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MIRA INFORM REPORT
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Report No. : |
503193 |
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Report Date : |
16.04.2018 |
IDENTIFICATION DETAILS
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Name : |
NOUT.AM LLC |
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Registered Office : |
Koryuni Sreet 5-23, Kentron District, Yerevan
0025 |
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Country : |
Armenia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
25.07.2013 |
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Com. Reg. No.: |
286.110.777056 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading
as importers, wholesalers and retailers of computers, computer peripheral
equipment, servers and software. |
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No. of Employees : |
25 |
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 36,000,000 |
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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 NAME
NOUT.AM LLC (CORRECT)
NOUT AM LLC REQUESTED)
ADDRESS
Area : Kentron District
Town : Yerevan 0025
Country
: Armenia
Mobile
: (374 60) 707 777 / (374 94) 255 200 / (374 99) 255 200 / (374 77) 900
007 (Nerses Avdalyan)
E-Mail : ceo@nout.am / nout@nout.am
Website : www.nout.am
Extended Name : Nout.AM Limited Liability Company
Also known
as : Nout AM LLC
SENIOR
COMPANY PERSONNEL
Name Position
1.
Nerses Avdalyan Chief Executive Officer
2.
Khayk Petrosyan Executive Director
Total Employees: 25
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 Armenian importers.
Opinion on maximum credit : DRAM 36,000,000
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
The
company also has an account with the following banks:
1.
UniBank CJSC
Charentsi Street 12 Building No. 53, 1-5
Yerevan 0025
Telephone: (374 10) 595 555
Fax
: (374 10) 595 555
2.
Acba-Credit Agricole Bank CJSC
Byroni Street 1
Yerevan 0009
Telephone: (374 10) 318 888
Fax
: (374 10) 318 888
FINANCIAL INFORMATION
Balance
Sheets as at 31 December 2017 showed:
31/12/2016 31/12/2017
(in US DLRS)
Assets
Fixed
assets
59,725 68,734
Total
non-current assets
59,725 68,734
Current
assets
Goods
311,273 510,341
Current
advances given
82,005 52,073
Trade
receivables
57,468 14,918
Cash
and cash equivalents
41,591 46,371
Total
current assets 492,337 623,703
Total
Assets
552,062 692,437
Equity
and Liabilities
Equity
Share
capital net amount
104 104
Accumulated
profit 327,306 370,731
Total
equity
327,410 370,835
Current
liabilities
Payables
on acquisitions
172,558 273,955
Current
prepayments received 8,276 10,804
Short-term
payable to budget
9,137 2,162
Short-term
payables to founders
34,681 34,681
Total
current liabilities
224,652 321,602
Total
Equity and Liabilities
552,062 692,437
INCOME
STATEMENT
31/12/2016 31/12/2017
(in US DLRS)
Revenue
from realization of
products,
goods, work and services
3,362,673 3,694,582
Cost
of sales of products, goods, work
&
services realized
(2,877,788) (3,178,083)
Gross
profit
484,885 516,499
Selling
and distribution expenses
(17,371) (20,637)
Administrative
expenses
(218,305) (228,523)
Profit
(loss) from sales of products
249,209 267,339
Other
operating expenses
- (3,961)
Operating
profit (loss)
249,209 263,378
Financial
expenses
(18,873) (16,623)
Other
non-operational profit (loss)
(11,109) (15,224)
Profit
(loss) from ordinary activities
219,227 231,531
Income
tax expenses (income)
43,845 46,306
Net
profit after profit tax expense deduction
175,382 185,225
Historical
Profit and Loss Account
Revenue : US DLRS 1,656,923 - 2014 -
exact
: US DLRS 2,720,894 -
2015 – exact
: US DLRS 3,362,673 –
2016 – exact
: US DLRS 3,694,582 –
2017 – exact
Net
Profit : US DLRS 109,086 - 2014 - exact
: US DLRS 150,842 - 2015 – exact
: US DLRS 175,382 – 2016 – exact
: US DLRS 185,225 – 2017 – exact
Total
Value of Stock Held : US DLRS 510,341 (as of 1 January 2017)
Financial year ends 31 December.
The following Balance Sheets as at 31 December 2017 applies to subject’s
affiliated company, A.M.X. Micro LLC :
31/12/2016 31/12/2017
(in US DLRS)
Assets
Fixed
assets
36,437 29,151
Total
non-current assets
36,437 29,151
Current
assets
Goods
283,115 302,933
Current
advances given
35,804 42,089
Trade
receivables
45,242 36,724
Cash
and cash equivalents
22,305 28,761
Total
current assets
386,466 410,507
Total
Assets
422,903 439,658
Equity
and Liabilities
Equity
Share
capital net amount
105 105
Accumulated
profit
150,394 239,951
Total
equity
150,499 240,056
Current
liabilities
Payables
on acquisitions
166,275 62,348
Current
prepayments received
14,861 46,276
Short-term
payable to budget
643 353
Short-term
payables to founders
90,624 90,624
Total
current liabilities
272,403 199,601
Total
Equity and Liabilities 422,903 439,658
INCOME
STATEMENT
31/12/2016 31/12/2017
(in US DLRS)
Revenue
from realization of
products,
goods, work and services 2,954,673 3,191,047
Cost
of sales of products, goods, work
&
services realized
(2,742,879) (2,961,295)
Gross
profit
211,794 229,752
Selling
and distribution expenses (15,287) (19,268)
Administrative
expenses
(26,238) (32,583)
Profit
(loss) from sales of products
170,269 177,901
Operating
profit (loss)
170,269 177,901
Financial
expenses (4,467) (8,673)
Other
non-operational profit (loss)
(10,683) (9,678)
Profit
(loss) from ordinary activities
155,119 159,550
Income
tax expenses (benefits)
31,024 31,910
Net
profit after profit tax expense deduction
124,095 127,640
Historical
Profit and Loss Account
Sales
Turnover : US DLRS 2,519,382 - 2015 - exact
: US DLRS 2,954,673 - 2016 – exact
: US DLRS 3,191,047 – 2017 – exact
Net
Profit : US DLRS 114,712 – 2017 – exact
: US DLRS
124,095 – 2016 – exact
: US DLRS
127,640 – 2017 – exact
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 25 July 2013
History
: The subject company was established in Yerevan on 25 July 2013. Initially,
subject’s shareholding structure was as following:
Khayk
Petrosyan (100%). In 2017, subject’s shareholding structure changed to the
present.
C.R.
No. : 286.110.777056
Tax
No.: 02620164
Authorised
Capital : DRAM 13,000,000
Paid-Up
Capital : DRAM 13,000,000
Limited
Liability Company with the following sole shareholder :
Affiliated
company of the subject company :
Associate
AMX
Micro LLC
Abelyan
Street 6/1
Yerevan
0038
Mobile : (374 77) 900 007 (Nerses Avdalyan) /
(374 99) 900 013 (Nerses Avdalyan)
CEO:
Nerses Avdalyan
Est.:
16 February 2012
C.R.
No. : 271.110.69838
Tax
No.: 01251365
Capital
: DRAM 50,000
Sole
Shareholder:
- Nerses Avdalyan
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers, wholesalers and retailers of computers, computer peripheral equipment,
servers and software.
NACE
Code: 4651
Imports
from USA, Germany, the Netherlands, UK, China and Poland.
Subject
does not export, all sales are domestic.
Distributors
for Dell, Toshiba, Samsung, HP and Lenovo.
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices, a retail outlet and storage
facilities located at the heading address.
Subject
formerly was located at:
Hanrapetutyan
Street 24 B, Next to Hyatt Palace Hotel
Kentron
District
Yerevan
0010
Telephone : (374 10) 548 720
Fax : (374 10) 548 720
REGISTERED OFFICE
Koryuni Sreet 5-23
Kentron District
Yerevan 0025
Subject’s
former registered address was:
Hanrapetutyan
Street 24
Kentron
District
Yerevan
0010
SPECIAL NOTES
You
enquired on: NOUT AM LLC. Please note that
subject is also known by this name. Subject's correct registered name is as per
heading.
The address which you provided: YEREVAN KENTRON DISTRICT UL.
HANRAPETUTYAN STREET 24, 0010 YEREVAN applies to subject's former address.
Please note that subject's current administrative office address is as per
heading.
Interviewed:
Nerses Avdalyan (Chief Executive Officer).
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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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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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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.