MIRA INFORM REPORT

 

 

Report No. :

495833

Report Date :

09.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

UNITOOLS LLC

 

 

Registered Office :

Parpetsi Street 22-14, Yerevan 0002

 

 

Country :

Armenia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.03.2004

 

 

Com. Reg. No.:

286.110.05266

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers, retailers and distributors of garden tools, machinery and equipment, such as :

 

- Snowploughs;

- Watering Equipment;

- Watering Accessories;

- Seeds;

- Fertilizers;

- Mini Greenhouses;

- Home Appliances;

- Hammocks;

- Electrical Equipment.

 

 

No. of Employees :

13

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

 

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Maximum Credit Limits :

DRAM 3,800,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Armenia

B2

B2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

COMPANY NAME

 

UNITOOLS LLC

 

 

ADDRESS

 

Street   : Davit Anhaght Street 4 - 44

 

Area     : Kanaker‐Zeytun District

 

Town     : Yerevan 0014

Country : Armenia

 

Telephone: (374 10) 239 697 / Mobile (374 99) 239 696 / (374 91) 570 420 / (374 55) 530 525 (Hovhannes Sergeevich Mkrtumyan)

Fax      : (374 10) 239 697

E-Mail   : unitools@mygarden.am

Website  : www.mygarden.am

 

Trading Style : My Garden

 

Also Known As : Unitools OOO

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Hovhannes Sergeevich Mkrtumyan                 Managing Director

 

2. Vardan Sergeevich Mkrtumyan                                   Deputy Director / Commerce

 

Total Employees: 13

 

 

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 3,800,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : EVOCABANK CJSC

 

Branch   : Hanrapetutyan Street 44/2

Town     : Yerevan 0010

 

Telephone: (374 10) 605 555

Fax      : (374 10) 605 555 

 

Subject formerly had an account with:

 

1. Procredit Bank CJSC

   Teryan Street 105/1

   Yerevan 0009

   Telephone: (374 11) 202 020

   Fax      : (374 11) 202 021

 

2. Inecobank CJSC

   Tumanyan Street 17

   Yerevan 0001

   Telephone: (374 11) 510 510

   Fax      : (374 11) 510 510       

 

 

FINANCIAL INFORMATION

 

Balance sheets as at 31 December 2014 showed (latest available):

 

                                                                                    31/12/2014           

                                                                                    (in DRAM)

 

ASSETS

 

Non-current assets                                                        214,803

Real estate, construction and industrial equipment           214,803

Current assets                                                               154,660,934

Reserves                                                                                  100,647,318

Buyers                                                                                      4,955,482

Other receivables and income / prepaid expenses           45,243,260

Cash                                                                                         3,814,874

TOTAL ASSETS                                                            154,875,737

 

LIABILITIES & EQUITY

 

Equity                                                                                       (16,901,021)

The authorized capital of                                                            50,000

Retained earnings                                                          (16,951,021)

Current liabilities                                                                        171,776,758

Credit / Loans                                                               42,102,518

Companies contractors                                                              2,929,995

Other short-term liabilities, income & prepaid expenses  126,744,245

TOTAL LIABILITIES & EQUITY                                        154,875,737

 

INCOME STATEMENT

 

Net revenue from sales                                                  79,717,327.84

Other revenues, net

Cost of sales                                                                            41,223,832.91

Gross profit                                                                              38,493,494.93

Administrative and other operating expenses                   21,972,790.68

The result of operating activities                                     16,520,704.25

The result of financial activities                                      (14,678,935.31)

Net Profit                                                                                  1,841,768.94

 

Historical Profit And Loss Account

 

Revenue                       : DRAM  79,717,327 - 2014 - exact

                                                : EURO 106,977,000 - 2015 – exact

                                                : DRAM 160,900,000 - 2016 – exact

                                                : DRAM 190,000,000 – 2017 – exact

                                                : DRAM 210,000,000 – 2018 – projected 

 

Net Profit                      : DRAM   1,841,769 - 2014 – exact

                                                : DRAM   8,344,000 – 2015 – exact

                                                : DRAM   4,543,000 – 2016 – exact

                                                : DRAM   5,500,000 – 2017 – exact 

 

Total Value of Stock Held : DRAM 125,000,000 (as of January 2018)

 

Total Invested Capital : DRAM 93,000,000 (as of3 December 2015)

 

Financial year ends 31 December.

 

The following financial information applies to subject’s affiliated company, Lambron-Pharmimpex LLC (latest available) :

 

Sales Turnover          : DRAM   615,000,000 - 2014 - exact

                       

Net Profit              : DRAM    13,591,500 - 2014 - exact

 

Financial year ends 31 December.

 

The following financial information applies to subject’s affiliated company, Richter-Lambron Armenian-Hungarian JV Co. Ltd (latest available) :

 

Sales Turnover              : DRAM 7,182,000,000 – 2014 – exact

                                                : DRAM 7,500,000,000 - 2015 - approx

 

Net Profit                      : DRAM   115,630,200 - 2014 - exact

 

Financial year ends 31 December.

 

The following financial information applies to subject’s affiliated company, Gedeon Richter Pharmacy JV LLC (latest available):

 

Sales Turnover              : DRAM  3,270,000,000 - 2014 - exact

                       

Net Profit                      : DRAM     58,860,000 - 2014 - exact

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 4 March 2004

 

History : Subject was established in Yerevan on 4 March 2004.

 

C.R. No. : 286.110.05266

 

Tax No. : 02571784

 

Authorised Capital : DRAM 100,000 (increased from DRAM 50,000)

 

Paid-Up Capital : DRAM 100,000 (increased from DRAM 50,000)

 

Limited Liability Company with the following shareholders :

 

   Shareholders                                                  Percentage

 

1. Armen Davtyan                                  25%

  (Russian national)

 

2. Ruben Astvacatryan                                       25%

  (Russian national)

 

3. Ara Sahakyan                                    25%

  (Armenian national)

           

4. Levon Saghatelyan                                        25%

  (Armenian national)

 

Affiliated companies of Unitools LLC :

 

Associates

 

1. Lambron-Pharmimpex LLC                       

   Ghazar Parpetsu Street 22

   Kentron Districtr

   Yerevan 0002

   Telephone: (374 10) 538 796 / 533 265 / 531 500

   Fax      : (374 10) 538 796

   Managing Director : Levon R. Saghatelyan

   ID Code : 02500036               

   Shareholders :

      - Armen Davtyan                                         25%

      - Ruben Astvacatryan                                  25%

      - Ara Sahakyan                                                        25%

      - Levon Saghatelyan                                    25%

 

2. Richter-Lambron Armenian-Hungarian JV Co. Ltd

   Arshakunyats Avenue 2nd Lane 2

   Kentron District

   Yerevan 0023 

   Telephone: (374 10) 544 406 / 538 796 / 533 265 / 531 500

   Fax      : (374 10) 538 796

   General Manager : Armen E. Davtyan

   Managing Director : Vahan Karganyan

   ID Code : 02542882               

   Shareholders :

      - Lambron-Pharmimpex LLC                    49%

   (registered address : Ghazar Parpetsu Street 22, Kentron District,

   Yerevan 0002)

 

3. Gedeon Richter Pharmacy JV lLC

   Orbeli Yeghbayrneri Street 14

   Arabkir District

   Yerevan 0028

   Telephone: (374 10) 229 620  

   Managing Director : Aram Aghvanyan

   ID Code : 02587972               

   Shareholders :

      - Lambron-Pharmimpex LLC                    49%

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, retailers and distributors of garden tools, machinery and equipment, such as :

 

- snowploughs;

- watering equipment;

- watering accessories;

- seeds;

- fertilizers;

- mini greenhouses;

- home appliances;

- hammocks;

- electrical equipment.

 

Subject provides landscape design, garden care, installation of irrigation systems and gardening services.

 

Distributors for :

 

- STIHL (Germany);

- Viking (Austria);

- Wolf ­ Garten (Germany);

- Fiskars (Finland);

- Claber (Italy);

- Stiga (Swiss);

- Romberg (Germany);

- Jobek (Germany);

- Hozelock (UK);

- Johnsons (UK);

- IKRA & Mogatec (Germany).

 

Subject’s main suppliers include :

 

- Ikra GmbH;

  Schlesier Strasse 36 

  Münster-Altheim D-64839

  Germany

  Contact person : Arthur Plaskon

  Telephone: (49 6071) 300 326 / Mobile (49 162) 444 4595

  E-Mail   : arthur.plaskon@ikra.de

 

- VIKING GmbH;

  Hans Peter Stihl-Strasse 5

  Langkampfen/Kufstein Osterrreich 6336

  Austria

  Contact person : Antonina Paregger,

  Telephone: (43 5372) 697 2337

  Fax      : (43 5372) 6972 9337

  E-Mail   : antonina.paregger@viking.at

 

- Andreas STIHL AG & CO. KG;

  Badstrasse 115

  Waiblingen D-71336

  Germany

  Contact person : Dina Cyron

  E-Mail  :  dina.cyron@stihl.de

 

- Fiskars Garden Oy Ab;

  Hämeentie 135A

  P.O. Box 130

  Helsinki FI-00561 

  Finland

  Contact person : Matvei Porval

  Mobile   : (358 40) 482 3778

  E-Mail   :  matvei.porval@fiskars.com

 

- Claber SPA;

  Via Pontebbana 22

  Fiume Veneto (PN) 33080 

  Italy

  Contact person : Michele Livotti

  Telephone: (39 0434) 958 836 

  Fax      : (39 0434) 957 193

  E-Mail   : michele.livotti@claber.it

 

- MTD Products AG;

  Industrie Street 23

  Saarbruecken –Bubingen D-66129

  Germany

  Contact person : Carina Pacyga

  Telephone: (49 0680) 579 505 / 579 401

  Contact person : carina.pacyga@mtdproducts.com

 

- Hozelock Ltd;

  891 route des Frкnes – ZI Nord Arnas

  Villefranche Cedex BP 30424 69653

  UK

  Contact person : David Anegas

  Telephone: (33 04) 7462 4816 / Mobile (33 06) 1731 2671

  E-Mail : d.anegas@hozelock-exel.com

 

- GGP Italy S.P.A..

  Via del Lavoro 6

  Castelfranco Veneto (TV) 31033 

  Italy

  Contact person : Federico Simonato

  Telephone: (39 0423) 450 612

  Fax      : (39 0423) 450 670

  E-Mail   : federico.simonato@ggp-group.com

 

NACE Codes : 4776 / 4799

 

Imports from Europe, Finland, Germany, Austria, UK, Italy, Poland, Czech Republic and France.

 

Subject does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises (140 sq. m.) comprising administrative offices, a retail outlet and storage facilities located at the heading address as well as a branch office, storage facilities and a retail outlet located elsewhere in Yerevan (see 'Branch Offices' below).

 

 

REGISTERED OFFICE

 

Parpetsi Street 22-14

Yerevan 0002

 

 

BRANCH OFFICES

 

1. Storage Facilities

   Komitas Street 59

   Yerevan

 

2. Branch Office

   Karapet Parpetsi Street 22-14

   Yerevan

 

3. Noravan Street 55

   Verin Ptghni Village

   Kotayk Marz 2228

 

 

SPECIAL NOTES

 

The address given by you : PARPETSI STR. 22-14, 002 EREVAN, ARMENIA is misspelt and applies to subject's registered office address. Please note that subject’s correct administrative office address is as per heading.

 

Interviewed: Hovhannes Sergeevich Mkrtumyan (Managing Director).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.92

UK Pound

1

INR 90.23

Euro

1

INR 80.54

AMD

1

INR 0.13

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.