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Report No. : |
317786 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
EMBAWOOD GEORGIA
SHPS |
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Formerly Known As : |
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Registered Office : |
Marneuli Street 37
Isani-Samgori District Tbilisi 0165 |
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Country : |
Georgia |
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Date of Incorporation : |
15.11.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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No. of Employee : |
467 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
LARI 800,000 |
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Status : |
Satisfactory |
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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 |
C1 |
C1 |
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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.
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Source
: CIA |
EMBAWOOD GEORGIA SHPS
Street : Marneuli Street 37
Area : Isani-Samgori District
Town : Tbilisi 0165
Country : Georgia
Telephone: (995 32) 240 2989
(Accounts Department) / 240 2988 ext. 124 (Lyubov Tzhkhamadze) / 240 2990 / 245
4572 / Mobile (995 595) 906 268 (Javid Yolchev) / (994 50) 235 9481 (Karim
Mammedov Financial Manager at Embawood MMC)
Fax : (995 32) 240 2988 / 240 2990
E-Mail :
embawoodgeorgia@gmail.com / accountant.georgia@embawood.com /
office_georgia@embawood.com / luba.djgamadze@embawood.com
Website : www.embawood.ge / www.kare-tbilisi.ge
Trading Style : Kare
Extended Name : Embavud Jorjia
Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation :
Embawood Georgia Ltd
Also known as : Embavud
Jorjia ShPS
Name Position
1. Vugar Sadigzada Managing Director
2. Elvin Ismailov Commercial
Director
3. Georgiy
Tapbrundashvili Commercial Director
4. Sanan Omarov Financial Director
5. Lyubov Dzhgamadze Chief Accountant
6. Ms. Ketevan
Buachidze Accountant
7. Nazim Ibragimov Logistics Manager
8. Eka Gadzhieva Human Resources Manager
467 (subject)
3,000 (group)
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is an affiliate of
Embawood MMC (Azerbaijan) engaged in furniture manufacturing since 1999.
Associations inspire
confidence and 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
Georgian importers.
Opinion on maximum credit :
LARI 800,000
Trade risk assessment :
Normal
NAME : TBC-BANK (TBILISI
BUSINESS CENTRE BANK)
Branch : 7 Marjanishvili
Street
Town : Tbilisi 0102
Telephone: (995 32) 227 2727
Fax : (995 32) 277 2774
The company also has an account with the following banks:
1. Bank Respublika
Grigol Abashidze Street 2
Tbilisi
Telephone: (995 32) 229 2336
Fax
: (995 32) 229 2335
2. International Bank of
Azerbaijan - Georgia ZS
Leonidze Street 1
Tbilisi 0105
Telephone: (995 32) 299 8545 / 299 8547
Fax
: (995 32) 299 8546
3. HSBC Bank Georgia JSC
Tbilisi
Rustaveli Avenue 15
Tbilisi 0108
Telephone: (995 32) 217 7777
Fax
: (995 32) 217 7777
4. Privat Bank JSC
Tsereteli Avenue 114
Tbilisi 0164
Telephone: (995 32) 235 0500
Fax
: (995 32) 235 5080
5. Bank of Georgia
Pushkin Steet 3
Tbilisi 0107
Telephone: (995 32) 299 7726 / 298 5304
Fax
: (995 32) 299 7726
6. Ziraat Bank JSC
Agmashenebeli Avenue 148
Tbilisi
Telephone: (995 32) 294 3714
Fax
: (995 32) 294 3078
Private companies in
Georgia are not required to publish or disclose balance sheets. However, the
subject interviewed offered the following information :
Sales Turnover : LARI 19,000,000 - 2008 - exact
: LARI 30,000,000 - 2009
– exact
: LARI 33,000,000 –
2010 – exact
: LARI 35,000,000 –
2011 – exact
: LARI 36,340,000 –
2012 – exact
: LARI 44,600,000 –
2013 – exact
: LARI 39,500,000 –
2014 – exact
Net profit : LARI 2,300,000 – 2008 – exact
: LARI 4,000,000 – 2009 - exact
: LARI 5,800,000 – 2010 – exact
: LARI 6,500,000 – 2011 – exact
: LARI 3,000,000 – 2012 – exact
: not given - 2013
: LARI 2,780,000 – 2014 – exact
Financial year ends 31
December.
The following information
applies to Embawood MMC in Azerbaijan:
Sales Turnover : NEW
MANAT 9,000,000 - 2006 - exact
: NEW MANAT 12,000,000 -
2007 - exact
: NEW MANAT 14,000,000 -
2008 - exact
: NEW MANAT 21,000,000 - 2009
– exact
: NEW MANAT 27,000,000 –
2010 – exact
: NEW MANAT 25,000,000 -
2011 - exact
: US DLRS 165,000,000 - 2012 - exact
: US DLRS 195,000,000 - 2013 - exact
: US DLRS 190,000,000 – 2014 – exact
Net Profit : NEW MANAT
700,000 - 2006 - exact
: NEW MANAT 800,000 - 2007 - exact
: NEW MANAT 950,000 - 2008 - exact
: NEW MANAT 1,200,000 - 2009 – exact
: NEW MANAT 1,733,000 – 2010 – exact
: NEW MANAT 820,000 - 2011 - exact
: US DLRS 26,000,000 - 2012 - exact
: US DLRS 32,500,000 - 2013 – exact
: US DLRS 30,000,000 – 2014 - exact
Financial year ends 31
December.
The following financial
information applies to the group :
Sales Turnover : US DLRS 189,000,000 - 2012 - exact
: US DLRS 240,000,000 - 2013 – exact
: US DLRS 250,000,000 – 2014 - exact
Net Profit : NEW MANAT 28,000,000 - 2012 -
exact
: not given - 2013/2014
Financial year ends 31
December.
Date Started : 15 November 1999
History : The subject company was
established in Georgia on 15 November 1999 under the name Gantishveli ShPS. In July
2006, the subject company was acquired by Elshad Inshalla Oglu Abbasov. In May
2007, subject commenced production under new management. In May 2010, subject
changed shareholding structure to the following : Elshad Inshalla Oglu Abbasov
(68%) and Bashir Israpil Oglu Sultanov (32%). In February 2013, subject’s
shareholding structure changed to the present.
C.R. No. : 06/4-203
ID Code : 204379975
Authorized Capital : LARI
14,167,377 (increased from LARI 7,506,238 in 2014)
Paid up Capital : LARI 14,167,377
(increased from LARI 7,506,238 in 2014)
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability
company) with the following
director and shareholders :
Director
Vugar Sadigzada
(Azerbaijan national /
Personal No.: P4320248, 01891000329)
Shareholders Percentage
1. Elshad Inshalla Oglu
Abbasov 36%
(Azerbaijan national / Personal No.:
P5057234)
2. Bashir Israpil Oglu
Sultanov 32%
(Russian national / Personal No.:
703362294)
3. Mashhur Shahbaz Oglu
Mammadov 32%
(Azerbaijan national / Personal No.:
P5032789)
Affiliated companies of
Embawood Georgia ShPS :
Associates
1. Embawood MMC
Basti Bagirova Street 15B
Yasamal District
Baku AZ1065
Azerbaijan
Telephone: (994 12) 436 7405 / 436 7407 /
436 9375 / 436 7940 /
436 9374 / 436 9376 / Mobile (994 50) 362
3241 / (994 55) 221 7790
/ (994 50) 245 9715 / (994 70) 777 0070 /
(994 50) 250 1046 (Eldar
Mammadov) / (994 55) 222 6254 (Eldar
Mammadov) / (994 55) 505 1199
(Vugar Akhundov)
Fax
: (994 12) 431 0081 / 431 5931
E-Mail
: office@embawood.com / meded.rustamov@embawood.com /
karim.mammedov@embawood.com /
elder.mammadov@embawood.com /
info@embawood.com /
elshan.akperov@embawood.com /
vugar.akhundov@embawood.com
Employees : 1,400
Est.: 2 July 1999
C.R. No. : 0502-A1-82 (Ministry of Justice)
Tax No.: VOEN 6400009481
Capital : NEW MANAT 3,750
Shareholders :
- Elshad Inshalla Oglu Abbasov - 36%
- Mashhur Shahbaz Oglu Mammadov -
32%
- Bashir Israpil Oglu Sultanov - 32%
2. Embawood Ukraina OOO
V. Chernovola Street 36
Sambor 81400
Lvovskaya oblast
Ukraine
Telephone: (38 3236) 60594
Fax
: (38 3236) 60594
Managing Director : Vugar Sadikzade
Logistics Manager : Elchim Babashev
3. Emba Story ShPS
T. Erestavi Street 1
Tbilisi
4. Myatbyakh Mebel OAO
Baku
(12,500 sq. m. owned premises)
5. Embawood Kazakhstan TOO
Kabanbay Batyr Street 140/140а
Almalinskiy District
Almaty 050012
Telephone: (7 727) 234 7940 / Mobile (7 701)
206 2797
Fax
: (7 727) 234 7940
E-Mail
: zakir-designer@rambler.ru
Tax No.
: RNN 600700584433
Business Identification No.: BIN
070240009924
Est.: 6 February 2007
The above company has registered branch
office in Shymkent.
6. Bank Olmayan Kredit
Tashkilati Embafinans MMC
Yasamal District
Baku AZ1065
Telephone: (994 12) 436
9375 / 436 7940
Fax
: (994 12) 436 9375
Managing Director : Ilgar Adil Oglu
Tagiyev
Est.: 25 June 2012
Tax No.: VOEN 1302932691
Capital : NEW MANAT 500,000
Subject’s former affiliated companies :
1. Ideal Dizayn MMC
Fatali Khan Khoisky kuch. 106
Baku AZ1072
Tel/Fax: (994 12) 442 0870
Employs : 300 (when in operations)
Est.: 22 November 2001
Tax No.: VOEN 1500079171
Sole Shareholder :
(manufacture to order and retail of
furniture; rented offices at
Fatali Khan Khoisky Street 106; owned
5-storey factory at
Khirdalan gasabasi, Baku)
2. Embavvood Insaat MMC
Basti Bagirova Street 6, Mahalla 577, Flat
13
Yasamal District
Baku AZ1022
Managing Director : Mashur Sahbaz Ogly
Mammedov
Est.: 1 December 2005
Tax No.: VOEN 1400718031
(currently dormant)
The Company is involved in
the following activities :
Manufacturers of home
furniture, including wall units, living room furniture, children's furniture
and kitchen furniture as well as furniture components.
Trading as importers, wholesalers and
retailers of furniture and furniture accessories under the trading style
“Kare”.
NACE Codes: 3102 / 3109
Imports from Poland,
Ukraine, Turkey, Azerbaijan, Iran, Germany, Bulgaria, Italy and Romania.
Exports to Turkmenistan,
Tajikistan and Ukraine.
Exported previously to
Kazakhstan.
The Company has the following facilities :
41,000 sq. m. owned premises comprising administrative offices, a
manufacturing plant and warehousing facilities located at the heading address as well as one retail outlet styled “Kare” located in Agmashenebeli Street
38, Tbilisi.
Subject’s further
manufacturing unit which manufacturers furniture components located at
Kardabani Street 20, Village Butanik.
Subject has 27 retail franchises located throughout Azerbaijan (see 'Branch Offices' below).
In 2009, subject also
opened 5 showrooms, 1,000 sq. m. each in Tbilisi and sold them under the
franchise trademark (see Branch Offices section).
Marneuli Street 37
Isani-Samgori District
Tbilisi 0165
1. T. Eristavi Street 5
Didube-Chugureti
Tbilisi 0192
Telephone: (995 32) 269 1787
2. A. Gobronidze Street
Gldani-Nadzaladevi
Tbilisi 0172
Telephone: (995 32) 265 1878
3. Vazha-Pshavela Avenue 71
Vake-Saburtalo
Tbilisi 0186
Telephone: (995 32) 220 7347
4. D. Aghmashenebeli Alley,
2a
Vake-Saburtalo District
Tbilisi 0131
Telephone: (995 32) 230 8202
5. Kakheti Highway, 44
Tbilsi 0190
6. Kakheti Highway 112
Tbilisi 0151
7. Vazisubani settlement
Tbilisi 0152
8. Tsabadze Street 8
Tbilisi
9. Lermontov Street 57
Batumi 6000
10.Nikea Street 4
Kutaisi
11.I. Chavchavadze Ave.,
50b/g
Kutaisi 4600
12.Rustaveli Street 129
Zugdidi 2100
13.26 May Street 21
Kvemo Kartli Region
Marneuli 3000
14.Shartava Avenue 4
Rustavi
15.Leonidze Street 16
Rustavi 3700
16.Abastumani Highway
Akhaltsikhe
17.Imereti Street 38
Khashuri 5700
18.Tskinvali Highway 4
Gori 1400
19.Cholokashvili Street 1
Lagodekhi 2701
20.Telavi Highway
Kvareli 4800
21.Tavisupleba Street 15
Gurjaani 3800
22.A.Jorjadze Street 4/6
Senaki 4100
23.Megobroba Street
Dedoplistskaro 1600
24.D. Aghmashenebeli Street
59A
Zestaponi 2000
25.Ninoshvili Street 18
Chiatura 5500
26.D.Aghmashenebeli Street
38
Sighnaghi 4216
27.Eristavi Street 8
Ozurgeti 3500
28.Market area
Poti 4400
Interviewed: Lyubov
Dzhgamadze (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
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|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<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.