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MIRA
INFORM REPORT
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Report No. : |
510992 |
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Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
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Name : |
OPAL GROUP MMC |
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Registered Office : |
Heydar Aliyev
Avenue 209, Neftchala District , Neftchala AZ4700 |
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Country : |
Azerbaijan |
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Date of Incorporation : |
21.08.2017 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as
importers and distributors of ceramic tiles and construction stones. |
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No. of Employees : |
4 (permanent) 30 (casual) |
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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Azerbaijan |
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 |
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.
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Source : CIA |
Company name
OPAL GROUP MMC (CORRECT)
OPAL GROUP
LLC (REQUESTED)
ADDRESS
Building : BC
“Caucasus”
Street : Heydar
Aliyev Avenue 125
Area : Narimanov
District
Town : Baku
AZ1000
Country : Azerbaijan
Telephone : (994 12) 514 4190 / Mobile (994
70) 222 4622 (Managing Director) / (994 51) 311 1115 (Sales Manager) / (994 50)
388 1818 (Chief Accountant)
Fax : (994
12) 514 4190
E-Mail
: israfilzade.d@gmail.com
/ office@vidainshaat.az
Extended Name
: Opal Group Mehdud
Mesuliyyetli Camiyyeti
English Translation : Opal Group LLC
SENIOR COMPANY PERSONNEL
Name Position
1. Kamran Vaqif
Oglu Israfilzada Managing
Director
2. Davud Israfilzada Sales Manager
(brother of the above)
3. Kanan
Bagirov Chief Accountant
Total Employees
: 4
(permanent)
30 (casual)
PAYMENTS
No trade
experience of payments is available.
Subject is a newly
established company incorporated on 21 August 2017 and commenced operations in
October 2017.
Opinion on maximum
credit : As the company has recently commenced trading and has no financial or
payment track record, we recommend dealing on fully
secured terms
It is normal
accepted practice for international suppliers to deal on secured terms with
Azerbaijani importers.
PRINCIPAL BANKERS
NAME : BANK
BTB OJSC
Branch : Y.
Safarov Street 27
Town : Baku
AZ1025
Telephone: (994 12) 499 7995
Fax : (994
12) 499 7998
FINANCIAL INFORMATION
As the Subject has
only recently commenced trading, relevant financial information is not
available. However, the subject interviewed offered the following information :
Sales
Turnover : NEW MANAT 3,000,000 - 2018 – projected
Net Profit : not given but stated to be 20% of the sales turnover
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 21 August 2017
History : The
subject company was established in Neftchala on 21 August 2017 and commenced
operations in October 2017.
Tax No.: VOEN 6500851101
Authorised Capital
: NEW MANAT 5
Paid-Up Capital : NEW MANAT 5
Mehdud Mesuliyyetli Cemiyyeti (limited liability
company) with the following sole shareholder:
Bakhtiyar Mubariz OgluMammadov 100%
Affiliated
company of the subject company :
Former
Associate
Vida Insaat
MMC
G.Alieva
Street 74
Narimanov
District
Baku AZ1000
Telephone : (994 12) 514 4190 / Mobile (994 55) 412
2222 (Bakhtiyar
Mubariz
Oglu Mammadov)
Fax : (994 12) 514 4190
Managing Director:
Bakhtiyar Mubariz Oglu Mammadov
Est.: 18 February
2016
Tax No.: VOEN
1304405801
Capital : NEW
MANAT 1,000
Sole Shareholder:
- Bakhtiyar
Mubariz Oglu Mammadov
(ceased trading in
2017)
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers and distributors of ceramic tiles and construction stones.
NACE Code: 4690
Imports from
Italy, Spain, Ukraine, Poland, Iran and China.
Subject does not
export, all sales are domestic.
FACILITIES
The Company has
the following facilities :
Rented office premises located at the heading address as
well as a branch office and storage facilities located elsewhere Neftchala (see
'Branch Offices' below).
REGISTERED OFFICE
Heydar Aliyev
Avenue 209
Neftchala District
Neftchala AZ4700
BRANCH OFFICES
Heydar Aliyev
Avenue 209
Neftchala District
Neftchala AZ4700
GENERAL INFORMATION
As of 1
January 2006 the Government of Azerbaijan redenominated NEW MANAT. One NEW
MANAT equals 5,000 old NEW MANATs.
SPECIAL NOTE
You enquired on: OPAL GROUP LLC. 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: NEFTCALA DISTRICT, HAYDAR ALIYEV AVENUE
209, NEFTCALA CITY applies to subject's registered office address. Please note
that subject's administrative office address is as per heading.
Interviewed: Davud Israfilzada (Sales Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.63 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 78.20 |
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AZN |
1 |
INR 39.54 |
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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PRI |
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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
·
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.