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Report No. : |
322490 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Orbeliani Street 35, Dzveli Tbilisi District Tbilisi
0105 |
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Country : |
Georgia |
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Date of Incorporation : |
13.10.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers, wholesalers and distributors of household appliances, IT
products, computers and mobile phones. |
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No. of Employees : |
170 |
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 1,650,000 |
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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 – 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 |
EVROTEKNIKS GEORGIA SHPS (CORRECT)
LLC EUROTECHNICS GEORGIA (REQUESTED)
Street : Agmashenebeli
Street 61
Area : Didube-Chugureti
District
Town : Tbilisi
0102
Country : Georgia
Telephone : (995
32) 215 9159 ext. 102 (Accounts Dept.) / 230 6161 / 230 6262 / Mobile (995 577) 108 448
Fax : (995
32) 215 9159 (ask for fax)
E-Mail : m.tsulukiani@okshop.ge
/ m.tsulukiani@ok.ge / marketing@okshop.ge
Website : www.ok-shop.ge
Trading Style: OK Shop / Technics House OK
Extended Name : Evrotekniks Georgia Shazguduli
Pasukhismbgeblobis Sazagadoeba
English Translation :
Eurotechnics Georgia LLC
Name Position
1.
Baadur Koplatadze Chairman
2.
Shota Gvenetadze General
Director
3.
Merab Tsulukiani Executive
Director
Total Employees : 170
No complaints have
been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for LARGE amounts,
although it is normal
accepted practice for international suppliers to deal on secured terms with
Georgian importers.
Opinion on maximum credit : LARI 1,650,000
Trade risk
assessment: Normal
NAME : BAZISBANK
Branch : Rezo Tabukashvili Street 37
Town : Tbilisi 0177
Telephone: (995 32)
298 4736 / 298 9597 / 298 6548
Fax : (995 32) 298 6548
The company also has an
account with
the following banks:
1. TBC-Bank (Tbilisi Business Centre Bank)
Chavchavadze Avenue 11
Tbilisi 380079
Telephone: (995 32) 291 693
Fax : (995 32) 291 693
2. Bank Republic
Gr. Abashidze Street 2
Tbilisi 0179
Tel: (995 32) 290 9090
Fax: (995 32) 292 5544
3. Procredit Bank
D. Agmashenebeli Avenue 154
Tbilisi 0112
Telephone: (995 32) 220 2222
Fax : (995 32) 224 3753
4. Bank of Georgia JSC
Gagarin
Street 29a
Tbilisi
0105
Telephone: (995 32) 244 4256
Fax : (995 32) 244 4289
Subject formerly had
an account with :
Tao Private Bank
Tsereteli Avenue 114
Tbilisi 0179
Tel: (995 32) 255 5555
Fax: (995 32) 235 5080
Private companies in
Georgia are not required to publish or disclose balance sheets. However, the
subject interviewed offered the following information :
Sales turnover : LARI
24,000,000 – 2012 – exact
: LARI 40,000,000 - 2013 – exact *
: LARI 84,000,000 – 2014 – exact
: LARI 120,000,000 – 2015 –
projected
Net profit : not given but stated to be
profitable
* A significant
increase in sales turnover in 2013 was attributed to favourable market
conditions and expansion of the business.
Financial year ends
31 December.
Date Started : 13
October 2008
History : Subject was
established in Georgia on 13 October 2008 with the following shareholders:
1. David
Chikovani 18.5%
(Personal No.: 01008001159)
2. Baadur
Koplatadze 17.5%
(Personal No.: 01002008460)
3. David
Ramishvili 16.0%
(Personal No.: 01002001142)
4. Temur
Miminoshvili 16.0%
(Personal No.: 62001009934)
5. Kakha Beradze 10.0%
(Personal No.: 01011042052)
6. Merab
Tsulukiani 7.0%
(Personal No.: 62004004343)
7. Leri
Ramishvili 5.0%
(Personal No.: 01001014086)
8. David
Gogorishvili 5.0%
(Personal No.: 01007011349)
9. Irakli Web 5.0%
(Personal No.: 01010010651)
Later on, subject’s
shareholding structure changed to the present.
ID Code : 204560901
Capital : not given
Shazguduli Pasukhismbgeblobis Sazagadoeba
(limited liability company) ShPS) with the following shareholders :
Percentage
1. Baadur Koplatadze 22%
(Georgian national / Personal No.: 01002008460)
2. David Chikovani 18.5%
(Georgian national / Personal No.: 01008001159)
3. Temur Miminoshvili 18%
(Georgian national / Personal No.: 62001009934)
4. David Ramishvili 17%
(Georgian national / Personal No.: 01002001142)
5. Kakha Beradze 7.5%
(Georgian national / Personal No.: 01011042052)
6. Merab Tsulukiani 7%
(Georgian national / Personal No.: 62004004343)
7. Leri Ramishvili 5%
(Georgian national / Personal No.: 01001014086)
8. Irakli Zambakhidze 5%
(Georgian national / Personal No.: 01010010651)
Affiliated
companies of the subject company :
Associates
1. Kvoliti Tekniks ShPS
Kekelidzi Street 6
Dzveli Tbilisi District
Tbilisi
Managing Director: Merab Tsulukiani
Est.: 5 March 2007
ID Code: 204525040
Shareholders:
- Davit Chikovani 25%
- Davit Ramishvili 25%
- Baaduri Koplatadze 25%
- Temur Miminoshvili 25%
2. General Media LLC
Budapeshti Street 2, Flat 11
Vake-Saburtalo District
Tbilisi
Managing Director: Zurab Iashvili
Est.: 12 February 2010
ID Code: 404854154
Sole shaholder: Merab Tsulukiani
3. Multitesti ShPS
Sop.Dighomi, Didgori Street 3
Vake-Saburtalo District
Tbilisi
Managing Director: Levan Kalandadze
Est.: 5 April 2004
C.R. No. : 5/4-3877
ID Code: 205025676
Shareholders:
- Khili da Bostneuli ShPS 60%
ID Code: 204978890
- Davit Chikovani 30.17%
- Liana Tskitishvili 9.83%
4. Autotest Georgia ShPS
Sop.Dighomi, Chalipirebi
Vake-saburtalo District
Tbilisi
Managing Director: Davit Chikovani
Est.: 30 April 2014
ID Code: 405041119
Shareholders:
- Davit Chikovani 50%
- Tanamonatsileobi ShPS 50%
Germany
C.R.No.: HRB6708
5. Autokomi ShPS
Kekelidzi Street 6
Dzveli Tbilisi District
Tbilisi
Managing Director: Koba Patiashvili
Est.: 2 May 2007
ID Code: 204528537
Sole shareholder: Davit Chikovani
The Company is
involved in the following activities :
Trading as importers,
wholesalers and distributors of household appliances,
IT products, computers and mobile phones.
NACE Code: 4754 /
4741
Imports from Italy,
Poland, South Korea, Czech Republic, China, Slovakia, Hungary, Germany,
Malaysia, Ukraine and Turkey.
Subject does not
export, all sales are domestic.
Subject's principal
suppliers include : Zanussi, AEG, Electrolux, Baumatic, Samsung and Candy.
The Company has the
following facilities :
Rented premises
comprising administrative offices located at the heading address as well as 10
retail outlets located elsewhere in Georgia (see Branch Offices section below).
Subject has warehousing facilities located at Kavtaradze Street 27
Vake-Saburtalo
District, Tbilisi 0180.
Until February 2014,
subject was located at:
Kavtaradze Street 27
Vake-Saburtalo
District
Tbilisi 0180
Until 2011, subject
was located at:
Mosashvili Street 12
Vake District
Tbilisi 0160
Telephone : (995 32) 729 027 / 306 161 / 306 262 /
Fax : (995 32) 729 027
Subject formerly operated
from the following address :
Kekelidze Street 6
Tbilisi 0178
Orbeliani Street 35
Dzveli Tbilisi
District
Tbilisi 0105
1. Technique House OK
Railway
Square 2
Didube-Chugureti District
Tbilisi
0112
Telephone: (995 32) 215 9159
2. Technique House OK
Sheshelidze Street 4
Gldani-Nadzaladevi District
Tbilisi
0153
Telephone: (995 32) 215 9159
3. Technique House OK
P.
Kavtaradze Street 1
Vake-Saburtalo District
Tbilisi
0186
Telephone: (995 32) 215 9159
4. Technique House OK
Javakheti Street 16
Isani-Samgori District
Tbilisi
0182
5. Mall “Gldani”
Tbilisi
6. Pardaveja Street 1
Tbilisi
7. Technique House OK
Pushkin
Street 77
Batumi
6000
8. Technique House OK
Kostava
Street 3
Zugdidi
2100
Telephone: (995 593) 288 400
9. Technique House OK
Meskhishvili Street 16
Rustavi
3700
Telephone: (995 34) 122 0062
10.Technique House OK
Gori-Tskhinvali Highway 8
Gori 1400
Telephone: (995 599) 684 006
You enquired on: LLC EUROTECHNICS GEORGIA. Please note that the correct registered
name is as per heading.
The address which you provided: G.ORBELIANI
STREET 35, Tbilisi applies to subject's registered office address. Please note
that subject's administrative office address is as per heading.
Interviewed: Merab Tsulukiani
(Executive Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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.