Gulieva Chief Accountant
4. Zia Gadzhiaga Oglu Abdullayev Procurement / Logistics Manager
5. Geray Kyazimov Service Center Manager
6. Shakir Mamedov Showroom Director (Ganja)
Total Employees : 75
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a well-established company with origins tracing back to 1993.
We consider it is acceptable to deal with subject for MEDIUM amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Azerbaijani importers.
Opinion on maximum credit : NEW MANAT 85,000
Trade risk assessment : Normal
NAME : BANK RESPUBLIKA OJSC
Branch : Khagani Street 21
Town : Baku AZ1000
Telephone : (994 12) 598 0800
Fax : (994 12) 598 0880
Subject also has an account with the following banks :
1. Pasha Bank OJSC
Yusif Mammadaliyev Street 15
Baku AZ1005
Telephone : (994 12) 496 5000
Fax : (994 12) 496 5010
2. International Bank of Azerbaijan
Sabunchu Branch, Babek Avenue, Block 2360
Baku AZ1030
Telephone : (994 12) 447 5450
Fax : (994 12) 447 5470
Private companies in Azerbaijan are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :
Sales Turnover : NEW MANAT 4,154,164 – 2014 – exact
: NEW MANAT 6,645,000 – 2015 – projected
Net Profit : NEW MANAT 828,363 – 2014 – exact
Value of Current Contracts : US DLRS 6,300,000 (as of May 2015)
Total Value of Stock Held : NEW MANAT 826,000 (as of May 2015)
Total Invested Capital : NEW MANAT 240,000 (as of May 2015)
Financial year ends 31 December.
Date Started : 26 April 2006
History : Subject was established on 26 April 2006, however its origins can be traced back to 1993. Initially, subject’s sole shareholder was Akif Maharramov.
On 24 March 2009, Akif Maharramov passed away and shareholding structure changed to the following :
- Emil Akif Oglu Maharramov 33.33%
- Qanira Arrakhman Qizi Maharramova 33.33%
- Vafa Akif Qizi Maharramova 33.33%
In June 2015, subject's shareholding structure changed to the present.
C.R. No. : 0106-P213-45692 (issued on 26 April 2006)
Tax No. : VOEN 1800112801
Authorised Capital : NEW MANAT 200
Paid-Up Capital : NEW MANAT 200
Mekhdud Mesuliatli Camiyeti (Limited Liability Company) with the following director and sole shareholder :
Director
Elchin Akif Oglu Maharramov
(son of Qanira Arrakhman Qizi Maharramova)
Shareholder
Qanira Arrakhman Qizi Maharramova 100%
Affiliated companies of EL-VE-EM MMC :
Associates
1. El-Ve-Em Ltd MMC
Massive 2 (Badamdar Qesebesi) Building 231
Badamdar STQ
Sabail District
Baku AZ1021
Managing Director : Elchin Akif Oglu Maharramov
Est. : 11 March 1996
Tax No. : VOEN 1800112931
Capital : NEW MANAT 300
Shareholders :
- Emil Akif Oglu Maharramov 33.33%
- Qanira Arrakhman Qizi Maharramova 33.33%
- Vafa Akif Qizi Maharramova 33.33%
2. ElVeEm-Senaye MMC
Beshir Bunyadov Street 1
Sabunchu District, Bakikhanov Qesebesi (Settlement)
Baku AZ1040
Managing Director : Tagi Aga Oglu Zeynalov
Est. : 18 January 2006
Tax No. : VOEN 1800354481
Capital : NEW MANAT 200
(Owned 0,8 hectares plot of land)
3. ElVeEm-Servis MMC
Beshir Bunyadov Street 1
Sabunchu District, Bakikhanov Qesebesi (Settlement)
Baku AZ1040
Managing Director : Emil Akif Oglu Maharramov
Est. : 22 April 2005
Tax No. : VOEN 1800261511
Capital : NEW MANAT 3,200,020
(Owned 1,4 hectares plot of land and 2 stories building
(1,720 sq. m.))
(Inactive)
Former
associates:
1. Abu Treydinq Ltd MMC
B. Bunyadov Street 1
Sabunchu District, Bakikhanov Qesebesi (Settlement)
Baku AZ1040
Telephone: (994 12) 425 5600 / 441 1188 / 425 6280 / Mobile (994
50) 204 1462
Fax : (994 12) 425 4500
E-Mail : elveem@azeronline.com
Est. : 1 September 2004
Tax No. : VOEN 1300174961
Capital : NEW MANAT 100
Shareholders :
- Elchin Akif Oglu Maharramov 95%
(son of Akif Oglu Maharramov)
- Yashar Babayev 5%
(registered address : Mirzaga Aliyev Street 138, Yasamal District,
Baku AZ10006)
(ceased trading in 2010)
2. Elsan-T MMC
Beshir Bunyadov Street 1
Sabunchu District, Bakikhanov Qesebesi (Settlement)
Baku AZ1040
Managing Director : Ali Mammadali Oglu Alizade
Est. : 26 April 2006
Tax No. : VOEN 1800112801
Capital : NEW MANAT 200
(merged with El-Ve-Em MMC)
3. Noval AZ JV Ltd
Sumgayit
Shareholders:
- Emil Akif Oglu Maharramov 50%
- Noval (Poland) 50%
(manufacturing unit (1,800 sq. m.) and storage facilities (800 sq.
m.)
(ceased trading in 2013)
The Company is involved in the following activities :
Trading as importers, wholesalers, retailers and distributors of car paints, auto-chemicals, abrasive materials, industrial lubricants and automotive lubricants.
Subject also provides car repair services.
Distributors
for :
- Glasurit (Germany);
- BASF (Germany);
- Statoil (Sweden);
- LOTOS (Poland);
- Divinol (Germany);
- Novol (Poland);
- Luxe (Russia-USA);
- Delfin Ditribution (Russia-USA);
- Vershina (Russia);
- DYO (Turkey);
- SIA (Switzerland);
- ARKO (Iran);
- TEXACO.
Subject’s
principal suppliers include :
- Lotos Oil SA;
- Novol Sp Zoo;
- DYO Boya Fabrikalari San. Ve Tic AS;
- Basf Turk Kimya San Ve Tic Ltd;
- Vibac Spa Strada Ticineto;
- Chevron Belgium NV;
- Zeller + Gmelin GmbH;
- Dolphin Distribution OOO.
NACE Codes: 4532 / 4540
Imports from Turkey, Poland, Germany, Italy, Belgium, Norway and Russia.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned premises comprising administrative offices (320 sq. m.) and storage facilities (1,360 sq. m.) located at the heading address as well as additional rented storage facilities (800 sq. m.) located elsewhere in Sumgayit.
Subject has a service centre styled “Avtoklinik” (2,100 sq. m.) located in Babek avenue, Baku and two showrooms in Ganja and Quba.
Beshir Bunyadov Street (Bakikhanov Qesebesi) 1
Bakikhanov STQ
Sabunchu District
Baku AZ1040
Until October 2014, subject’s registered address was located at :
Massive 2 (Badamdar Qesebesi) Building 231
Badamdar STQ
Sabail District
Baku AZ1021
You enquired on : “EL VE EM MMC”. Please note that subject’s also known by this name. Subject’s correct registered name is as per heading.
The postal address given by you : “Massive 2 (Badamdar Qesebesi) Building 231, 1021 Baku Badamdar Stq Sabail District” applies to subject’s formerly registered address. Please note that subject’s correct administrative office address is as per heading.
Interviewed : Ali Mammadali Oglu Alizade (Deputy Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.26 |
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1 |
Rs.99.53 |
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Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ANK |
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.