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Report No. : |
321371 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Petri
Sarajishvili Street 17, Vake-Saburtalo District, Tbilisi 0159 |
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Country : |
Georgia |
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Date of Incorporation : |
08.01.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers, re-exporters and distributors of cigarettes. |
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No. of Employees : |
700
(Subject) |
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
5,000,000 |
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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
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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 |
CO. NAME : OMEGA-2 SHPS
(CORRECT)
OMEGA
2 LTD (REQUESTED)
Street : Petri Sarajishvili Street 17
Area : Vake-Saburtalo District
Town : Tbilisi 0159
Country : Georgia
Telephone: (995 32)
253 1277 / 253 1148 (Chief Accountant) / 253 0543 (Giorgi Kurdadze) / 253
0573(Gia Devdariani) / 253 0854 / 253 1277 (Nikoloz Asanidze) / 253 0969 / Mobile (995 592) 317 979 (Paata
Chkheidze)
Fax : (995
32) 253 0833
E-Mail :
info@omega.ge / l.kapanadze@omega2.ge / paata@omega.ge
Website : www.omega2.ge
Extended Name : Omega-2 Shazguduli
Pasukhismbgeblobis Sazagadoeba
English Translation :
Omega-2 Ltd
Also known as : Omega 2 Ltd
Name Position
1. Giorgi
Kurdadze Managing Director
2. Nikoloz
Asanidze General Manager
3. Gia
Devdariani Head of Sales & Distribution
Department
4. Lia Kapanadze Chief
Accountant
5. Levan
Agdgomelashvili Head of Operations Department
6. Liana
Gegeshidze Head of Customs Operations
7. Khatuna
Pureliani Head of Legal Department
8. Rusudan Gvaramadze Marketing
Manager
9. Kate
Chkheidze Head of External Affairs Department
10.Anna
Muratishvili Manager
Total Employees
: 700
(subject)
4,000 (group)
No complaints have
been heard regarding payments from local suppliers
or banks.
Subject is a member
of Omega Group which brings crucial overseas investments into Georgia and
through global partnerships with international businesses like Phillip Morris,
BMW, MINI, IVECO, Chevrolet and Heidelberg enhances the reputation of the
country.
We consider it is
acceptable to deal with subject for LARGE amounts,
amounts, although it
is normal accepted practice for international suppliers to deal on secured
terms with Georgian importers.
Opinion on maximum
credit : LARI 5,000,000
Trade risk assessment
: Normal
NAME : BANK OF GEORGIA
Branch : Pushkin Street 3
Town : Tbilisi 0105
Telephone: (995 32)
244 4256
Fax : (995 32) 244 4289
The subject has also
account with the following banks :
1. Kartu Bank JSC
Ilia Chavchavadze Avenue 39A
Tbilisi 0179
Telephone: (995 32) 232 2300
Fax
: (995 32) 232 2300
2. Kor Standard Bank
JSC
Chavchavadze Street 43
Tbilisi 0162
Telephone: (995 32) 250 7700
Fax
: (995 32) 250 7707
3. VTB Bank Georgia
JSC
G.Tchanturia Street 14
Tbilisi 0102
Telephone: (995 32) 250 5505
Fax
: (995 32) 299 9139
Private companies in
Georgia are not required to publish or disclose balance sheets. However, the
subject interviewed offered
the following
information :
Sales Turnover : LARI 221,500,000 - 2013 - exact
: LARI
250,500,000 - 2014 - exact
Net Profit :
not given but stated to be profitable
Financial year ends
31 December.
The following
financial information applies to OJT ShPS (latest available):
Sales Turnover : LARI 35,000,000 - 2006 - exact
: LARI 50,000,000
- 2007 - exact
Net Profit : not given but stated to be profitable
Financial year ends
31 December.
Date Started : 8 January 1997
History : The subject company was established in
Georgia on 8 January 1997.
C.R. No. : 01/04-593
ID Code : 245422608
Authorised Capital :
LARI 2,000
Paid-Up Capital :
LARI 2,000
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability company) with the following
director and sole shareholder :
Director
Giorgi Kurdadze
(Georgian national / Personal No. 61001002353)
Shareholder Percentage
Velsan Trading
Corporation
100%
Est.: 7 October 2009
C.R. No.: 677212
Panama
Affiliated companies
of the subject company :
Associates
1. OJT ShPS (OGT Ltd)
Petri Sarajishvili Street 17
Tbilisi 0159
Georgia
Telephone: (995 32) 253 1277 / 253 1148
Fax
: (995 32) 253 0833
Managing Director: Nikoloz Asanidze
Est.: 18 October 1999
ID Code : 245434169
Capital: LARI 2,000
Sole shareholder:
- Rominvest Trading Corp
Road Town
Tortola
British Virgin Islands
C.R. No. : 563239
(producers of cigarettes)
2. Omega Motors ShPS
10th km of David Agmashenebeli Avenue
Tbilisi
Telephone: (995 32) 531 428
Fax
: (995 32) 531 430
E-mail: omega.motors@access.sanet.ge
An official and exclusive importer of giant
automotive concern
BMW, Mini in Georgia.
3. Omega Tegi ShPS
P. Sarajishvili Street 17
Tbilisi 0159
Telephone: (995 32) 530 661
Fax
: (995 32) 530 661
Operators of a printing house. Subject publishes booklets,
brochures and books.
4. Omega Club
27, Melikishvili Street
Tbilisi
Telephone: (995 32) 251 809
Fax
: (995 32) 251 959
Omega Club was founded on June 30, 2002.
This is a new type of
union which is based on democracy for the
revival of the
literature life in Georgia. Literators of
all generations are
united in Omega Club.
5. Omega
Public Magazine
6. New Epoch
Public newspaper
7. Our Poetry
Literatural Public newspaper
8. Media News
News Agency
Subject’s formerly
associate was:
Iberia TV
TV Company
(closed down in 2007)
The Company is
involved in the following activities :
Trading as importers,
re-exporters and distributors of cigarettes.
NACE Code: 4635
Imports from Italy,
Germany, UK, Ukraine, USA and Brazil.
Re-Exports to Europe
and CIS Countries.
Subject is exclusive
distributor for Philip Morris International.
The Company has the following
facilities :
Rented premises
comprising administrative offices and storage facilities located at the heading
address as well as 30 branch offices located throughout Georgia.
Petri Sarajishvili
Street 13-15-17
Vashlijvari
Vake-Saburtalo
District
Tbilisi 0159
You enquired on:
OMEGA 2 LTD. Please note that the correct name is as per heading.
The address provided
by you: Adres P Sarajishvili Street 17 0159 is misspelt. Please note that
correct spelling is as per heading.
Interviewed: Lia
Kapanadze (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.70 |
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UK Pound |
1 |
Rs.98.92 |
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Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.