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Report No. : |
321568 |
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Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FRESH AIR LTD |
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Registered Office : |
Mitskevich Street 29A, Vake-Saburtalo District, Tbilisi 0194 |
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Country : |
Georgia |
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Date of Incorporation : |
27.06.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject provides heating and air-conditioning
systems installation and repair services. |
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No. of Employees : |
30 |
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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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) |
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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 |
Presh
Eari ShPS (Correct)
FRESH AIR LTD (Requested)
Street : Mitskevich Street 29A
Area : Vake-Saburtalo District
Town : Tbilisi 0194
Country : Georgia
Mobile : (995 577) 141 161 / (995 577) 151 425
/ (995 577) 141 139 (Miss.Nana) / (995 577) 571 411 (Zurab Zurabashvili)
Email :
tbarnovi@block.ge / gzurabashvili@ymail.com
Extended
Name : Presh Eari Shazguduli Pasukhismbgeblobis
Sazagadoeba
English
Translation : Fresh
Air Ltd
Name Position
1. Zurab Zurabashvili
Managing Director
2. Mrs. Nana Chief Accountant
Total Employees : 30
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.
Trade risk assessment: Normal
NAME : TBC BANK JSC
Branch : Marjanishvili Street 7
Town : Tbilisi 0102
Telephone: (995 32) 227 2727
Fax : (995 32) 277 2774
Private companies in Georgia are not required to publish or disclose
balance sheets. However, the subject interviewed offered the following
information :
Sales Turnover : LARI 1,500,000 - 2014 - exact
Net Profit :
LARI 200,000 - 2014 – exact
Financial year ends 31 December.
Date Started : 27
June 2012
History :
The subject company was established in Georgia on 27 June 2012.
ID Code :
404949623
Authorised Capital : LARI
2,000
Paid-Up Capital : LARI
2,000
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the
following director and shareholders :
Director
Zurab Zurabashvili
(Georgian national / Personal No.: 01024017561)
Shareholders Percentage
1. Zurab Zurabashvili 70%
(Georgian national / Personal No.:
01024017561)
2. Giorgi Zurabashvili 30%
(Georgian national / Personal No.:
01011037792)
Affiliated companies of the subject company :
Associates
1. Klimatmsheni ShPS
Iumashevi Street 4
Samgori District
Tbilisi
Managing Director: Gocha
Nizharadze
Est.: 29 May 2010
ID Code: 406029293
Shareholders:
- Gocha
Nizharadze 50%
- Zurab Zurabashvili
50%
2. Medimeksi ShPS
Dolidzi Street 11
Vake-Saburtalo District
Tbilisi:
Managing Director: Vakhtang
Janashvili
Est.: 5 July 1996
C.R. No.: 5A/4-414
ID Code: 211355503
Shareholders:
- Vakhtang
Janashvili 40%
- Mamuka
Janashvili 30%
- Zurab
Zurabashvili 30%
The Company is involved in the following activities :
Subject provides heating and air-conditioning systems installation and
repair services.
NACE Code: 3320
Imports from Turkey and Germany.
Subject does not export, all sales are domestic.
The Company has the following facilities:
Rented premises comprising administrative offices located at the heading
address as well as storage facilities located elsewhere in Tbilisi (see 'Branch
Offices' below).
Mitskevich
Street 29A
Vake-Saburtalo District
Tbilisi 0194
Agmashenebeli Alley, 13 km
Vake-Saburtalo District
Tbilisi 0131
You enquired on: FRESH AIR 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: Mrs. Nana (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.100.30 |
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Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SHG |
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.