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MIRA INFORM REPORT
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Report No. : |
501501 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AVAS INZHINIRING OOO |
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Registered Office : |
Nabieva Street
119A, Dushanbe 734019 |
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Country : |
Tajikistan |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
17.01.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of fuelling & gas
filling columns, pumps, ceramic tiles and sanitaryware. |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
SOMONI 126,000 |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Tajikistan |
B2 |
B2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TAJIKISTAN - ECONOMIC OVERVIEW
Tajikistan is a poor, mountainous country with an economy dominated by minerals extraction, metals processing, agriculture, and reliance on remittances from citizens working abroad. The 1992-97 civil war severely damaged an already weak economic infrastructure and caused a sharp decline in industrial and agricultural production. Today, Tajikistan has one of the lowest per capita GDPs among the 15 former Soviet republics. Less than 7% of the land area is arable and cotton is the most important crop. Tajikistan imports approximately 70% of its food. Mineral resources include silver, gold, uranium, antimony, and tungsten. Industry consists mainly of small obsolete factories in food processing and light industry, substantial hydropower facilities, and a large aluminum plant - currently operating well below its capacity.
Because of a lack of employment opportunities in Tajikistan, more than one million Tajik citizens work abroad - roughly 90% in Russia - supporting families back home through remittances that in 2014 were equivalent to nearly 50% of GDP. Some experts estimate the value of narcotics transiting Tajikistan is equivalent to 30%-50% of GDP.
Since the end of the civil war, the country has pursued half-hearted reforms and privatizations in the economic sphere, but the poor business climate remains a hurdle to attracting foreign investment. Tajikistan has sought to develop its substantial hydroelectricity potential through partnership with Russian, Iranian and Chinese investors, and is pursuing completion of the Roghun Dam - which, if built according to plan, would be the tallest dam in the world. However, the project is a sensitive issue for downstream neighbors and faces large financing shortfalls. In 2016, Tajikistan contracted with the Italian firm Salini Impregilo to build the dam over a 13-year period for $3.9 billion, and has yet to finance most of the project.
Recent slowdowns in the Russian and Chinese economies, low commodity prices, and currency fluctuations are hampering economic growth in Tajikistan. The dollar value of remittances from Russia to Tajikistan started showing small increases in 2017 after dropping by almost 65% in 2015. The government spent almost $500 million in 2016 to bail out the country’s banking sector, which is still troubled, and the government is facing challenges financing a public debt that is equivalent to approximately 50% of GDP. The National Bank of Tajikistan has aggressively spent its reserves to bolster the weakening somoni, leaving little space for fiscal or monetary measures to counter additional economic shocks.
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Source
: CIA |
COMPANY NAME
AVAS INZHINIRING OOO (CORRECT)
OOO AVAS ENGINEERING (WERSJA ANG AVAS ENGINEERING LLC (REQUESTED)
ADDRESS
Street :
Shotemur Street 57
Town :
Dushanbe 734025
Country :
Tajikistan
Telephone :
(992 44) 601 7727 / Mobile (992 91) 733 4333 (Chief Accountant)
Fax :
(992 44) 601 7727
E-Mail
: finance@avas.tj
Website
: www.avas.tj
Extended Name: AVAS
Inzhiniring Obshchestvo s Ogranichennoy Otvetstvennostyu
English Translation: AVAS Engineering LLC
Also known as: AVAS Inzhiniring ChDMM
SENIOR COMPANY PERSONNEL
Name Position
1. Azim Abdulladzhonovich Khakimov Managing
Director
2. Natalya Mikhaylovna Perepelitsa Chief
Accountant
Total Employees:
13
PAYMENTS
No complaints have
been heard regarding payments from local suppliers or banks.
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
Tajikistani importers.
Opinion on
maximum credit : SOMONI 126,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME : KAZKOMMERTSBANK TAJIKISTAN CJSC
Branch : Ayni Street 24А
Town : Dushanbe 734012
Telephone: (992
44) 601 4055
Fax : (992 44) 601 4055
FINANCIAL INFORMATION
Balance Sheets as
at 31 December 2017 showed :
31/12/2016 31/12/2017
(in
SOMONI)
Assets
Current Assets
Cash on hand 142,924 19,616
Cash in bank -
329,739
Receivables, total 1,216,728 382,984
Including:
Trade
receivables 1,216,728 382,984
Other receivables,
total 993,462 372,019
Including:
Advances given to
the suppliers of goods 546,215 -
Tax advances 447,248 372,019
Inventories,
total 2,044,061 3,512,781
Including:
Goods 2,044,061 3,512,781
Total Current
Assets 4,397,176 4,245,120
Non-Current Assets
Fixed assets,
total 56,845 79,816
Including:
Machinery and
equipment 4,284 7,855
Office
equipment 52,561 71,961
Depreciation of
fixed assets (31,215) (42,584)
Net book value of
fixed assets 25,629 37,232
Total Non-Current
Assets 25,629 37,232
Total Assets 4,422,805 4,282,352
Equity and
Liabilities
Shirt-Term
Liabilities
Short-term
payables, total 2,051,074 1,298,137
Including:
Trade payables 1,275,847 1,298,137
Advances
received 775,227 -
Bank credits and
borrowings 558,073 845,665
Accrued
liabilities, total 747,210 672,531
Tax
liabilities
3,230 (11,868)
Total Short-Term
Liabilities 3,359,587 2,804,465
Total
Liabilities 3,359,587 2,804,465
Equity
Share capital 10,000 10,000
Undistributed
profit 1,053,218 1,467,887
Total Equity 1,063,218 1,477,887
Total Equity and
Liabilities 4,422,805 4,282,352
Income Statement
Revenue 3,718,628 6,321,662
Cost of sales (1,929,053) (3,363,124)
Gross profit 1,789,575 2,958,538
Total operating
expenses (374,564) (714,348)
Operating profit
(loss) 1,415,011 2,244,190
Interest
expenses (51,029) (209,663)
Currency exchange
gain (loss) (24,356) (116,969)
Long-term assets
disposal (57,324) (2,923)
Total
non-operating expenses (132,708)
(329,555)
Profit (loss)
before income tax 1,282,303 1,914,635
Income tax (307,753) (440,366)
Net profit for the
period 974,550
1,474,269
Value of current
contracts : US DLRS 1,500,000 (as of March 2018)
Total Value of
Stock Held : SOMONI 3,512,781 (as of March 2018)
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 17 January 2011
History : The
subject company was established in Dushanbe on 17 January 2011.
Tax No.: INN
040032976
EIN Code : 0410013670
Statistics Code :
OKPO 11680423
Authorised Capital
: SOMONI 10,000
Paid-Up Capital :
SOMONI 10,000
Obshchestvo s Ogranichennoy Otvetstvennostyu
(limited liability company) with the following sole shareholder :
Azim Abdulladzhonovich Khakimov 100%
Affiliated
companies of the subject company :
Associates
1. AVAS Logistic
OOO
2. Tajik Petroleum
OOO
3. Dayrgard TD
OOO
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers, wholesalers and retailers of fuelling & gas filling columns,
pumps, ceramic tiles and sanitaryware.
Building
Contractors.
Subject provides
construction of gas filling stations.
NACE Code: 4299 /
4690
Imports from
Europe, China, USA, Russia and Kazakhstan.
Subject does not
export, all sales are domestic.
FACILITIES
The Company has
the following facilities :
Owned premises
comprising administrative offices (120.9 sq. m.), a retail outlet (450 sq. m.)
as well as 420 sq. m. rented retail outlet and storage facilities (780 sq. m.)
located at the heading address.
REGISTERED OFFICE
Nabieva Street
119A
Dushanbe 734019
SPECIAL NOTE
You enquired on: OOO AVAS ENGINEERING (WERSJA ANG AVAS ENGINEERING LLC).
Please note that the correct name is as per heading.
The address which you provided: DZ. RASULOVA 10A, 734060 DUSZANBE
TADZYKISTAN was not verified. Please note that subject's administrative office
address is as per heading.
Interviewed:
Natalya Mikhaylovna Perepelitsa (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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TJS |
1 |
INR 7.38 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.