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Report No. : |
335778 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DIZAIN SITI SHPS |
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Registered Office : |
Gldani 4 District 96B Flat 59, Tbilisi 0167 |
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Country : |
Georgia |
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Date of Incorporation : |
21.09.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as Importers, Wholesalers and
Retailers Textile, Building Materials and Sanitary Wear. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
LARI 30,000 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
CO. NAME : DIZAIN SITI SHPS
(CORRECT)
DESIGN
CITY SHPS (REQUESTED)
Building : Pavilion 7
Area : Tsereteli Avenue 118
Town : Tbilisi 0119
Country : Georgia
Telephone : (995 32) 225 8979
Fax : (995 32) 225 8977
E-Mail: info@designcity.ge /
city@designcity.ge /
finance@designcity.ge
Website : www.designcity.ge
Extended Name:
Dizain Siti Shazguduli Pasukhismbgeblobis Sazagadoeba
English
Translation : Design City LLC
Also Known As :
Design City OOO
Name Position
1. Mamuka Saakashvili Managing Director
2. Manan Samkharadze Chief
Accountant
Total Employees : 8
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 30,000
Trade risk assessment: Normal
NAME : TBC BANK
Branch : Marjanishvili Street 7
Town : Tbilisi 0102
Telephone: (995
32) 224 2242
Fax : (995 32) 224 2222
Subject also has
an account with :
ProCredit Bank
Agmashenebeli Avenue 154
Tbilisi 0112
Telephone : (995 32) 220 2222
Fax : (995 32) 225 0580
Private companies in Georgia are not required to publish or disclose
balance sheets. However, the subject interviewed offered the following
information :
Sales Turnover :
LARI 1,519,000 - 2014 - exact
: LARI
498,000 - 2015 – exact *
: LARI
2,000,000 - 2015 - projected
Net Profit : LARI
222,853 - 2014 - exact
* 6 months results (January - June).
Financial year ends 31 December.
Date Started : 21 September 2010
History : Subject was established in Tbilisi on 21 September 2010.
ID Code : 400008674
Authorised Capital : LARI 200
Paid-Up Capital : LARI 200
Shazguduli
Pasukhismbgeblobis Sazagadoeba (Limited Liability Company) ShPS) with the
following sole shareholder :
Mamuka
Saakashvili
100%
(Georgian national
/ Personal number 01002010734)
Affiliated companies of the subject company :
Associate
Eko Dekor Servisi ShPS
ID Code : 400118378
Shareholders :
- Avtandil Gvasalia 22%
- Mikheili
Vashak'idze 22%
- Davit Suluashvili 22%
- Mamuk'a
Saak'ashvili 22%
- Marik'a Dolak'idze 12%
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers textile, building
materials and sanitary wear.
NACE Codes: 4641 / 4751 / 4613
Imports from Italy and Poland.
Subject does not export, all sales are domestic.
Distributors for Wallquest, Scabrook, Décor Linas, Style Magazine, City
Dessign, Life & Design, NLF, Brimar, Maxwell, Brewster, TTTW Inc, RM COCO,
WT, Mitchell, Duralee, Mottura, Carole Fabrics, Trend, Kravet, S.Harris, Koliz
Art, Agena, Desima, Eurographics, Fine Décor,
Father & Sons, Stroheim, Architect Paper, Aba interiors, Raphael,
Superfresco, Ons zelf, Michael Textiles, Asanderus, Behang Expresse, Calcutta,
Cosmos, Easy-Walls, Vervain, Guy Masureel, Herlequin, Khroma, Living Style,
Sandpaper Studios, Sangiorgio, Studio 465,
Alev Design, Hookedonwalls, Midas Wallcoverings, Escolys, Nobilis,
Fabricut, Fuggerhaus, Indes, BS Fabrics, Grahan & Brown, MYB Textile Group.
The Company has the following facilities :
Rented 1,000 sq. m. premises comprising administrative offices, a retail
outlet and storage facilities located at the heading address as well as branch
office located elsewhere in Batumi (see 'Branch Offices' below).
Gldani 4 District 96B Flat 59
Tbilisi 0167
Georgia
Griboedov Street 2
Batumi 6000
You enquired on: Design City ShPS. Please note that subject's correct
registered name is as per heading.
The address which you provided : Gldani District Gldani 4 MD 96/B block
FL 59 Tbilisi Gruzja applies to subject`s registered address.
Please note that subject's administrative office address is as per
heading.
Interviewed: Manana Samkharadze (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
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1 |
Rs.101.00 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
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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.