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MIRA INFORM REPORT
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Report No. : |
492612 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GINAP LLC |
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Registered Office : |
Tigran Metsi
Street 65, Yerevan 0005 |
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Country : |
Armenia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
24.03.1995 |
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Com. Reg. No.: |
278.110.00752 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Trading
as importers and distributors of sausage casings and raw materials for food
manufacture. ·
Manufacturers
of plastic bags. ·
Operators
of a printing house. |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
DRAM 18,700,000 |
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Status : |
Good |
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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
GINAP LLC
ADDRESS
Street :
Saritagh Street 12/1A
Area :
Erebuni District
Town :
Yerevan 0017
Country :
Armenia
Telephone : (374 10) 550 141 / Mobile (374 94) 100
899 (Marieta Davtyan)
Fax :
(374 10) 570 883
E-Mail
:
ginap.logistics@gmail.com
Website
: www.manukyangroup.am
Extended Name
: Ginap Limited Liability Company
SENIOR
COMPANY PERSONNEL
Name Position
1. Manuk
Manukyan Managing Director
2. Khrach
Gasparyan Logistics Manager
3. Marieta
Davtyan Assistant
Managing Director
Total Employees : 30
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
Armenian importers.
Opinion on
maximum credit : DRAM 18,700,000
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 :
ACBA-Credit
Agricole Bank CJSC
Aram Street 82-84
Yerevan
Telephone: (374
10) 318 899
Fax : (374 10) 318 899
FINANCIAL INFORMATION
Balance Sheets as
at 31 December 2016 showed (latest available) :
31/12/2015
31/12/2016
(in thousands of DRAM)
Assets
Non-Current Assets
Fixed assets 348,649 519,817
Non-monetary
assets
- 208
Other non-current
assets - 178,750
Total Non-Current
Assets 348,649 698,775
Current Assets
Inventories 243,260 191,281
Incomplete
production
- 7,827
Output 7,792 22,549
Goods 269,795 396,438
Advances
given 46,815
171,646
Trade
receivables 125,657
163,048
Short-term
receivables in the budget line
24,278 7,473
Cash and cash
equivalents
14,555 4,762
Other current
assets 46,324
64,999
Total Current
Assets 805,476
1,030,023
Total Assets 1,154,125 1,728,798
Equity and
Liabilities
Equity
Share capital 50
204
Share premium - 7,034
Re-assessment and
re-measurement 56,330
149,135
Accumulated
profit 20,168
40,477
Total Equity 76,548 196,850
Long-Term
Liabilities
Loans and
credits 720,779
1,377,238
Total Long-Term
Liabilities 720,779
1,377,238
Current
Liabilities
Trade
payables 276,147
124,467
Advances
received 70,836
20,468
Other current assets 9,807
9,599
Tax
liabilities
8 14
Debts to
owner
-
161
Total Current
Liabilities 356,798
154,709
Total Equity and
Liabilities 1,154,125
1,728,798
Historical Profit
and Loss Account
Revenue : DRAM 659,843,000 -
2015 - exact
: DRAM 900,763,000 - 2016 - exact
: DRAM 935,100,905 - 2017 - exact
Net Profit :
DRAM 36,869,000 - 2015 - exact
: DRAM
92,157,000 – 2016 - exact
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 24
March 1995
History : The
subject company was established in Yerevan on 24 March 1995.
C.R. No. :
278.110.00752
Tax No.: 00410121
Authorised Capital
: DRAM 204,000
Paid-Up Capital :
DRAM 204,000
Limited Liability Company with the following sole
shareholder :
Manuk
Manukyan 100%
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers and distributors of sausage casings and raw materials for food
manufacture.
Manufacturers of
plastic bags.
Operators of a
printing house.
NACE Code: 1812 /
4690
Imports from
Germany, Poland and Austria.
Re-Exports to
Georgia.
FACILITIES
The Company has
the following facilities :
Owned premises
comprising administrative offices, a manufacturing unit and storage facilities
located at the heading address.
REGISTERED OFFICE
Tigran Metsi
Street 65
Yerevan 0005
SPECIAL NOTE
Interviewed:
Marieta Davtyan (Assistant 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 65.05 |
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1 |
INR 90.41 |
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Euro |
1 |
INR 79.83 |
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AMD |
1 |
INR 0.13 |
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
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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.