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MIRA INFORM REPORT
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Report No. : |
492464 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NEO CONCEPTION MMC |
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Registered Office : |
Aliashraf Alizada
Street 120, Apartment 1, Narimanov District Baku AZ1008 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
22.01.2016 |
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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 Ceramics Tiles, Wallpapers,
Doors and Plumbing Fixtures. |
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No. of Employees : |
7 |
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 46,000 |
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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 REPORT
CO. NAME : NEO CONCEPTION MMC (CORRECT)
NEO
CONCEPTION LLC (REQUESTED)
ADDRESS
Building : Gulustan Residence, 2nd Floor
Street : Bul Bul Avenue 60–62
Area : Nasimi District
Town : Baku AZ1014
Country : Azerbaijan
Telephone : (994 12) 505 8466 / Mobile (994 55) 210
0998 (Jamilya Manafova) / (994 50) 210 0998 (Elshan Misirkhan Oglu Agayev)
Fax : (994 12) 505 8467
E-Mail
: info@newconcept.az
Website
: www.newconcept.az
Extended Name
: Neo Conception
Mehdud Mesuliyyetli Cemiyyeti
English Translation : Neo Conception LLC
SENIOR
COMPANY PERSONNEL
Name Position
1. Elshan
Misirkhan Oglu Agayev Managing Director
2. Sevinc
Askerova CFO
3. Jamilya
Manafova Logistics & Purchasing
Operations Manager
Total Employees: 7
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 46,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME : ZIRAAT BANK AZERBAIJAN OJSC
Branch : Hasan Bey Zardabi Avenue 191
Town : Baku AZ1122
Telephone: (994
12) 505 5616
Fax : (994 12) 505 5616
Acc. No. :
AZ32TCZB40160978000275600102
SWIFT : TCZBTR2A
The company also has an account with the
following banks:
1. Pasha Bank OJSC
Yusif Mammadaliyev Street 13
Baku AZ1005
Telephone: (994 12) 496 5000
Fax
: (994 12) 496 5010
2. Azer Turk Bank
OJSC
J.Mammadguluzade Street 85
Baku AZ1078
Telephone: (994 12) 404 1445
Fax
: (994 12) 599 1011
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 1,092,806.23 - 2016 – exact *
: NEW MANAT 2,270,209.80 - 2017 - exact
Net Profit :
NEW MANAT 330,421 - 2016 - exact
: NEW MANAT 212,055 - 2017 - exact
Total Value of
Stock Held : NEW MANAT 877,965.87 (as of January 2018)
Total Invested
Capital : NEW MANAT 966,120.23 (as of January 2018)
* First year of
operations (22 January – December).
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 22
January 2016
History : The
subject company was established in Baku on 22 January 2016.
Tax No.: VOEN
1503090691
Authorised Capital
: NEW MANAT 100
Paid-Up Capital :
NEW MANAT 100
Mehdud Mesuliyyetli Cemiyyeti (Limited Liability
Company)
with the following sole shareholder:
Misirkhan
Muratkhan Oglu Agayev
100%
(father of Mr.
Elshan Misirkhan Oglu Agayev)
ACTIVITIES
The company is
involved in the following activities:
Trading as
importers and distributors of ceramics tiles, wallpapers, doors and plumbing
fixtures.
NACE Code: 4613
Imports from
Italy, Spain, Belgium and the Netherlands.
Subject does not
export, all sales are domestic.
Subject’s
principal suppliers include: Coem S.P.A (Italy) and BN International B.V. (the
Netherlands).
FACILITIES
The Company has
the following facilities :
138 sq. m. rented office premises and storage facilities located at
the heading address.
REGISTERED OFFICE
Aliashraf Alizada
Street 120, Apartment 1
Narimanov District
Baku AZ1008
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:
NEO CONCEPTION LLC. Please note that this name applies to an English
translation of the subject’s name. Subject’s correct registered name is as per
heading.
The address which
you provided: 120 ALIASHRAF ALIZADEH APT 1 AZ1008 BAKU applies to subject's
registered office address. Please note that
subject's
administrative office address is as per heading.
Interviewed:
Elshan Misirkhan Oglu Agayev (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 64.82 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.94 |
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AZN [MANAT] |
1 |
INR 38.52 |
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
·
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.