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MIRA INFORM REPORT
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Report No. : |
503705 |
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Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BOLLUQ
LTD MMC |
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Registered Office : |
Baku-Sumgait Highway 13th km, Absheron
District, Khirdalan AZ0100 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
14.02.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and Distributors of Foodstuff and
Confectionery Products such as : - Sugar - Flour - Starch - Cookies - Candies - Chocolates - Sweets - Marmalades - Biscuits |
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No. of Employees : |
408 |
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 : |
NEW MANAT 400,000 |
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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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Azerbaijan |
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 |
AZERBAIJAN - ECONOMIC OVERVIEW
Prior to the decline in global oil prices since 2014, Azerbaijan's high economic growth was attributable to rising energy exports, and some non-export sectors also featured double-digit growth. 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 expected completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another source of revenue from gas exports. Declining oil prices caused a 3.1% contraction in GDP in 2016, and a 0.8% decline in 2017, highlighted by a sharp reduction in the construction sector. The economic decline has been accompanied by higher inflation and a weakened banking sector in the aftermath of the two sharp currency devaluations since 2015. Azerbaijan’s financial sector continued to struggle in 2017. In May 2017, Baku allowed the state-owed International Bank of Azerbaijan (IBA), the nation’s largest bank, to default on some of its outstanding debt and file for bankruptcy in the US.
Azerbaijan has made limited progress with 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, but the government has made efforts to combat corruption, particularly in customs and with the “ASAN” one-stop window concept for government services. Several other obstacles impede Azerbaijan's economic progress, including the need for more foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. While trade with Russia and the other former Soviet republics remains important, Azerbaijan has expanded trade with Turkey and Europe and is seeking new markets for non-oil/gas exports, mainly from the agricultural sector, for example with Gulf Cooperation Council member countries, the US, and others.
Long-term prospects depend on world oil prices, Azerbaijan's ability to implement export routes for its growing gas production, and its ability to improve the business environment and diversify the economy. In late 2016, the President approved a strategic roadmap that identified key non-energy segments of the economy for development, such as agriculture, logistics, and tourism. In October, the long-awaited Baku-Tbilisi-Kars railway, stretching from the Azerbaijani capital to Kars in north-eastern Turkey, began limited service.
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Source
: CIA |
Company NAME
BOLLUQ LTD MMC
ADDRESS
Street :
Baku-Sumgait Highway 13th km
Area :
Absheron District
Town :
Khirdalan AZ0100
Country :
Azerbaijan
Telephone: (994 12) 347 8312 ext. 221 (Aziz
Gakhramanov) / 347 6021 / 347 6980 / Mobiles (994 50) 346 8289 (Azer Aliyev) / (994 50) 209 6053
(Azer Aliyev) / (994 50) 320 0250 (Aziz Gakhramanov)
Fax : (994
12) 442 8312
E-Mail :
azeraliyevbolluq@hotmail.com / export@bolluq.az / mahmud@bolluq.az /
aziz.gahramanov@gmail.com / aziz@bolluq.az
Website :
www.bolluq.az
Trading Style : Bolluq
Extended Name : Bolluq Ltd Mehdud Mesuliyyetli
Cemiyyeti
English Translation : Bolluq LLC
SENIOR COMPANY PERSONNEL
NAME POSITION
1. Makhmud Makḥammad Oglu Isgandarov President
2. Agasaf Makḥammad Oglu Isgandarov General
Director
3. Aziz Gakhramanov Chief Accountant
4. Azer Aliyev Economist
5. Samira Buluthanova Import & Export Manager
Total
Employees: 408
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 Azerbaijani importers.
Opinion on maximum credit: NEW MANAT 400,000
Trade risk assessment: Normal
PRINCIPAL BANKERS
NAME : PASHA
BANK OJSC
Branch : Yusif
Mammadaliyev Street 15
Town : Baku
AZ1005
Telephone: (994 12) 496 5000
Fax : (994
12) 496 5010
The company also has an account with the following
banks:
1. AccessBank
Tbilisi
Avenue 3
Baku AZ1065
Telephone:
(994 12) 510 1024
Fax : (994 12) 510 0844
2. VTB Bank (Azerbaijan) OJSC
Khatai Avenue
38, Messenat Plasa, 1st floor
Baku AZ1000
Telephone:
(994 12) 492 0080
Fax : (994 12) 437 7121
3. Kapital Bank OJSC
Fuzuli Street
71
Baku AZ1014
Telephone:
(994 12) 598 1295
Fax : (994 12) 598 1295
Subject
formerly had an account with :
Bank Standard CB CJSC
Azerbaijan Avenue 4
Baku AZ1005
Telephone: (994 12) 497 1070 / 497 2094 / 498 0778
Fax : (994
12) 498 0778
FINANCIAL INFORMATION
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 8,000,000 - 2011 - exact
: NEW MANAT 10,000,000
- 2012 - exact
: NEW MANAT
12,000,000 - 2013 – approx
: NEW MANAT
14,000,000 – 2014 – approx
: NEW MANAT
18,200,000 – 2015 – approx
: NEW MANAT
12,000,000 – 2016 – exact *
: NEW MANAT
20,000,000 – 2017 – exact
: NEW MANAT
22,000,000 – 2018 – projected
Net Profit
: NEW MANAT 300,000 – 2016 – exact
: NEW
MANAT 2,120,000 – 2017 – exact
Total Value of Stock Held : NEW MANAT 8,000,000 (as of
January 2018)
* Decrease in sales turnover in 2016 is due to
unfavourable market conditions.
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started :
14 February 2008
History :
Subject was established in Khirdalan on 14 February 2008 as a result of merger
of Tam MMC (operating since 1998) and Agasaf Makḥammad Oglu Isgandarov
Individual Entrepreneur.
Tax No. : VOEN
3100523491
Authorised
Capital: NEW MANAT 1,206,380 (increased from NEW MANAT 20 in 2009)
Paid-Up
Capital : NEW MANAT 1,206,380 (increased from NEW MANAT 20 in
2009)
Mekhdud Mesuliatli
Camiyyeti (Limited Liability Company) with the following director and
shareholders :
Director
Agasaf Makḥammad Oglu Isgandarov
(Azerbaijani national)
Shareholders Percentage
1. Mahmud Makḥammad Oglu Isgandarov 50%
(Azerbaijani
national)
2. Agasaf Makḥammad Oglu Isgandarov 50%
(brother of
the above)
ACTIVITIES
The Company is involved in the following activities :
Manufacturers and distributors of foodstuff and
confectionery products such as :
- sugar;
- flour;
- starch;
- cookies;
- candies;
- chocolates;
- sweets;
- marmalades;
- biscuits.
NACE Codes : 1082 / 4636 / 4724
Imports from Turkey, Italy, Ukraine, Poland, Argentina,
Russia, India, China and Iran.
Exports to Kazakhstan, Georgia, Tajikistan and Russia.
FACILITIES
The Company has the following facilities :
Owned 10
hectares plot of land comprising administrative offices, a manufacturing unit
and storage facilities (2 hectares) located at the heading address as well as
other manufacturing unit and retail outlet located elsewhere in Baku.
Subject also
has 4 retail outlets located in Ganja, Sabirabad, Masally and Shake.
Subject has 160 delivery vans for distribution
purposes.
Subject previously used the following telephone
numbers :
Telephone: (994 12) 442 9980 / 442 8312
REGISTERED OFFICE
Baku-Sumgait Highway 13th km
Absheron District
Khirdalan AZ0100
SPECIAL NOTE
The telephone number
which you provided: 99412
442 9980 is incorrect and applies to subject’s former telephone number.
Subject’s correct telephone numbers are as per heading.
Interviewed :
Aziz Gakhramanov (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 65.22 |
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1 |
INR 92.77 |
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Euro |
1 |
INR 80.34 |
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AZN |
1 |
INR 38.30 |
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 : |
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
·
Company
background and operations size
·
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.