|
|
|
MIRA INFORM REPORT
|
Report No. : |
506369 |
|
Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Formerly Known As : |
ALVIERO OOO |
|
|
|
|
Registered Office : |
Free Economic Zone Navoiy Novoiy
District Karmana 210609 |
|
|
|
|
Country : |
Uzbekistan |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
21.09.2001 |
|
|
|
|
Com. Reg. No.: |
1216 / 00817 |
|
|
|
|
Legal Form : |
Private Enterprise |
|
|
|
|
Line of Business : |
Manufacturers of Detergents. |
|
|
|
|
No. of Employees : |
19 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
SUM 400,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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) |
|
Uzbekistan |
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 |
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.
|
Source
: CIA |
COMPANY
NAME
ALVIERO
CHP (CORRECT)
OOO
ALVIERO (REQUESTED)
ADDRESS
Street : Navoiy Free
Economic Zone
Area : Novoiy District
Town : Karmana 210609
Country :
Uzbekistan
Telephone:
(998 97) 775 2112 (Akmal –former CFO) / (998 91) 135 1760 / (998 94) 684 3833 /
(998 90) 355 8883 / 246 8028
Fax : (998 95) 142 8022
E-Mail : kronour@mail.ru
Website : www.palmera.all.biz
English
Translation : Alviero Private Enterprise
Also known
as : Alviero Xususiy Korxonasi / Alviero Masuliyati XK / Alviero Chastnoye
Predpryatye
Formerly
known as : Alviero OOO
SENIOR
COMPANY PERSONNEL
Name
Position
1. Zokirkhodzha Abidovich Artikhodzhaev Director
2. Marina Bogacheva Chief Accountant
Total
Employees : 119
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 Uzbekistani importers.
Opinion
on maximum credit : SUM 400,000,000
Trade
risk assessment : Normal
PRINCIPAL
BANKERS
NAME : NATIONAL BANK FOR FOREIGN ECONOMIC
ACTIVITY OF THE REPUBLIC OF UZBEKISTAN
Branch : 2-nd Karakamysh Street 54
Town : Tashkent
Telephone:
(998 71) 228 7416
Fax : (998 71) 228 7852
FINANCIAL
INFORMATION
The following financial information is the latest
available on the subject in our file :
31/12/2016 31/12/2017
(in
thousands of SUM)
ASSETS
Long-Term Assets
Fixed assets 5,938,602.44 4,887,095.82
Depreciation (2,169,538.82) (1,948,102.21)
Net value 3,769,063.62 2,936,993.61
Intangible Assets
Initial value 264.84 264.84
Depreciation 227.35 258.25
Net value 37.49 6.59
Long-Term Investment
Capital investments 14,200.00 2,418.00
Total Long-Term Assets 3,783,301.11 5,357,343.61
Current Assets
Inventories 4,577,216.72 10,252,903.34
Including:
Production inventory 2,499,860.46 2,557,693.33
Finishing products 1,867,422.53 7,562,949.15
Goods 209,933.73 132,260.86
Expenses for future periods 5,072.53 5,796.31
Deferred expenses
Receivables, total 186,594.88 427,030.82
Trade receivables 36,468.09 241,404.00
Advances for staff 16,983.76 -
Advances to
suppliers and contactors 131,698.29 165,934.3
Advance payments to
state trust funds and insurance 294.74 -
Tax advances
Staff arrears for other operations
1,150.00 6,853.81
Other accounts receivable - 1,283,871.00
Cash and cash equivalents, total 603,639.76 868,903.19
Including:
Cash in bank 602,390.00 865,718.16
Cash in foreign currency 568.43 2,082.23
Other cash equivalents 581.33 1,102.80
Total Current Assets 5,372,523.89 11,554,633.66
Total Assets 9,155,825.00 16,911,977.27
EQUITY AND LIABILITIES
Equity
Share capital 598,671.65 598,671.65
Additional paid-up capital 10.59 10.59
Reserve capital 3,285,120.71 5,510,734.42
Retained earnings 777293.76 21,322,491.54
Directed receipts
Total equity 4,661,096.71 8,241,908.20
Long-Term Liabilities, total 207,380.42 2,130,407.64
Long-term
bank loans
207,380.42
2,130,407.64
Current Liabilities, total 4,287,347.87 6,539,661.43
Current payables 3,068,824.71 6,539,661.43
Payables to suppliers 1,626,436.34 5,740,694.97
Advances received 1,438,211.57 46,075.01
Arrears in payment to the budget 2,963.20 77.00
Payables to the state funds - 739,441.72
Salaries & wages - 1,358.33
Short-term bank loans 1,218,523.16 -
Other liabilities 1,213.60 12,014.40
Total Liabilities 4,494,726.29 8,670,069.07
Total Equity and Liabilities 9,155,825.00 16,911,977.27
PROFIT AND LOSS ACCOUNT
31/12/2016 31/12/2017
(in
thousand SUM)
Net proceeds from the sale
of products (goods, works and service) 15,026,321.00
24,381,247.95
Cost of goods sold
(goods, work and service)
(7,917,301.00)(12,882,314.70)
Gross profit (loss)from the sale of
products ( goods, work and service) 7,109,020.00 11,798,933.25
Expenses of the period (825,151.00)
(1,398,715.65)
Expenses for realization (190,669.00) (276,342.87)
Administrative expenses (427,872.00) (871,293.64)
Other operating expenses (206,610.00) (551079.14)
Other operating income 9,092.00 503,783.24
Profit (loss) from main operations 6,292,961.00 10,604,000.84
Income from financial activities 72,063.00 551,831.30
Income from exchange rate differences
Expenses from financial activities
Expenses in the form of interest - 15,596.40
Losses form exchange rate differences 68,902.00 536,234.90
Profit (loss) from general
economic activities (329,808.00) (4,317,131.96)
Interest expenses (213,145.00) (280,606.75)
Foreign exchange losses (116,663.00) (4,036,525.21)
Profit
(loss) from general
economic activities 6,035,216.00 6,838,700.18
Profit (loss) before taxation 6,035,216.00 6,838,700.18
Other taxes (752,632.00) (1,330,293.54)
Net profit (loss) for the period 5,282,584.00 5,508,406.64
Temporary
tax breaks 749,888.38 2,466,514.11
Inventory and household
items in operation 53,478.18 163,615.30
Sales Turnover : SUM
30,000,000,000 - 2018 - projected
Value of current contracts : USD 6,500,000 (as of 1 May 2018)
Total Value of Stock Held : SUM 2,539,231,523.00 (as of 31 December
2017)
Total Invested Capital : SUM 167,086,558.00 (as of 31 December 2016)
Financial
year ends 31 December.
LEGAL
STATUS AND HISTORY
Date
Started : 21 September 2001
History
: The subject company was established in Uzbekistan in 21 September 2001
as a limited liability company styled
“Alviero OOO”.
On
1 November 2011, subject commenced manufacturing activities.
In 2014
subject was converted into Chastnoye Predpryatye (Private Enterprise).
C.R. No. : 1216 / 00817
Tax No. :
INN 203697731
Statistics Code : OKPO 18191704
Authorized Capital
: SUM 598,671,650
Paid-Up Capital : SUM 598,671,650
Chastnoye
Predpryatye (Private Enterprise) owned by Zokirkhodzha Abidovich Artikhodzhaev.
As a
matter of interest family members of Zokirkhodzha Abidovich Artikhodzhaev are
shareholders in the following company :
Fabbricante
FE (Family Enterprise)
Beruni
Street 88
Olmazor
District
Tashkent
100020
Tel: (998
97) 745 8486
E-mail:
kronouz@mail.ru
Director
Saidakmal Saidazimovich Saidazimov
Shareholders:
- Nargiza
Tulyaganovna Artikhodzhaeva (34%)
- Ziedulla
Zakirkhudzha ugli Artikhodzhaev (33%)
-
Saidakmal Saidazimovich Saidazimov (33%)
ACTIVITIES
The
Company is involved in the following activities :
Manufacturers of detergents.
NACE
Code : 2041
Production
capacity: 5000 tons per year.
Imports
from China, Belgium, Latvia,
Malaysia, Germany, Indonesia Poland and Turkey.
Subject’s principal overseas suppliers :
Manuchar NV( Belgian ), SIA Vignobles Selection
(Latvia), WorldStarTraiding CmbH (Germany) and Swiss Krono (Poland).
FACILITIES
The
Company has the following facilities :
Owned premises located on 2.7 hectare of land
comprises a manufacturing unit and storage facilities located at the heading
address as well as second manufacturing unit (8500 sq.m.) located at Ibrahim
Ota Street 7A, Tashkent and a showroom located at Beruni Street 88, Tashkent 100020 (see
"Branch Offices" section below).
REGISTERED OFFICE
Free economic zone Navoiy
Novoiy District
Karmana
210609
BRANCH OFFICES
1. Manufacturing unit
Ibrahim Ota Street 7A
Olmazor District
Tashkent
2. Showroom/Office
Tashkent 100020
SPECIAL NOTE
You enquired on: OOO Alviero.
Please note that this name applies to subject’s formerly known name. Subject’s
current registered name is as per heading.
The
address which you provided: Ibrohim Ota 7A, Taszkient Olmozor District applies
to subject’s manufacturing unit in Tashkent. Please note that subject’s
administrative office address is as per heading.
Interviewed: Zokirkhodzha
Abidovich Artikhodzhaev (Director)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.62 |
|
|
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
|
UZS |
1 |
INR 0.0080 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.