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Report No. : |
346145 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Navoi Street 3 Navoi 210103 |
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Country : |
Uzbekistan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.12.1994 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturers of cement and cement products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
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 : |
Sum
20,000,000,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
|
Uzbekistan |
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 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
Qizilqumsement
AO (Correct)
JSC
QIZILQUMSEMENT (Requested)
_____________________________________________________________________
Street :
Navoi Street 3
Town :
Navoi 210103
Country :
Uzbekistan
Telephone :
(998 79) 223 6490 / 223 4271 / 223 9674 (Albert Talgatovich) / 229 8389 / 229
8375
Fax :
(998 79) 223 0566
E-Mail :
info@qizilqumsement.uz
Website :
www.qizilqumsement.uz
Extended
Name :
Qizilqumsement Aktsyonernoye Obshchestvo
English
Translation : Qizilqumsement JSC
Formerly known
as : Navoi Tsement Kombinat
_____________________________________________________________________
Name
Position
1.
Rustam Ilyasovich Aykhodzhaev General Manager
2.
Murodullo IslomovichIslomov Deputy General Manager /
Production
3.
Tursunmurod Khudaykulovich Suyunov Chief Engineer
4.
Albert Talgatovich Iskakov Financial Manager
Total
Employees : 3,500
_____________________________________________________________________
No
complaints have been heard regarding payments from local suppliers or banks.
Subject
is a regional scale enterprise which produces more than a half of cement and
cement production of the country in terms of volume.
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 Uzbekistani importers.
Opinion
on maximum credit : SUM 20,000,000,000 (higher amounts may be considered with
governmental guarantees)
Trade
risk assessment: Normal
_____________________________________________________________________
NAME : HAMKORBANK JSCB
Branch : Chilanzar Branch, Chilanzar District, Block
D20A
Town : Tashkent
Telephone : (998 71) 150 5510
Fax : (998 71) 150 5510
_____________________________________________________________________
Balance Sheets as at 31 December 2014 showed :
31/12/2013 31/12/2014
(in thousands of SUM)
ASSETS
LONG-TERM ASSETS
Fixed assets:
Initial value 429,630,568 537,075,622
Depreciation (238,348,660) (270,503,597)
Depreciated value 191,281,908 266,572,025
Intangible
assets:
Initial
value
13,930 2,551,930
Depreciation (1,042) (3,828)
Depreciated
value
12,888 2,548,102
long term investments 2,416,956 2,187,520
Securities 2,350,208 2,120,772
Investments
in subsidiaries
business
entities
21,438 21,438
Investments in affiliated
entities 8,189 8,189
Investments
in companies
with
foreign capital
37,121 37,121
Equipment
for installation
2,130,515 23,850,144
Capital
investments 7,156,405 31,099,796
Long-term
receivables
35,858,806 93,705,364
Total
long-term assets
238,857,478 419,962,951
Current
assets:
Inventories 191,859,452 298,019,252
Production
stock 149,615,768 252,109,577
Unfinished
production
24,520,785 26,240,988
Finished
goods
17,314,931 19,315,200
Products 407,968 354,487
Future expenses 10,790,510 369,312
Receivables
total
74,656,339 57,267,073
Including
:
Overdue
1,503,424 14,875,685
Trade
receivables
1,081,372 3,284,658
Receivables
from subsidiaries
and
affiliates
- 112,853
Advances
paid to employees
57,016 61,782
Advances
paid to suppliers
and
contractors
72,365,055 34,037,971
Tax
and duties in advances
535,321 17,731,247
Advances
in insurance &
Government
funds
47,471 5,919
Receivables
from employees
154,180 4,085
Other
receivables 415,924 2,028,558
Cash
& cash equivalents
25,556,247 26,694,944
Cash
in hand
5 1
Cash
in bank
9,702,692 10,892,632
Cash
in foreign currency
9,215,532 3,837,414
Other
cash equivalence
6,638,018 11,964,897
Short-term
investments
319,516,000 198,861,431
Other
current assets
8,204 3,555
Total
assets
622,386,752 581,215,567
TOTAL
CURRENT ASSETS
861,244,229 1,001,178,519
LIABILITIES
& EQUITY
Charter
capital
447,516,900 447,516,900
Additional
capital 593,499 593,499
Reserve
capital
127,677,104 139,516,593
Undistributed
profit (retained loss) 225,935,423 323,196,333
Purpose receipts 923,304 923,304
TOTAL
EQUITY 802,646,229 911,746,629
LIABILITIES
Long-term
liabilities
19,177,591 9,769,175
Including:
Long-term
bank loans
19,177,591 9,769,175
Current
liabilities
39,420,409 79,562,714
Including:
Current
liabilities
39,420,409 50,440,858
Current
overdue liabilities
1,598,071 5,415,140
Payables
to suppliers and contractors
4,132,586 16,851,006
Receivables
from subsidiaries and
Payables
to affiliates
75,254 -
Advances
received
9,917,668 14,962,972
Tax
payables
17,085,702 6,932,527
Payables
to state funds
4,738,195 6,664,992
Payables
to shareholders
572,002 677,237
Wage
arrears
2,741,307 4,131,113
Short-term
bank loans
- 29,121,856
Other
payables
157,695 221,001
TOTAL
LIABILITIES
58,598,001 89,331,889
TOTAL
LIABILITY & EQYITY
861,244,229 1,001,078,518
INCOME
STATEMENT
Revenue
825,131,767 919,177,096
Net
revenue 790,228,809 870,774,396
Cost
of sale
(288,140,364) (363,530,762)
Gross
profit
502,171,444 507,706,712
Expenses
of the period
(100,365,600) (130,528,550)
Distribution
costs (20,818,509) (23,412,741)
Administrative
expenses (13,045,636) (20,679,384)
Other
operating expenses
(66,501,455) (86,436,425)
Other
operating income
3,754,722 7,353,600
Profit
(loss) from operating
activities 405,560,566 384,531,762
Income
from financial
activities 26,285,409 25,152,160
Dividends 797 -
Interest income 21,642,703 21,488,534
Income
from currency translation
differences 4,641,882 3,663,626
Other
income from financial
activities 27
Expenses
from financial activities
(5,538,513) (8,375,864)
Expenses
as interests
(558,417) (1,293,923)
Loss
from currency translation
differences (4,980,096) (7,081,941)
Profit
before taxation
426,307,462 401,308,059
Tax
income
(7,220,487) -
Excess
profit tax
(190,029,355) (225,166,557)
Other
taxes
(3,122,197) -
Net
profit 225,935,422 176,141,502
Financial
year ends 31 December.
Sales
Turnover : SUM 825,131,767,000 - 2013 - exact
: SUM 919,177,096,000 - 2014 - exact
Net
Profit : SUM 225,935,422,000 - 2013 - exact
: SUM 176,141,502,000 - 2014 - exact
Financial
year ends 31 December.
_____________________________________________________________________
Date
Started : 23 December 1994
History : The subject company
was established in Uzbekistan on 23 December 1994, however its origins can be
traced back to 1970.
Tax
No. : INN 200002878
Authorised
Capital : SUM 447,516,900,000
Paid-Up
Capital : SUM 447,516,900,000
Aktsyonernoye Obshchestvo
(joint stock company) with the following
shareholders :
Shareholders Percentage
1. State of Uzbekistan 86.92%
2. Other undisclosed
shareholders 13.08%
_____________________________________________________________________
The
Company is involved in the following activities :
Manufacturers
of cement and cement products.
Subject’s
main products includes:
-
Portland cement 500 D0 (PC500D0);
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Portland cement 500D0N (PC500D0N);
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Portland cement 400 D0 (PC400D0);
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Portland cement 400 D0N (PC400 D0N);
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Portland cement 400 D5 (PC400 D5);
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Portland cement 400 D20 (PC400D20);
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Portland cement 400 КD20 (PC400 KD20);
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Sulphate resisting Portland cement 400 D0 (SRPC400D0);
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Oil-well Portland cement OPC I 100 (OCP I 100);
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Lime rock stone - fraction 5х10;
-
Lime rock stone - fraction 5х20;
-
Lime rock stone - fraction 20х40;
-
Lime rock stone - fraction 40,80(70).
NACE
Code: 2351
Imports
from Russia.
Exports
to Kazakhstan.
_____________________________________________________________________
The
Company has the following facilities :
Owned
premises comprising administrative offices, a manufacturing unit and storage
facilities located at the heading address as well as one branch office located
elsewhere in Tashkent.
_____________________________________________________________________
Navoi
Street 3
Navoi
210103
_____________________________________________________________________
You enquired on: JSC QIZILQUMSEMENT. Please note that subjet’s
correct registered name is as per heading.
Interviewed:
Albert Talgatovich Iskakov (Financial Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
DPT |
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 |
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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 |
|
|
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 |
|
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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.