MIRA INFORM REPORT

 

 

Report No. :

343917

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

POLITAN OOO

 

 

Registered Office :

Arshakunyats Avenue 2, Office No. 205 Yerevan 0023

 

 

Country :

Armenia

 

 

Date of Incorporation :

02.06.2004

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers, wholesalers and distributors of foodstuff.

 

 

No. of Employees :

23

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

DRAM 18,100,000

 

 

Status :

Moderate

 

 

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

 

POLITAN OOO (Correct)

POLITAN LLC (Requested)

 

 

ADDRESS

 

Street                           :  Arshakunyats Avenue 2, Office No. 205

 

Town                :  Yerevan 0023

Country             :  Armenia

 

Telephone         :  (374 10) 580 731 / Mobile (374 91) 203 750

Fax                   :  (374 10) 580 731

E-Mail               :  politangroup@yahoo.com

 

Extended Name : POLITAN Obshchestvo s Ogranichennoy Otvetstvennostyu

 

English Translation : Polytan LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. Gegam Gevorkyan                             Managing Director

 

2. Anna Tarzyan                                     Import Manager

 

Total Employees : 23

 

 

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 Armenia importers.

 

Opinion on maximum credit : DRAM 18,100,000

 

Trade risk assessment: Normal

 

PRINCIPAL BANKER

 

NAME               : ARMSWISSBANK (ARMENIAN SWISS BANK) CJSC

 

Branch              : Vazgen Sargsyan Street 10

Town                : Yerevan 0010

 

Telephone         : (374 10) 529 593 / 584 419 

Fax                   : (374 10) 540 675

 

 

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              : DRAM   442,339,374 - 2006 - exact

                                    : DRAM   748,084,000 - 2007 - exact

                                    : DRAM   838,935,084 - 2008 – exact

                                    : not given          – 2009/2013

                                    : DRAM   903,678,301 - 2014 – exact

                                    : DRAM   800,000,000 - 2015 – approx *

 

Net Profit                      : DRAM    36,200,000 - 2006 - exact

                                    : DRAM    79,640,000 - 2007 - exact

                                    : DRAM   108,600,000 - 2008 – exact

                                    : not given          – 2009/2013

                      :             DRAM    52,174,281 - 2014 – exact

 

Fixed assets                 : DRAM       274,961 – 2014 – exact

 

Total assets                  : DRAM 1,134,740,242 – 2014 – exact

 

Total Value of Stock Held : DRAM 346,394,267 (as of December 2014)

 

* 8 months results (January - August).

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 2 June 2004

 

History : Subject was established in Armenia on 2 June 2004 with Karen Gevorkyan as its sole shareholder.                                    

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

 

C.R. No. : 286.110.05361

 

Tax No. : 02573033

 

Authorised Capital : DRAM 50,000

 

Paid up Capital : DRAM 50,000

 

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

 

Director

 

Gegam Gevorkyan

(Armenia nation / brother of Karen Gevorkyan / Personal No. :  4007700303)

 

Shareholders                                                   Percentage

 

1. Karen Gevorkyan                                                67%

  (Armenian national)

 

2. Vage Gevorkyan                                                 33%

  (Armenian national)

 

Affiliated company of Politan OOO :

 

Associate

 

Satur-Setl OOO

Tumanyan Street 8

Yerevan

(Registered address : Vartana Street 28/1, Yerevan)

(distributors of foodstuff)

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and distributors of foodstuff.

 

Distributors for:

 

- Odintsovskaya Konfetnaya Fabrika - Korkunoff (Russia);

- Lindt;

- Stella Madis.

 

Principal suppliers include :

 

- ZPC Mieszko;

  Chrzanowskiego Street 8B

  Warszawa 04-392

  NIP 6390010391

 

- Alfred Ritter GmbH & Co. KG;

  Waldenbuch D-71111

  Germany

 

- Lindt & Sprungli (Schweiz) AG;

  Seestrasse 204

  Kilchberg CH-8802

  Switzerland

                         

- DCOOP S. COOP. And.;

  Crta. Córdoba/Málaga S/N, Apartado No. 300

  Antequera (Málaga) CP. 29200

  Spain

  Telephone: (952) 841 451

 

- Gamma-A ООО;

  Mezha Street 4A

  Riga LV-1048

  Latvia

 

- Khame Foods ZAO;

  Zapadnaya Street 35

  Bogolyubovo Village

  Suzdalskiy District 601270

  Vladimirskiy Region

  Russia

 

- Chumak ChAO.

  Kozatskaya Street 3

  Kakhovka 74800

  Khersonskiy Region

  Ukraine

 

NACE Code : 4617

 

Imports from Russia, Latvia, Czech Republic, Spain, Ukraine, Germany, Poland and Italy.

 

Subject does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Premises comprising administrative offices and storage facilities located at the heading address.

 

Subject previously was located and had showroom at :

 

International Business Centre, Office No. 215-216

Tumanyan Street 8

 

 

REGISTERED OFFICE

 

Arshakunyats Avenue 2, Office No. 205

Yerevan 0023

 

Subject’s former registered address was located at :

 

International Business Centre, Office No. 215-216

Tumanyan Street 8

Yerevan

 

 

SPECIAL NOTES

 

You enquired on : “POLITAN LLC”. Please note that this name applies to an English translation of subject’s name. Subject’s correct registered name is as per heading.

 

The address given by you : “TUMANYAN 8, OF. 306-309, INTERNATIONAL BUSINESS CENTRE, EREWAN, ARMENIA” is incorrect. Please note that subject’s correct administrative office address is as per heading.

 

Interviewed : Anna Tarzyan (Import Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

               

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.