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MIRA INFORM REPORT
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Report No. : |
491737 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HORECA
MMC |
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Registered Office : |
Huseyn Seyidzade,
4 Microdistrict, Street 21, Flat 58, Nasimi District Baku AZ1111 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
17.08.2011 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
The company is involved in the following activities: Trading as
importers and distributors of detergents, paper products and tissues for
hotels and café. |
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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 : |
NEW MANAT 40,000 |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 1% decline in 2017, reinforced 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 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.
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Source
: CIA |
COMPANY REPORT
CO. NAME: HORECA MMC (CORRECT)
HORECA MMC (WERSJA ANG
HORECA LLC) (REQUESTED)
ADDRESS
Building :
Adore Plaza, 5th Floor
Street :
Ahmad Rajabli Street 1/8 (formerly Haci Murad Street)
Area :
Narimanov District
Town :
Baku AZ1075
Country :
Azerbaijan
Telephone :
(994 12) 464 8770 / Mobile (994 55) 450 0107 (Office
Manager)
Fax : (994 12) 464 8770
E-Mail :
office@horeca.com.az / finance@horeca.com.az
Website :
www.horeca.com.az
Extended Name :
Horeca Mehdud Mesuliyyetli Camiyyeti
English Translation : Horeca LLC
SENIOR COMPANY PERSONNEL
Name Position
1. Zaur Badel Oglu Quliyev Managing
Director
2. Rovshan Geyushov Financial
Analyst
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 Azerbaijani importers.
Opinion on maximum credit : NEW MANAT 40,000
Trade risk assessment: Normal
PRINCIPAL BANKER
NAME : PASHA
BANK OJSC
Branch : Yusif
Mammadaliyev Street 15
Town : Baku
AZ1005
Telephone: (994 12) 496 5000
Fax : (994
12) 496 5010
FINANCIAL INFORMATION
Private companies in Azerbaijan are not required to
publish or disclose balance sheets. However, the subject interviewed offered
the following information (latest available) :
Sales Turnover
: NEW MANAT 2,000,000 - 2015 -
approx
: NEW MANAT
2,500,000 - 2016 – approx
Net Profit
: not given but stated to
be 10% of the sales turnover
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 17 August 2011
History : The subject company was established in Baku
on 17 August 2011.
Tax No.: VOEN 1402066321
Authorised Capital : NEW MANAT 10
Paid-Up Capital : NEW MANAT 10
Mehdud Mesuliyyetli Cemiyyeti (Limited Liability
Company)
with the following shareholders:
Shareholders Percentage
1. Rashkhan Necef Oglu Qarashli 60%
2. Dashgin Ibishov 20%
3. Kunul Aliyeva 10%
4. Zheykhun Aliyev 10%
ACTIVITIES
The company is involved in the following activities:
Trading as importers and distributors of detergents,
paper products and tissues for hotels and café.
NACE Code: 4690
Imports from Germany, Russia and Turkey.
Subject does not export, all sales are domestic.
FACILITIES
The Company has the following facilities :
Rented premises comprising administrative offices
located at the heading address.
REGISTERED OFFICE
Huseyn Seyidzade, 4 Microdistrict, Street 21, Flat 58
Nasimi District
Baku AZ1111
GENERAL INFORMATION
As of 1 January 2006 the Government of Azerbaijan
redenominated NEW MANAT. One NEW MANAT equals 5,000 old NEW MANATs.
SPECIAL NOTE
You enquired on : HORECA MMC (WERSJA ANG HORECA LLC). Please
note that the correct name is as per heading.
The address which you provided: HUSEYN SEYIDZADE 4
MICRODISTRICT STREET 21, FLAT 58, AZ1111 BAKU NASIMI DISTRICT AZERBAIJAN
applies to subject's registered office address. Please note that subject's operational
office address is as per heading.
Interviewed: Rovshan Geyushov (Financial Analyst).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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AZN |
1 |
INR 37.60 |
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 : |
TPT |
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
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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.