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MIRA INFORM REPORT
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Report No. : |
506757 |
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Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SHIVER TOCHIKISTON ZAO |
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Registered Office : |
Dusti Halko
Street 47, Dushanbe 734000 |
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Country : |
Tajikistan |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
17.06.2014 |
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Legal Form : |
Closed Joint Stock Company |
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Line of Business : |
The company is involved in the following
activities: Owners and
Operators of Hypermarket Styled “Auchan”. |
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No. of Employees : |
315 |
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 : |
SOMONI 2,400,000 |
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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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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 : SHIVER TOCHIKISTON
ZAO (CORRECT)
SCHIEVER
TAJIKISTAN CJSC (REQUESTED)
ADDRESS
Street : Dusti Halko Street 47 (aka Druzhby
Narodov Street 47)
Town : Dushanbe 734013
Country : Tajikistan
Telephone : (992 48) 888 4002 / Mobile (992 55) 555
4815 (Beknazar Azimov) / (992 93) 709 4444 (Zamira Oripova)
E-Mail
: job@schiever.tj / zamira.oripova@gmail.com
Website
: www.schiever.com
Trading Style
: Auchan
Extended Name
: Shiver Tochikiston Zakrytoye
Aktsyonernoye Obshchestvo
English Translation : Shiver Tajikistan CJSC
Also known as : Shiver Tochikiston ChSP / Shiver Tajikistan ZAO
SENIOR COMPANY PERSONNEL
Name Position
1. Allen Bartez
Paskal Managing Director
2. Zamira
Oripova Chief Accountant
3. Beknazar
Azimov HR Coordinator
Total Employees:
315
PAYMENTS
No complaints have
been heard regarding payments from local suppliers or banks.
Subject operates
as a subsidiary of Schiever Group, France, which is a family business that was
founded in 1871. It is a partner of Auchan Group of Companies, French
international retail group and multinational corporation headquartered in
Croix, France. It is one of the world's principal distribution groups with a
presence in 16 countries and 337,900 employees. The company began when Gerard
Mulliez opened his first self-service shop (1961) in Roubaix in the district of
Hauts-Champs -pronunciation is very similar to "Auchan".
Subject is also
owned by EBRD (34%), which is an international financial institution founded in
1991. As a multilateral developmental investment bank, the EBRD uses investment
as a tool to build market economies. Initially focused on the countries of the
former Eastern Bloc it expanded to support development in 30 countries from
central Europe to central Asia. Besides Europe, member countries of the EBRD
are from all 5 continents, with the biggest shareholder being the United
States. Headquartered in London, the EBRD is owned by 65 countries and two EU
institutions.
In view of the
association, 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 Tajikistani importers.
Opinion on maximum
credit : SOMONI 2,400,000 (associations inspire
confidence for
higher amounts if
required)
Trade risk
assessment: Normal
SIGNIFICANT CHANGES
EBRD FINANCED THE
FIRST HYPERMARKET IN TAJIKISTAN
21 June 2016
(www.openeyesopinion.com): The discount hypermarket will be operated by Schiever Tajikistan, a
subsidiary of the French Schiever Group, which holds the Auchan franchise in
the mountainous country of eight million people in Central Asia, on the border
with Afghanistan and China.
Schiever
Tajikistan’s General Manager Frédéric Lobbé said: “This opening represents a
revolution for Tajikistan. Our Auchan hypermarket will be a popular store for
everyone, offering a large choice of quality products at affordable prices. It
is going to improve the country’s food security.”
The new store is
also the first Auchan hypermarket in the whole of Central Asia.
The EBRD invested
€5 million in the project with a long-term loan and an equity investment to
become a minority shareholder in Schiever Tajikistan.
The EBRD was
represented at the opening ceremony by Richard Jones, Director, Head of EBRD
operations in Tajikistan. He said: “This is a hugely important project.
Offering quality products at discount prices, Auchan has already struck
contracts with more than 200 local suppliers, setting the foundations for a new
stage in the development of agri-food value chains and exports. The
determination of Schiever’s management to take this ground-breaking project
beyond today’s opening offers a powerful demonstration of the positive impact
of foreign investment: setting new industry standards, enhancing transparency,
creating some 400 jobs and bringing direct benefits to consumers.”
At first, Schiever
Tajikistan plans to import the majority of food articles from Russia, where
Auchan is a leading retailer. Over time, with help from the EBRD’s agribusiness
advisory services, the company aims to develop links with Tajik farmers to
source more and more products locally and work on the possibility of exporting Tajik
agricultural products to Russia.
With projects like
this the EBRD aims to realise its strategic priorities, among which are
regional economic cooperation, strengthening economic resilience and ensuring
food security.
Gilles Mettetal,
EBRD Managing Director for Industry, Commerce and Agribusiness, said: “The
opening of Tajikistan’s first hypermarket is an important step towards
strengthening the country’s food value chain, while also raising hygiene
standards in the retail industry and improving shopping conditions for the
population. We believe that Auchan will boost the local economy and create
jobs, for the benefit of the agribusiness sector and the country as a whole.”
To date, the EBRD
has invested €578 million in various sectors of Tajikistan’s economy in more
than 100 projects. Supporting modern agriculture and food production via
increased access to financing and advisory services is one of the Bank’s
priorities in the country.
PRINCIPAL BANKERS
NAME : TOJIKSODIROTBANK OJSC
Branch : Behzod Street 47
Town : Dushanbe
Telephone: (992
44) 600 4017
Fax : (992 44) 600 4017
The company also has an account with:
Kazkommertsbank
Tajikistan CJSC
Ayni Street 24A
Dushanbe 734012
Telephone: (992
44) 601 4055
Fax : (992 44) 601 4044
FINANCIAL INFORMATION
Private companies
in Tajikistan are not required to publish or disclose balance sheets. However,
the subject interviewed offered
the following
information :
Sales
Turnover : SOMONI 120,000,000 - 2017 - exact
: SOMONI 180,000,000 - 2018 – projected
Net Profit : not given but stated to be 10-11% of the
sales turnover
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 17
June 2014
History : The
subject company was established in Dushanbe on 17 June 2014 and commenced
operations on 21 June 2016.
Tax No.: INN
020044127
EIN Code :
0210020709
Authorised Capital
: SOMONI 37,395,000
Paid-Up Capital :
SOMONI 37,395,000
Zakrytoye Aktsyonernoye Obshchestvo (closed joint
stock company) with the following shareholders :
Shareholders Percentage
1. Schiever
International 51%
Zone Industrielle
Rue de l’étang
89200 Avallon cedex
France
Telephone: (33 3) 8634 6300
Fax
: (33 3) 8634 3892
2. European Bank for Reconstruction and
Development 34%
One
Exchange Square
London
EC2A 2JN
United
Kingdom
Tel: (44
20) 7338 6000
Fax: (44
20) 7338 6100
3. Evraziya CJSC 15%
Dushanbe
Personnel Profile
on EBRD:
The EBRD was
founded in April 1991 during the dissolution of the Soviet Union by
representatives of 40 nations from 3 continents and two European institutions,
the European Investment Bank (EIB) and, after reaching agreement on the bank's
charter, size, and distribution of power among shareholders.
In 2006, EBRD
stated it would cease spending in the Baltic and central European nations by
2010, and would shift funding to Russia, Ukraine, Armenia, Kazakhstan and
Uzbekistan. In 2010, due to the Great Recession, this process was postponed
until 2015.
The EBRD was founded
to support countries of the former Eastern Bloc in the process of establishing
their private sectors. To that end, it offers "project financing" for
banks, industries and businesses, for new ventures or existing companies. It
works with publicly owned companies to support their privatization, as
advocated by the WTO since the 1980s and "improvement of municipal
services".
The EBRD mandates
to work only in countries that are "committed to democratic
principles". It promotes "environmentally sound and sustainable
development", and does not finance "defense-related activities, the
tobacco industry, selected alcoholic products, substances banned by
international law and stand-alone gambling facilities".
ACTIVITIES
The company is
involved in the following activities:
Owners and
operators of hypermarket styled “Auchan”.
NACE Code: 4778
Imports from
Europe, Poland, France, Latvia and Russia.
Subject does not
export, all sales are domestic.
FACILITIES
The Company has
the following facilities :
Rented premises
comprising administrative offices located at the heading address as well as two
hypermarkets and storage facilities located elsewhere in Dushanbe.
Subject formerly
was located at:
Bekhzod Street 47
Dushanbe 734000
Mobile: (992 55)
555 4810 (switched off)
REGISTERED OFFICE
Dusti Halko Street
47
Dushanbe 734000
SPECIAL NOTES
You enquired on: SCHIEVER
TAJIKISTAN CJSC. 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 address which you provided: SISE BEHZOD
47, 734000 DUSZANBE, SOMONI R N TADZYKISTAN applies to subject's former
address. Please note that subject's current administrative office address is as
per heading.
Interviewed:
Zamira Oripova (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 66.76 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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TJS |
1 |
INR 7.45 |
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 : |
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
·
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.