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MIRA INFORM REPORT
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Report No. : |
502624 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AUTOFAN AC LLC |
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Registered Office : |
Nor Norq Street 30, Apartment 43, 8th Microdistrict ,Yerevan 0049 |
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Country : |
Armenia |
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Financials (as on) : |
2017 (Summarized) |
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Date of Incorporation : |
12.06.2006 |
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Com. Reg. No.: |
282.110.05658 |
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Legal Form : |
limited liability company |
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Line of Business : |
Trading as importers,
wholesalers and retailers of motor oilr and lubricants. |
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No. of Employees : |
20 |
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 : |
DRAM 20,000,000 |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Armenia |
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 |
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 agro industrial 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 joined the World Trade Organization in January 2003. The government has made some improvements in tax and customs administration in recent years, but anti-corruption measures have been largely ineffective. Armenia will need to pursue additional economic reforms and strengthen the rule of law in order to raise its economic growth and improve economic competitiveness and employment opportunities, especially given its economic isolation from Turkey and Azerbaijan.
Armenia's geographic isolation, a narrow export base, and pervasive monopolies in important business sectors have made it particularly vulnerable to volatility in the global commodity markets and the economic challenges in Russia. Armenia is particularly dependent on Russian commercial and governmental support, as most key Armenian infrastructure is Russian-owned and/or managed, especially in the energy sector. Remittances from expatriates working in Russia are equivalent to about 12-14% of GDP. Armenia joined the Russia-led Eurasian Economic Union in January 2015, but has remained interested in pursuing closer ties with the EU as well, signing Comprehensive and Enhanced Partnership Agreement with the EU in November 2017. Armenia’s rising government debt is leading Yerevan to tighten its fiscal policies – the amount is approaching the debt to GDP ratio threshold set by national legislation.
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Source
: CIA |
COMPANY
NMAE
CO. NAME : Autofan
AC LLC
ADDRESS
Street : Araratyan Street 87/2
Area : Shengavit District
Town : Yerevan 0043
Country : Armenia
Telephone : (374 12) 421 010 / Mobile (374 43) 491 516
/ (374 91) 235 078 (Managing Director)
Fax : (374 12) 421 010
E-Mail : info@autofan.am
Website : www.autofan.am
Extended Name : Autofan AC Limited Liability Company
SENIOR
COMPANY PERSONNEL
Name Position
1. Arman Varazdatovich Shaginyan Managing Director
2. Sona
Arabyan Financial Specialist
3. Artak
Garibyan Warehouse Manager
4. Karapet
Nalbandyan Showroom and
Service Center Manager
Total Employees : 20
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 Armenian importers.
Opinion on
maximum credit : DRAM 20,000,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME : INECOBANK CJSC
Branch : Tumanyan Street 17
Town : Yerevan 0001
Telephone: (374
10) 510 510
Fax : (374 10) 510 510
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 1,428,011,000 – 2015 – exact
: DRAM 1,104,354,345 -
2016 - exact
: DRAM 1,050,033,437 -
2017 – exact
Net Profit : DRAM 41,773,436 – 2016 - exact
Before Income Tax
Full 2017
financial results are not yet available.
Total Value of
Stock Held : DRAM 379,050,157 (as of April 2018)
Total Invested
Capital : DRAM 174,488,917 (as of April 2018)
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 12 June 2006
History : The subject company was
established in Yerevan on 12 June 2006.
C.R. No. : 282.110.05658
Tax No.: 00862214
Authorised Capital
: DRAM 50,000
Paid-Up Capital : DRAM 50,000
Obshchestvo s Ogranichennoy Otvetstvennostyu (limited liability company) with the following sole
shareholder :
Arman
Varazdatovich Shaginyan 100%
As matter of
interest, the wife of Mr. Arman Varazdatovich Shaginyan Ms. Askhen Meliksetyan
has interest in the following company:
Permium Motors LLC
Yerevan
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers, wholesalers and retailers of motor oilr and lubricants.
NACE Code: 4690
Imports from South
Korea, Poland, Russia, Lithuania, Georgia and Ukraine.
Subject does not
export, all sales are domestic.
Distributors for
Shell, Zic, Baldwin Agrinol and Argo.
Subject’s
principal suppliers include: Denkermann Sp Zoo, Transcaucasian Distribution
Company Ltd, SK Lubricants, RN-Smazochnye Materialy, Jupojos Technika, Agrinol
Kavkaz Ltd and Eurotrade OOO.
FACILITIES
The Company has
the following facilities :
Rented premises
comprising administrative offices (200 sq. m.) and storage facilities (1,149.2
sq. m.) located at the heading address as well as 2 branch offices located
elsewhere in Yerevan (see 'Branch Offices' below).
REGISTERED OFFICE
Nor Norq Street
30, Apartment 43
8th
Microdistrict
Yerevan 0049
BRANCH OFFICES
1. Retail
Outlet
Bagratunyats Street 36
Yerevan 0046
(215.61 sq. m.)
2. Service Station
Artashisyan Street 72/2
Yerevan 0086
(78.6 sq. m.)
SPECIAL NOTE
The address which
you provided: 8TH MICRODISTRICT OF NOR NORQ 30/43, 0043 YEREVAN applies to
subject's registered office address. Please note that subject's administrative
office address is as per heading.
Interviewed: Arman
Varazdatovich Shaginyan (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 80.59 |
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AMD |
1 |
INR 0.14 |
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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NIY |
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Report Prepared
by : |
KET |
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.