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MIRA INFORM REPORT
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Report No. : |
492768 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AJO LLC |
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Registered Office : |
A.Khachatryan
Street 33/2-12, Yerevan |
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Country : |
Armenia |
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Date of Incorporation : |
19.09.2001 |
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Com. Reg. No.: |
264.110.05539 |
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Legal Form : |
Limited
liability Company |
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Line of Business : |
Trading
as importers and distributors of heat, hydro-insulation, roofing and
waterproofing materials. |
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No. of Employees : |
10 |
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 11,000,000 |
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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
AJO LLC
ADDRESS
Street : Adontsi Street 10
Area : Arabkir District
Town : Yerevan 0021
Country : Armenia
Mobile : (374 94) 516 111 (Grigor Avagyan) / (374 94) 516 111 (Tatevik Sedrogyan)
E-Mail : ajo_llc@mail.ru
Website : www.ajo.am
Extended Name : AJO Limited Liability Company
SENIOR COMPANY PERSONNEL
Name Position
Tatevik
Sedrogyan Managing Director
(wife
of Mr. Grigor Avagyan)
Total
Employees : 10
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, however in view of
the lack of financial information we recommend international suppliers exercise
a degree of caution although
it is normal accepted practice for international suppliers to deal on secured
terms with Armenian importers.
Opinion
on maximum credit : DRAM 11,000,000
Trade
risk assessment: Normal
PRINCIPAL
BANKER
NAME : ARMECONOMBANK OJSC
Branch : Amiryan Street 23/1
Town : Yerevan 0002
Telephone:
(374 10) 510 910
Fax : (374 10) 510 910
FINANCIAL
INFORMATION
Private
companies in Armenia are not required to publish or disclose balance sheets.
However,
the subject interviewed offered the following information:
The
following financial information is the latest available on the subject in our
file :
Sales
Turnover : DRAM 550,000,000 - 2016 –
approx
Net Profit :
Not given but stated to be profitable
Financial
year ends 31 December.
LEGAL
STATUS AND HISTORY
Date
Started : 19 September 2001
History
: The subject company was established in Armenia on 19 September 2001.
Initially, subject’s shareholding structure was as follows: Rowben Karsyan and Vardan khovhannisyan. Later on, subject’s
shareholding structure changed to the present.
C.R.
No. : 264.110.05539
Tax
No.: 00069052
Authorised
Capital : DRAM 50,000
Paid-Up
Capital : DRAM 50,000
Limited liability Company
with the following sole shareholder:
Grigor
Avagyan 100%
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers and distributors of heat, hydro-insulation, roofing and waterproofing
materials.
NACE
Code: 4673
Imports
from Poland and Russia.
Subject
does not export, all sales are domestic.
Distributors
for Icopal (Poland).
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices and storage facilities located at
the heading address.
REGISTERED
OFFICE
A.Khachatryan
Street 33/2-12
Yerevan
SPECIAL
NOTES
The address which you provided : A.KHACHATRYAN 33/2-12,
EREVAN is incorrect. Please note that subject’s correct address is as per
heading.
Interviewed:
Grigor Avagyan (Owner).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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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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PRI |
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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
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Promoters
/ Management background
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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.