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MIRA INFORM REPORT
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Report No. : |
495831 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Porloq Street 12 Bektemir District Tashkent
100026 |
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Country : |
Uzbekistan |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
03.10.2006 |
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Com. Reg. No.: |
2386-08 |
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Legal Form : |
Joint Venture |
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Line of Business : |
·
Bottlers
of mineral water. ·
Manufacturers of
non-alcoholic beverages. |
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No. of Employees : |
150 |
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 : |
SUM 1,300,000,000 |
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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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Uzbekistan |
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 |
UZBEKISTAN - ECONOMIC OVERVIEW
Uzbekistan is a doubly landlocked country in which 51% of the population lives in urban settlements; the agriculture-rich Fergana Valley, in which Uzbekistan’s eastern borders are situated, has been counted among the most densely populated parts of Central Asia. Since its independence in September 1991, the government has largely maintained its Soviet-style command economy with subsidies and tight controls on production, prices, and access to foreign currency. Despite ongoing efforts to diversify crops, Uzbek agriculture remains largely centered on cotton; Uzbekistan is the world's fifth-largest cotton exporter and seventh-largest producer. Uzbekistan's growth has been driven primarily by state-led investments, and export of natural gas, gold, and cotton provides a significant share of foreign exchange earnings.
Recently, lower global commodity prices and economic slowdowns in neighboring Russia and China have hurt Uzbekistan's trade and investment and worsened its foreign currency shortage. Aware of the need to improve the investment climate, the government is taking incremental steps to reform the business sector and address impediments to foreign investment in the country. Since the death of first President Islam KARIMOV and election of President Shavkat MIRZIYOYEV, emphasis on such initiatives and government efforts to improve the private sector have increased. In the past, Uzbek authorities accused US and other foreign companies operating in Uzbekistan of violating Uzbek laws and have frozen and seized their assets.
As a part of its economic reform efforts, the Uzbek Government is looking to expand opportunities for small and medium enterprises and prioritizes increasing foreign direct investment. In September 2017, the government devalued the official currency rate by almost 50% and announced the loosening of currency restrictions to eliminate the currency black market, increase access to hard currency, and boost investment.
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Source
: CIA |
Company name and address
CO. NAME : Arktika
Bottlers SP OOO (Correct)
ARKTIKA BOTTLER OOO (Requested)
ADDRESS
Street : Porloq Street 12
Area : Bektemir District
Town : Tashkent 100026
Country : Uzbekistan
Telephone : (998 71) 295 8511 (Head of Import
Department) / Mobile (998 91) 135 9115 (Managing Director) / (998 91) 135 9112
(Head of Import Department)
Fax : (998 71) 295 8511
E-Mail : bakhtiyor_omarkulov@arktikabottlers.uz /
vab@arktikabottlers.uz
Extended Name
: Arktika Bottlers Sovmestnoye Predpryatye v Forme Obshchestvo s
Ogranichennoy Otvetstvennostyu
English Translation : Arktika Bottlers JV LLC
Also known as : Arktika Bottlers QK MChJ
SENIOR
COMPANY PERSONNEL
Name Position
1. Bakhtiyor
Zhalilovich Omarkulov Managing Director
2. Viktoriya
Burkhanova Head of Import Department
Total Employees : 150
PAYMENTS
No complaints have
been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts,
although it is
normal accepted practice for international suppliers to deal on secured terms
with Uzbekistani importers.
Opinion on maximum
credit : SUM 1,300,000,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME : IPOTEKA BANK JSC
Branch : Sergeli Branch, Mehrigiyo Street 1
Town : Tashkent 100209
Telephone: (998
71) 150 7994
Fax : (998 71) 150 7994
FINANCIAL INFORMATION
Private companies
in Uzbekistan are not required to publish or disclose balance sheets. However,
the subject interviewed offered
the following
information :
Sales
Turnover : SUM 65,000,000,000 -
2017 - approx
: SUM
70,000,000,000 - 2018 – projected
Net Profit : SUM 15,000,000,000 - 2017 - approx
Financial year
ends 31 December.
The following
Balance Sheets as at 31 December 2016 applies to subject’s affiliated company, Family
Group SP OOO (latest available):
31/12/2015
31/12/2016
(in
thousands of SUM)
Assets
Lon-Term Assets
Fixed
Assets
Initial
value - 33,235,579
Depreciation -
(2,889,756)
Book value - 30,345,823
Intangible
assets - 734
Depreciation - 12
Book value - 722
Capital
investments 6,600
1,290,399
Total Long-Term
Assets 6,600
31,636,944
Current Assets
Total
inventories including :
1,361,113.56 8,155,332
Production
inventories 968,224.42
6,765,064
Goods 392,889.14
1,390,268
Prepaid
expenses 16,656.81
64,876
Receivables 721,337.83
12,141,196
Trade
receivables
24,204.5 2,798,851
Advances to
suppliers and contractors 48,645.9
9,154,076
Advance payments
of taxes and other
obligatory
payments 422.84 95,887
Debt of founders
on contributions to
the authorized
capital 393,135 -
Other
receivables
254,929.59 92,382
Cash & cash
equivalents 978,074.61 13,745,926
Cash in
bank 31,074.61
696,144
Cash in foreign
currency - 55,485
Other cash &
cash equivalents 947,000
12,994,297
Short-term
investments 360,301.35 2,915,319
Total Current
Assets 3,437,484.16
37,022,649
Total
Assets
3,444,084.16 68,659,593
Equity and
Liabilities
Share
capital
393,150 393,150
Additional paid
capital - 62,882
Reserve
capital - 27,799
Retained
earnings 4,753.71
20,272,371
Total
Equity
397,903.71 20,756,202
Long-Term
Liabilities, total
- 25,053,185
Current
Liabilities 3,046,180.45
22,850,206
Including:
Trade
payables
1,027,029.48 9,512,408
Advances
received 1,819,075
10,481,639
Tax
liabilities
18,683.11 268,797
Insurance 442.91
5,093
Payables to
state funds 2,583.29
34,122
Arrears of
wages 6,311.49
96,672
Borrowings - 1,157,000
Current portion
of long-term liabilities - 1,000,000
Other
liabilities
172,055.17 294,475
Total
Liabilities 3,046,180.45
47,903,391
Total Equity
& Liabilities 3,444,084.16
68,659,593
Income Statement
Revenue 399,829 44,164,347
Cost of
sales
(133,960.58) (16,948,746)
Gross profit 265,868.42 27,215,601
Expenses for the
period (184,973.79) (3,835,119)
Other income
from operations - 128,903
Operating profit
(loss) 80,894.63 23,509,385
Financial
income
712.42 704,968
Financial
expenses
(35,010.44) (1,336,659)
Profit before
income tax 46,596.61 22,877,694
Income tax (41,842.9) (2,610,077)
Profit for
year
4,753.71 20,267,617
Financial year
ends 31 December.
Historical
Profit and Loss Account
Sales
Turnover : SUM 399,829,000 – 2015 – exact
: SUM 44,164,347,000 – 2016 – exact
: SUM 14,765,918,000 -
2017 – exact *
Net Profit : SUM 4,753,710 - 2015 - exact
: SUM 20,267,617,000 -
2016 - exact
Total Value of Stock
Held : SUM 13,970,089 (as of August 2017)
Total Invested
Capital : SUM 29,553,185 (as of August 2017)
* 7 months results
(January - July).
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 3
October 2006
History : The subject
company was established in Tashkent on 3 October 2006.
C.R. No. : 2386-08
Tax No.: INN
300015984
Statistics Code :
OKPO 21392435
Activity Code:
OKONh 18145
Authorised Capital
: US DLRS 20,000,000
Paid-Up Capital :
US DLRS 20,000,000
SovmestnoyePredpryatye (joint venture) with the
following shareholders :
Shareholders
Percentage
1. Power Production QK MChJ 48%
2. Commersant
Establishment 36%
Liechtenstein
3. Aziz
Akhrorovich Ismailov 16%
Affiliated company
of the subject company :
Associate
Family Group SP
OOO
Porloq Street 53
Bektemir District
Tashkent 1000026
Telephone : (998 71) 202 7202 / Mobile (998 91) 135
9115 (Managing Director) / (998 91) 135 9080 (Chief Accountant) / (998 91) 135
9112 (Head of Import Department)
Fax : (998 71) 202 7202
E-Mail : bakhtiyor_omarkulov@arktikabottlers.uz
Managing Director:
Bakhtiyor Zhalilovich Omarkulov
Est.: 30 September
2015
C.R. No. : 6498
Tax No.: INN
303457361
Statistics Code :
OKPO 25694311
Activity Code:
OKONh 18145
Capital : SUM
16,402,760
Shareholders:
- Botyr Ishpulatovich Tashev 49.99%
- Commersant Establishment 33.34%
Liechtenstein
- Aziz Akhrarovich Ismailov 16.67%
ACTIVITIES
The Company is
involved in the following activities :
Bottlers of
mineral water.
Manufacturers of
non-alcoholic beverages.
NACE Code: 1107
Imports from
Europe, Russia and China.
Exports to
Kazakhstan and Kyrgyzstan.
FACILITIES
The Company has
the following facilities :
Rented premises
comprising administrative offices, a manufacturing unit and storage facilities located
at the heading address.
REGISTERED OFFICE
Porloq Street 12
Bektemir District
Tashkent 100026
SPECIAL NOTE
You enquired on:
ARKTIKA BOTTLER OOO. Please note that the correct name is as per heading.
Interviewed:
Bakhtiyor Zhalilovich Omarkulov (Managing Director).
Every effort is
made to ensure that the information given herein is
accurate, but no
legal responsibility is accepted for any error or
omission in the
text.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.07 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.85 |
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UZS |
1 |
INR 0.0078 |
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 : |
DNS |
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
·
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.