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MIRA INFORM REPORT
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Report No. : |
488104 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ARSHI SOMON OOO |
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Registered Office : |
Pairav Sulaimoni
Avenue 4, Khujand 735700 |
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Country : |
Tajikistan |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
25.07.2016 |
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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 pesticides and seeds. |
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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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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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Tajikistan |
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 |
TAJIKISTAN - ECONOMIC OVERVIEW
Tajikistan is a poor, mountainous country with an economy dominated by
minerals extraction, metals processing, agriculture, and reliance on remittances
from citizens working abroad. The 1992-97 civil war severely damaged an already
weak economic infrastructure and caused a sharp decline in industrial and
agricultural production. Today, Tajikistan has one of the lowest per capita
GDPs among the 15 former Soviet republics. Less than 7% of the land area is
arable and cotton is the most important crop. Tajikistan imports approximately
70% of its food. Mineral resources include silver, gold, uranium, antimony, and
tungsten. Industry consists mainly of small obsolete factories in food
processing and light industry, substantial hydropower facilities, and a large
aluminum plant - currently operating well below its capacity.
Because of a lack of employment opportunities in Tajikistan, more than
one million Tajik citizens work abroad - roughly 90% in Russia - supporting
families back home through remittances that in 2014 were equivalent to nearly
50% of GDP. Some experts estimate the value of narcotics transiting Tajikistan
is equivalent to 30%-50% of GDP.
Since the end of the civil war, the country has pursued half-hearted
reforms and privatizations in the economic sphere, but the poor business
climate remains a hurdle to attracting foreign investment. Tajikistan has
sought to develop its substantial hydroelectricity potential through
partnership with Russian, Iranian and Chinese investors, and is pursuing
completion of the Roghun Dam - which, if built according to plan, would be the
tallest dam in the world. However, the project is a sensitive issue for downstream
neighbors and faces large financing shortfalls. In 2016, Tajikistan contracted
with the Italian firm Salini Impregilo to build the dam over a 13-year period
for $3.9 billion, and has yet to finance most of the project.
Recent slowdowns in the Russian and Chinese economies, low commodity
prices, and currency fluctuations are hampering economic growth in Tajikistan.
The dollar value of remittances from Russia to Tajikistan started showing small
increases in 2017 after dropping by almost 65% in 2015. The government spent
almost $500 million in 2016 to bail out the country’s banking sector, which is
still troubled, and the government is facing challenges financing a public debt
that is equivalent to approximately 50% of GDP. The National Bank of Tajikistan
has aggressively spent its reserves to bolster the weakening somoni, leaving
little space for fiscal or monetary measures to counter additional economic
shocks.
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Source
: CIA |
COMPANY REPORT
CO. NAME: ARSHI SOMON OOO (CORRECT)
ARSHI
SOMON LLC (REQUESTED)
ADDRESS
Street : Pairav Sulaimoni Avenue 4
Town : Khujand 735700
Country : Tajikistan
Mobile : (992 92) 702 0102 (Managing Director) /
(992 93) 996 0006 / (992 92) 997 4006 (Chief Accountant)
E-Mail
: arshi.somon@gmail.com / boimamat.uzakov@mail.ru /
shavkat-yusupov@mail.ru
Extended Name
: Arshi Somon Obshchestvo s Ogranichennoy Otvetstvennostyu
English Translation : Arshi Somon LLC
Also known as : Arshi Somon ChDMM
SENIOR
COMPANY PERSONNEL
Name Position
1. Shavkatzhon
Malikovich Yusupov Managing
Director
2. Boymukhammed
Uzakov Chief Accountant
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,
although it is
normal accepted practice for international suppliers to deal on secured terms
with Tajikistani importers.
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME : BANK ESKHATA OJSC
Branch : Gagarin Street 135
Town : Khujand 735700
Telephone: (992
3422) 66999
Fax : (992 3422) 66999
Acc. No. :
20206840201000100057
FINANCIAL INFORMATION
Balance Sheets
as at 31 December 2017 showed :
31/12/2016 31/12/2017
(in SOMONI)
Assets
Cash and cash
equivalents
8,800 211,022
Accounts
receivable
64,450 88,200
Inventory in
agroshops
316,000 308,700
Inventory in
storage
169,850 970,200
Fixed
assets
3,550 19,550
Total
Assets
562,650 1,597,672
Equity and
Liabilities
Liabilities
Accounts
payable
276,500 643,740
Loans
received
35,343 -
Total
Liabilities
311,843 643,740
Equity
Share
capital
2,550 20,000
Revolving
fund
200,000 600,000
Undistributed
profit of previous years - 48,257
Undistributed
profit of the reporting period
48,257 285,675
Total
Equity
250,807 953,932
Total Equity and
Liabilities 562,650 1,597,672
INCOME STATEMENT
Revenue
567,000 3,520,250
Cost of
sales
(413,910) (2,780,998)
Gross
profit
153,090 739,253
Salary (63,504) (169,344)
25% social
tax
(15,876) (42,336)
Amortization (612) (3,465)
Rental
expenses
(10,584) (21,168)
Traveling
expenses (6,615) (43,924)
Transport
expenses
(1,248) (54,235)
Utilities
(1,920) (3,840)
Operating
expenses
(1,256) (23,452)
Total operating
expenses
(101,615) (361,764)
Interest
expenses
- (72,000)
Foreign exchange
losses
(139) (1,579)
Net
non-operating income (expenses)
(139) (73,579)
Profit before
income tax
51,336 303,910
Income tax
(3,079) (18,235)
Net profit for
the period
48,257 285,675
Historical Profit
and Loss Account
Sales
Turnover : SOMONI 567,000 - 2016 – exact *
: SOMONI 3,520,250 -
2017 - exact
: SOMONI 4,500,000 -
2018 – projected
Net Profit : SOMONI 48,257 - 2016 - exact
: SOMONI 285,675 - 2017 - exact
Total Value of
Stock Held : SOMONI 1,278,900 (as of 1 January 2018)
* First 6 months
of operations (25 July – December).
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 25
July 2016
History : The
subject company was established in Khujand on 25 July 2016.
Tax No.: INN
510037724
EIN Code :
5110019741
Authorised Capital
: SOMONI 20,000
Paid-Up Capital :
SOMONI 20,000
Obshchestvo s Ogranichennoy Otvetstvennostyu
(limited liability company) with the following shareholders :
Shareholders Percentage
1. Shavkatzhon Malikovich Yusupov 25%
2. Ilkhomzhon Mansurov 25%
3. Alisher Buzrukov 25%
4. Bakhtiyor Uzukov 25%
Affiliated
companies of the subject company:
Subsidiary
Sadbarg OOO
Khujand
Associates
1. Ardam OOO
2. Bio kishovar
OOO
ACTIVITIES
The company is
involved in the following activities:
Trading as
importers and distributors of pesticides and seeds.
NACE Code: 4690
Imports from USA,
the Netherlands, Germany, Russia and Kazakhstan.
Subject does not
export, all sales are domestic.
Distributors for
FMC (USA).
FACILITIES
The Company has
the following facilities :
Rented premises
comprising administrative offices and storage facilities located at the heading
address as well as branch offices located elsewhere in Dushanbe, Bokhtar
(formerly Kurgan-Tyube) and B.Gafurov.
REGISTERED OFFICE
Pairav Sulaimoni
Avenue 4
Khujand 735700
SPECIAL NOTE
You enquired on: ARSHI
SOMON 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 email address which you
provided: shavkar-yusupov@mail.ru is incorrect. Please note that subject's
correct E-mail addresses are as per heading.
Interviewed:
Boymukhammed Uzakov (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.75 |
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TJS |
1 |
INR 7.20 |
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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PRA |
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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
·
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.