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Report No. : |
336409 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
GEA SHPS |
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Registered Office : |
Tserteli Avenue 113
Didube-Chugureti District Tbilisi 0119 |
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Country : |
Georgia |
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Date of Incorporation : |
04.10.1995 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers, wholesalers
and retailers of cosmetic and pharmaceutical products. |
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No. of Employees : |
115 |
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 400,000 |
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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) |
|
Georgia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
GEA ShPS (Correct)
GEA SHPS (WERSJA ANG GEA LTD) (Requested)
Street : Vazha Pshavela Avenue 6
Area :
Vake-Saburtalo District
Town :
Tbilisi 0160
Country :
Georgia
Telephone :
(995 32) 238 4766 / 295 8154 / Mobile (995 577) 441 219
(Irina Chelidze)
Fax :
(995 32) 295 8154 (105)
E-Mail :
gea@geacom.ge / nkogya@gea.ge
Website :
www.gea.ge
Trading Style :
GEA
Extended Name :
GEA Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : GEA Ltd
Name Position
1. Irina
Chelidze General Manager
2. Nata Kogya Chief Accountant
3. Nino
Dzharbanadze Import & Sales Manager
4. Marika
Gogoladze Corporate Affairs Manager
Total Employees :
115
No complaints have
been heard regarding payments from local suppliers or banks.
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 400,000
Trade risk
assessment: Normal
NAME :
CARTU BANK
Branch :
Chavchavadze Avenue 39a
Town :
Tbilisi 0162
Telephone : (995 32) 292 5592
Fax :
(995 32) 291 2279
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 2,500,000 - 2008 - approx
: LARI 3,000,000 -
2009 - projected
: not given -
2010/2013
: LARI 20,000,000 - 2014 – exact *
: LARI 10,000,000
– 2015 – exact **
:
LARI 20,000,000 – 2015 - projected
Net Profit :
LARI 1,480,000 - 2014 - exact
* A significant increase
in sales turnover in 2014 was attributed to favourable market conditions and
expansion of the business.
** 6 months
results (January - June).
Financial year
ends 31 December.
Date Started : 4 October 1995
History : Subject was
established in Tbilisi on 4 October 1995.
C.R. No. :
2/4-121
ID Code : 201951209
Authorised Capital
: LARI 1,200,000
Paid-Up Capital : LARI 1,200,000
Shazguduli Pasukhismbgeblobis Sazagadoeba
(Limited Liability Company) ShPS) with the following shareholders
Shareholders Percentage
1. Irina Chelidze 26.5%
(Georgian national / Personal number 01024002610)
2. Khatuna Manjgaladze 24.5%
(Georgian national / Personal number 01010008214)
3. Irine Kapanadze 24.5%
(Georgian national / Personal number 01010000726)
4. Aleksandre Subladze 24.5%
(Georgian national / Personal number 01005010416)
Affiliated
companies of the subject company :
Subsidiary
Baby-Line ShP
Vazha-Pshavela
Avenue 6
Tbilisi 0160
Country :
Georgia
Telephone: (995 32) 384 766 / 370 736
Fax :
(995 32) 958 154
Managing Director
: Revaz Pardzhanadze
Employs : 35
people
Has an account
with Cartu bank JSC
Est. : 2006
Tax No. :
205177495
Capital : LARI
2,000
Associates
1. G-Foods ShPS
ID Code : 401979490
Shareholders :
- Aleksandre Shubladze 50%
- Mak'a Jorbenadze 50%
2. Pierrot Le fou
+ ShPS
ID Code : 404973105
Shareholders :
- Irina Ch'elidze 50%
- Khatuna Manjgaladze 50%
The Company is
involved in the following activities :
Importers,
wholesalers and retailers of cosmetic and pharmaceutical products.
NACE Code : 4646
Imports from
Poland, Italy, India and France.
Export to
Azerbaijan, Armenia and Moldova.
Subject's
principal suppliers are : Jellfa SA, Polfa Warsaw SA,
Medana Pharma
Terpol Group SA, Gemi PPF, Polfa Tarchomin SA, Polfa
Pabianice SA,
Bioton Sp ZOO, Biofarm SpZOO and Herbapol SA.
The Company has
the following facilities :
Owned
administrative offices and a wholesale/retail pharmacy located at the heading address
as well as rented storage facilities located at Samgori Street 2 and another
pharmacies located elsewhere in Tbilisi (see 'Branch Offices' below).
Tserteli Avenue
113
Didube-Chugureti
District
Tbilisi 0119
1. Tsereteli
Avenue 113
Didube-Chugureti
Tbilisi 0119
2. Lubliana Street
5
Didube-Chugureti
Tbilisi 0159
3. Lubliana Street
2/6
Didube-Chugureti
Tbilisi 0159
4. Tsinandali
Street 9
Isani-Samgori
Tbilisi 0144
5. Vazha-Pshavela Avenue
6
Vake-Saburtalo
Tbilisi 0160
Tel.: (995 32) 238 7646
6. Vazha-Pshavela
Avenue 29
Vake-Saburtalo
Tbilisi 0177
You enquired on:
GEA SHPS (WERSJA ANG GEA LTD).Please note that subject's correct registered
name is as per heading.
The address given
by you: Ul Tsereteli 113, 380019 Tibilisis Gruzja, is misspelt and applies to
the subject’s registered address. Please note that the subject`s administrative
address is as per heading.
Interviewed: Nata
Kogya (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.12 |
|
UK Pound |
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.