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MIRA
INFORM REPORT
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Report No. : |
499333 |
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Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PROSTARS OOO |
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Registered Office : |
Olshevskogo Street 22,
Office 3, Minsk |
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Country : |
Belarus |
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Date of Incorporation : |
24.01.2017 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers, wholesalers and retailers of variety of products, mainly
razors, trimmers, clippers for animals, trimmers, hairdryers, sets, stylers
and accessories. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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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Belarus |
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 |
BELARUS - ECONOMIC OVERVIEW
As part of the former Soviet Union, Belarus had a relatively well-developed, though aging industrial base; it retained this industrial base - which is now outdated, energy inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets - following the breakup of the USSR. The country also has a broad agricultural base which is largely inefficient and dependent on government subsidies. After an initial burst of capitalist reform between 1991 and 1994, including privatization of smaller state enterprises and some service sector businesses, creation of institutions of private property, and development of entrepreneurship, Belarus' economic development greatly slowed. About 80% of all industry remains in state hands, and non-Russian foreign investment has been hindered by a reluctance to welcome private investment absent joint ownership or affiliation with the state. A few businesses, which had been privatized after independence, were renationalized. State banks account for 75% of the banking sector.
Economic output declined for several years following the collapse of the Soviet Union, but revived in the mid-2000s due to the boom in oil prices. Belarus has only small reserves of crude oil, though it imports most of its crude oil and natural gas from Russia at prices substantially below world market prices. Belarus then derives export revenue by refining Russian crude and selling it at market prices. In late 2006, Russia began a process of rolling back its subsidies on oil and gas exports to Belarus. Several times since, Russia and Belarus have had serious disagreements over the level and price of Russian energy supplies. At one point in 2010, Russia stopped the export of all subsidized oil to Belarus save for domestic needs before the two countries reached a deal to restart the export of discounted oil to Belarus. Beginning in early 2016, Russia claimed Belarus began accumulating debt – reaching $740 million by April 2017 – for paying below an agreed price for Russian natural gas. Russia decided to reduce its export of crude oil as a result of the debt. In April 2017, Belarus agreed to pay its gas debt and Russia restored the flow of crude. The agreement paved the way for resumption of cheap energy imports and financial assistance from the Eurasian Fund for Stabilization and Development.
New non-Russian foreign investment has been limited in recent years. In 2011, a financial crisis began, triggered by government-directed salary hikes, compounded by an increased cost in Russian energy inputs and an overvalued Belarusian ruble that lead to a nearly three-fold devaluation of the Belarusian ruble. In November 2011, Belarus agreed to sell to Russia its remaining shares of Beltransgaz, the Belarusian natural gas pipeline operator, in exchange for reduced prices for Russian natural gas. The situation stabilized in 2012, after Belarus received part of a $3 billion loan from the Russian-dominated Eurasian Economic Community Bailout Fund, a $1 billion loan from the Russian state-owned bank Sberbank, and $2.5 billion from the sale of Beltransgaz to Russian state-owned Gazprom; nevertheless, the Belarusian currency lost more than 60% of its value, as inflation reached new highs in 2011 and 2012, before calming in 2013. In December 2013, Russia announced a new loan for Belarus of up to $2 billion for 2014. Notwithstanding foreign assistance, the Belarusian economy continued to struggle under the weight of high external debt servicing payments and trade deficit. In mid-December 2014, structural economic shortcomings were aggravated by the devaluation of the Russian ruble, which triggered a near 40% devaluation of the Belarusian ruble.
Belarus’s economy stagnated between 2012 and 2016, which led to widening productivity and income gaps between Belarus and neighboring countries. Since 2015, the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken steps towards price liberalization, and reduced subsidized government lending to state-owned industrial and agricultural enterprises, amid a drop in state budget revenues that resulted from falling global prices on key Belarusian export commodities - petroleum products and potash fertilizer. Belarus returned to weak growth in 2017, largely driven by improvement of external conditions that allowed for growth in its manufacturing sector. Belarus also issued sovereign debt for the first time since 2011 for $1.4 billion in June 2017, which provided the country with badly-needed liquidity.
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Source
: CIA |
COMPANY NAME
CO. NAME : PROSTARS OOO
ADDRESS
Street : Urozhaynaya Street 9 (Liter DZ/BL), Office 2
Town : Minsk 220053
Country : Belarus
Mobile : (375 29) 573 4052 (Business
Development Manager) / (375 29) 693 4052
E-Mail : info@prostar.by
Website : www.prostar.by
Extended
Name : Prostars
Obshchestvo s Ogranichennoy Otvetstvennostyu
English
Translation : Prostars
LLC
SENIOR COMPANY PERSONNEL
Name Position
1. Nikolay Alekseevich Madesov Managing
Director
2. Nikolay Igoryevich Business
Development Manager
Total Employees : 5
PAYMENTS
No trade experience of payments is available.
Subject is a newly-established business
incorporated on 24 January 2017.
It is normal accepted practice for international
suppliers to deal on secured terms with Belarus importers.
PRINCIPAL BANKERS
NAME : MTBANK CJSC
Branch : Tolstogo Street 10
Town : Minsk 220007
Telephone: (375
17) 229 9900
Fax : (375 17) 213 2909
Acc. No. : BY65MTBK30120001093300076210
SWIFT : MTBKBY22
FINANCIAL INFORMATION
As the Company has only recently commenced
operations, relevant financial information is not available.
LEGAL STATUS AND HISTORY
Date Started : 24
January 2017
History : The
subject company was established in Minsk on 24 January 2017.
Tax No. : UNP
192762930
Capital : Not
given
Obshchestvo s Ogranichennoy Otvetstvennostyu (limited liability company) with the following shareholders
:
Details of subject’s shareholders could not be
obtained at present.
ACTIVITIES
The Company is involved in the following activities
:
Trading as importers, wholesalers and retailers of
variety of products, mainly razors, trimmers, clippers for animals, trimmers,
hairdryers, sets, stylers and accessories.
NACE Code: 4690
Imports from Europe.
Subject does not export, all sales are domestic.
FACILITIES
The Company has the following facilities :
Rented office premises and storage facilities
located at the heading address.
REGISTERED OFFICE
Olshevskogo Street 22,
Office 3
Minsk
GENERAL INFORMATION
As of 1 July 2016 the Government of Belarus
redenominated B ROUBLE. One B ROUBLE equals 10,000 old B ROUBLEs.
SPECIAL NOTE
Interviewed: Nikolay Igoryevich (Business
Development Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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BYR |
1 |
INR 33.19 |
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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NIY |
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Report Prepared
by : |
SYL |
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
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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
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Industry
scenario / competitor analysis
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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.