|
|
|
MIRA INFORM REPORT
|
Report No. : |
506367 |
|
Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHAHNAR MMC |
|
|
|
|
Registered Office : |
Tabriz Street 72/74, Flat 95, Narimanov District
Baku AZ1008 |
|
|
|
|
Country : |
Azerbaijan |
|
|
|
|
Date of Incorporation : |
02.08.2003 |
|
|
|
|
Com. Reg. No.: |
041-658-041 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Trading as importers, wholesalers and retailers of welding machines,
parquet and building materials. ·
Trading as importers and distributors of foodstuff, chocolate, canned
food, tissues. |
|
|
|
|
No. of Employees : |
34 |
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 Limit : |
NEW MANAT 50,000 |
|
|
|
|
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) |
|
Azerbaijan |
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 |
AZERBAIJAN - ECONOMIC OVERVIEW
Prior to the decline in global oil prices since 2014, Azerbaijan's high economic growth was attributable to rising energy exports, and some non-export sectors also featured double-digit growth. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa Pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway. The expected completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another source of revenue from gas exports. Declining oil prices caused a 3.1% contraction in GDP in 2016, and a 0.8% decline in 2017, highlighted by a sharp reduction in the construction sector. The economic decline has been accompanied by higher inflation and a weakened banking sector in the aftermath of the two sharp currency devaluations since 2015. Azerbaijan’s financial sector continued to struggle in 2017. In May 2017, Baku allowed the state-owed International Bank of Azerbaijan (IBA), the nation’s largest bank, to default on some of its outstanding debt and file for bankruptcy in the US.
Azerbaijan has made limited progress with market-based economic reforms. Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors, but the government has made efforts to combat corruption, particularly in customs and with the “ASAN” one-stop window concept for government services. Several other obstacles impede Azerbaijan's economic progress, including the need for more foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. While trade with Russia and the other former Soviet republics remains important, Azerbaijan has expanded trade with Turkey and Europe and is seeking new markets for non-oil/gas exports, mainly from the agricultural sector, for example with Gulf Cooperation Council member countries, the US, and others.
Long-term prospects depend on world oil prices, Azerbaijan's ability to implement export routes for its growing gas production, and its ability to improve the business environment and diversify the economy. In late 2016, the President approved a strategic roadmap that identified key non-energy segments of the economy for development, such as agriculture, logistics, and tourism. In October, the long-awaited Baku-Tbilisi-Kars railway, stretching from the Azerbaijani capital to Kars in north-eastern Turkey, began limited service.
|
Source
: CIA |
COMPANY NAME
SHAHNAR MMC
ADDRESS
Street :
Heydar Alyiev Avenue 106
Area :
Nizami District
Town : Baku
AZ1029
Country :
Azerbaijan
Telephone: (994 12) 514 8887 / 514 8884 / 514 8727 /514
8990 / Mobile (994 50) 216 3288 / 222 5040 / (994 50) 216 3288 (Nizami Kasimov)
/
(994 50)210 8344 (Mamedoga Shakhthakhtyrskiy)/ (994 50) 669 6656
(whatsapp/viber office)
Fax : (994
12) 566 4352
E-Mail :
shahnar@shahnar.az / ceyran.guliyeva@shahnar.az/ nizami@shahnar.az /
telliat@shahnar.az
Extended Name :
Shahnar Mehdud Mesuliyyetli Camiyyeti
English Translation : Shahnar Ltd
Also Known As : Sahnar MMC
SENIOR COMPANY PERSONNEL
Name Position
1. Arzu Ali Oglu Mahmudov Managing
Director
2. Nizami Kasimov Deputy Managing Director
3. Mamedaga Shakhtakhtyrskiy Deputy
Managing Director
4. Zheyran Gulieva Chief Accountant
5. Leyla Safarova Assistant Accountant
Total
Employees: 34
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
Azerbaijani importers.
Opinion on maximum credit: NEW MANAT 50,000
Trade risk assessment: Normal
PRINCIPAL BANKERS
NAME : YAPI KREDI BANK AZERBAIJAN CJSC
Branch : C. Mammadquluzada Street 73G
Town :
Baku AZ1065
Telephone :
(994 12) 497 7795
Fax : (994 12) 497 0276
Subject formerly had an account with:
1. Kapital Bank OJSC
Fuzuli Street
71
Baku AZ1014
Telephone:
(994 12) 598 1295
Fax : (994 12) 493 7905
2. Zaminbank ASC
Fizuli Street
59
Baku AZ1014
Telephone : (994 12) 498 8105 / 498 8294
Fax :
(994 12) 498 8105 / 498 8294
Acc. No. (IBAN):
AZ29ZAMI00001065081AZMC00001 (AZN)
Corr. Acc.
No. (IBAN): AZ88NABZ01350100000000048944
FINANCIAL INFORMATION
Private
companies in Azerbaijan are not required to publish or disclose balance sheets.
However, the subject interviewed offered the following information :
Sales Turnover: NEW MANAT 560,000 - 2005 - exact
: NEW MANAT 600,000 - 2006 -
exact
: NEW MANAT 1,000,000 - 2007 - exact *
: NEW MANAT 1,300,000 - 2008 - exact
: NEW MANAT 1,600,000 - 2009 -
exact
: NEW MANAT 1,600,000 - 2010 - exact
: NEW MANAT 2,060,000 - 2011 - exact
: NEW MANAT 2,100,000 - 2012 - exact
: NEW MANAT 2,300,000 - 2013 – exact
: NEW MANAT 2,728,000 - 2014 – exact
: NEW MANAT 3,402,000 – 2015 – exact
: NEW MANAT 2,721,640 – 2016 – exact
: NEW MANAT 3,555,121 – 2017 – exact
: NEW MANAT 3,590,633 – 2018 – projected
Net Profit :
NEW MANAT 17,200 - 2006 - exact
: NEW MANAT 52,000 - 2007 -
exact *
: NEW MANAT 67,000 - 2008 -
exact
: NEW MANAT 60,000 - 2009 -
exact
: NEW MANAT 70,000 - 2010 -
exact
: NEW MANAT 80,000 - 2011 -
exact
: NEW MANAT 95,000 - 2012 –
exact
: NEW MANAT 400,000 – 2013 –
exact
: NEW MANAT 400,000 – 2014 –
exact
: NEW MANAT 250,000 - 2015 –
average
: NEW MANAT 82,408 – 2016 –
exact
Value of current contracts : 1,285,450 (as of May
2018)
Total Value of Stock Held : 1,996,860 (as of May
2018)
Total Invested Capital : 516,359,000 (as of May
2018)
* Sharp increase in sales turnover and net profit in
2007 was attributed to large number of contracts awarded and to favourable
market conditions.
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 2 August 2003
History : The subject
company was established in Azerbaijan on 2
August 2003.
Date of
establishment of production 2 February 2003
C.R. No.: 041-658-041
Tax No.: VOEN 0200019121
Authorised Capital : NEW MANAT 60
Paid-Up Capital : NEW MANAT 367,569,900
Mekhdud Mesuliatli Camiyeti (limited liability
company) with the
following shareholders :
Shareholders Percentage
1. Mamedaga Shakhtakhtyrskiy 33.34%
2. Nizami Kasimov 33.33%
3. Arzu Ali Oglu Mahmudov 33.33%
ACTIVITIES
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of
welding machines, parquet and building materials.
Trading as importers and distributors of foodstuff,
chocolate, canned food, tissues.
NACE Code : 4619 / 4613 / 4649 / 4636
Imports from Poland, Finland, Spain, Turkey, Thailand,
China, Russia,
Hong Kong, Malaysia, Georgia, Belarus and Ukraine.
Re-Exports to Iran, Russia, Turkey and Georgia.
Principal suppliers include : Cloetta Fazer,
Majerowic, Solidanosc,
Slowianka, Gonzales, Hanke Tissue, Askaynak, Lincoln
Elektric,
Klingspor, Kronospan, Kronofloring, Vivaldi and
Plastivan.
Names
of principal agencies held: “Vahar Energy”, “Socar Azerkhimiya” and “
Azertechnoline”.
FACILITIES
The Company has the following facilities :
Rented premises comprising administrative offices and
storage facilities located at the heading address as well as 2 retail outlets
selling construction materials located elsewhere in Baku (see Branch Offices
section).
Subject previously had a retail outlet located at:
Navai Street 5
Babek Avenue
Nizami District
Telephone: (994 12) 408 9892 / Mobile (994 55) 787
0306
Fax : (994
12) 408 9892
Until 1 April 2010, subject operated from the
following address :
Garabakh Street 22 (aka Qarabag Street)
Baku AZ1029
Telephone: (994
12) 496 9861 / 514 8887
Fax : (994 12) 496 9864
Subjects retail outlet formerly located at :
G. Aliyev Street 14
Baku
REGISTERED OFFICE
Tabriz Street 72/74, Flat 95
Narimanov District
Baku AZ1008
BRANCH OFFICES
1. Ziya Buniyadov Street 64/68
Narimanov
District
Baku
Telephone: (994 12) 563 6350 / Mobile (994 50) 567 4744 /
(994 55)
646 3660
2. Babek Avenue 65 B
Nizami
District
Baku
(500 sq. m.)
Subject formerly had an retail shop, located on the :
Ziya Buniyadov Street 77
Narimanov District
Baku
Mobile: (994 51) 516 5869
SPECIAL NOTE
The address
which you provided: TABRIZ
72/74, APT 95, 1008 BAKU, NARIMANOV DISTR.
applies to subject's registered office address. Please note that subject's
administrative office address is as per heading.
Interviewed: Zheyran Gulieva (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.08 |
|
|
1 |
INR 91.14 |
|
Euro |
1 |
INR 80.08 |
|
AZN |
1 |
INR 39.45 |
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.