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Report No. : |
315747.2 |
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Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
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Name : |
IN WESTA GEORGIA LTD |
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Registered Office : |
Kakhetinskoe Highway 3, Tbilisi 0190
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Country : |
Georgia |
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Date of Incorporation : |
15.07.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as
Importers and Distributors of Engine Oil and Vehicle Batteries. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
LARI 50,000 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Georgia |
B2 |
C1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 of 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. Since 2012, the Georgian Dream-led government has
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 published its 2020 Economic Development Strategy in
early 2014 and former Prime Minister Bidzina IVANISHVILI launched the Georgian
Co-Investment Fund, a $6 billion private equity fund that will invest in
tourism, agriculture, logistics, energy, infrastructure, and manufacturing. In
mid-2014, Georgia signed an association agreement with the European Union,
paving the way to free trade and visa-free travel.
|
Source
: CIA |
CO. NAME : IN VESTA JORJIA SHPS (CORRECT)
IN WESTA GEORGIA (REQUESTED)
Street : Kakhetinskoe Highway 3
Town : Tbilisi 0190
Country : Georgia
Telephone: (995
32) 278 7715 / Mobile (995 579) 571 272 (Nino Kratsashvili) / (995 555) 112 244
(Zaza Bakradze)
Fax : (995 32) 278 7715
E-Mail : kratsashvili@bk.ru /
nina@otomotors.ge
Extended
Name : In Vesta Jorjia Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : In Westa Georgia Ltd
Name Position
1. Galust Sarkisovi Managing Director
2. Nino
Kratsashvili General Manager at OTO
Motors Ltd
Total Employees : 10
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 Georgian importers.
Opinion on maximum credit : LARI 50,000
Trade risk assessment: Normal
NAME : BANK OF GEORGIA JSC
Branch : Pushkin Street 3
Town : Tbilisi 0105
Telephone: (995 32) 244 4256
Fax : (995 32) 244 4289
Private companies in Georgia are not required to publish
or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover :
LARI 2,000,000 - 2014 - exact
Net Profit :
but stated to be 20-30% of the sales turnover
Financial year ends 31 December.
Date Started : 15 July 2009
History : The subject company was established in
Georgia on 15 July 2009.
ID Code : 206342698
Capital : not given
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the following director and sole shareholder :
Director
Galust Sarkisovi
(Georgian national / Personal No.: 01011019874)
Shareholder
Zaza Bakradze 100%
(Georgian national / Personal No.: 01027006943)
Affiliated companies of the subject company :
Associate
OTO Motorsi ShPS
Kakhetinskoe
Highway 3
Tbilisi 0190
Telephone: (995
32) 278 7715 / (995 599) 571 271 (Zaza Bakradze)
Fax : (995 32) 278 7715
E-Mail : info@otomotors.ge / zaza@otomotors.ge
Website : www.otomotors.ge
General Director:
Zaza Bakradze
General Manager :
Nino Kratsashvili
Est.: 24 March
2009
ID Code :
206339791
Capital : LARI 200
Sole Shareholder: Zaza Bakradze
The Company is involved in the following activities
:
Trading as importers and distributors of engine oil and vehicle batteries.
NACE Code: 4690
Imports from UK, Russia and Turkey.
Subject does not export, all sales are domestic.
Subject closely cooperates with:
1. Iga Jorjia ShPS
Gugunava Street 7, N2-1-2
Kutaisi
Est.: 21 August 2014
ID Code : 412701839
2. Otoluksi ShPS
Est.: 29 November 2010
ID Code : 400012053
3. Iberia Motorsi
IBERIA MOTORS Ltd ShPS
III Micro-district, Block 310, Flat 155
Dasakhleba Varketili 3
Isani-Samgori District
Tbilisi
Est.: 18 April 2011
ID Code : 406047068
4. OTO Jorjia
ShPS
Kakhetinskoe Highway 3
Tbilisi 0190
Georgia
Telephone: (995 32) 278 7715
Fax
: (995 32) 278 7715
Managing Director: Otari Kratsashvili
Est.: 18 April 2011
ID Code : 406047068
Shareholders:
- Iuri Abuladze - 50%
- Tamila Bakradze - 50%
The Company has the following facilities:
Rented premises comprising administrative offices
and storage facilities located at the heading address.
Jorbenadzi Street 15
Dzveli District
Tbilisi
You enquired on: In Westa Georgia. Please note that the
correct name is as per heading.
Interviewed: Nino Kratsashvili (General Manager at OTO
Motors Ltd).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
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Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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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 |
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-- |
NB |
New Business |
-- |
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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.