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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
INDOTECH SHPS |
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Registered Office : |
Davit Aghmashenebli Street 36a, near to Sighnaghi, Tsnori 4216 |
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Country : |
Georgia |
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Date of Incorporation : |
04.02.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of tractors, fertilizers and agricultural chemicals. |
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No of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New
Business |
-- |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Georgia |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
GEORGIA - ECONOMIC OVERVIEW
Georgia's main economic activities include cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals in small-scale industries. The country imports nearly all its needed supplies of natural gas and oil products. It has sizeable hydropower capacity that now provides most of its energy needs. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. Construction of the Baku-T'bilisi-Ceyhan oil pipeline, the South Caucasus gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil, and other goods. The expansion of the South Caucasus pipeline, as part of the Shah Deniz II Southern Gas Corridor project, will result in a $2 billion foreign investment in Georgia, the largest ever in the country. Gas from Shah Deniz II is expected to begin flowing in 2019. Georgia's economy sustained GDP growth of more than 10% in 2006-07, based on strong inflows of foreign investment and robust government spending. However, GDP growth slowed following the August 2008 conflict with Russia, and sunk to negative 4% in 2009 as foreign direct investment and workers' remittances declined in the wake of the global financial crisis. The economy rebounded in 2010-13, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment has also remained high. Georgia has historically suffered from a chronic failure to collect tax revenues; however, since 2004 the government has simplified the tax code, improved tax administration, increased tax enforcement, and cracked down on petty corruption, leading to higher revenues. The country is pinning its hopes for renewed growth on a determined effort to continue to liberalize the economy by reducing regulation, taxes, and corruption in order to attract foreign investment, with a focus on hydropower, agriculture, tourism, and textiles production. The government has received high marks from the World Bank for its anti-corruption efforts. Over the past year the Georgian Dream-led government continued the previous administration's low-regulation, low-tax, free market policies, while modestly increasing social spending, strengthening anti-trust policy, and amending the labor code to comply with International Labor Standards. The government is finalizing its 2020 Economic Development Strategy and has launched the Georgia Co-Investment Fund, a $6 billion private equity fund that will invest in tourism, agriculture, logistics, energy, infrastructure, and manufacturing
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Source
: CIA |
Indotech ShPS (Correct)
Indotech Ltd (Requested)
Street : Davit Aghmashenebli Street 36a
Area : near to Sighnaghi
Town : Tsnori 4216
Country : Georgia
Mobile : (995 577) 770 145
E-Mail : info@indotech.ge
Extended Name : Indotech Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : Indotech Ltd
Also known as : ShPS Indoteki
Name Position
Mamuka Nozadze Managing Director
Total Employees : 2
No trade experience of payments is available.
Subject is a newly established company incorporated on 4 February 2013 and has not yet started trading. Subject plans to start trading by June 2014.
Opinion on maximum credit : As the company has not yet started
trading and has no financial or payment
track record, we recommend dealing on
fully secured terms.
Trade risk assessment: High
It is normal accepted practice for international suppliers to deal on secured terms with Georgian importers.
NAME : PROCREDIT BANK JSC
Branch : Kazbegi Avenue 21
Town : Tbilisi 0160
Telephone : (995 32) 220 2222
Fax : (995 32) 220 2223
As the Company has not yet started trading, relevant financial information is not available. However, the subject interviewed offered the following information :
Sales Turnover : US DLRS 150,000 – 2014 – projected
Net Profit : not given
Financial year ends 31 December.
Date Started : 4 February 2013
History : The subject company was established in Georgia on 4 February 2013 and has not yet started trading. Subject plans to start trading by June 2014.
ID Code : 440389642
Capital : not given
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited liability company) with the following director and shareholders :
Director
Mamuka Nozadze
(Georgian national / Personal No.: 01024010736)
Shareholders Percentage
1. Irma Berdznishvili 70%
(Russian national / Personal No.: 59891000009)
2. Paramjit Singh Bajwa 30%
(Indian national / Personal No.: J9976644)
Affiliated companies of Indotech ShPS:
Associates
1. Indo Geo Agro ShPS
Micro-district Nutsubidze IV, Block 5, Apartment 49
Vake-Saburtalo District
Tbilisi
Est. : 12 January 2012
ID Code : 404925667
2. Ardaas Agro ShPS
Micro-district Nutsubidze IV, Block 5, Apartment 49
Vake-Saburtalo District
Tbilisi
E-Mail : bajwaadv@yahoo.com
Est. : 6 January 2012
ID Code : 404925024
3. Kashmir Livestock ShPS
Sakobo 20/122
Sighnaghi
Est. : 12 June 2012
ID Code : 440389152
The Company will be involved in the following activities :
Trading as importers, wholesalers and retailers of tractors, fertilizers and agricultural chemicals.
NACE Code : 4776 / 4511
Imports from India.
Subject does not export, all sales are domestic.
Subject’s supplier include: Mahindra Tractors.
The Company has the following facilities :
Rented premises comprising administrative offices located at the heading address.
Davit Aghmashenebli Street 36a
near to Sighnaghi
Tsnori 4216
You enquired on: Indotech Ltd. Please note that this name applies to an English translation of the subject’s name. Subject's correct registered name is as per heading.
Interviewed : Mamuka Nozadze (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.05 |
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|
1 |
Rs. 99.61 |
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Euro |
1 |
Rs. 80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
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|
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New
Business |
-- |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.