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Report No. : |
322581 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Iv. Javakhishvili Street 6A, Flat 5 Batumi |
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Country : |
Georgia |
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Date of Incorporation : |
27.08.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as
importers, re-exporters and wholesalers of building materials. |
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No. of Employee : |
2 (administrative staff) |
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
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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 |
GERPLEKS SHPS (CORRECT)
GERFLEX LTD (REQUESTED)
Street : Iv. Javakhishvili Street 6A, Flat 5
Town : Batumi
Country : Georgia
Mobile :
(995 577) 719 671 (Besik Koridze) / (995 599) 269 685 (Iakob Kabaria) / (90
216) 291 1549 / (90 533) 722 1365 (Shapak Kara)
E-Mail :
besikkoridze@mail.ru
Extended
Name : Gerpleks Shazguduli Pasukhismbgeblobis Sazagadoeba
English
Translation : Gerflex Ltd
Name Position
1. Shapak Kara Managing
Director
2. Mr.Jambul Auditor-Consultant
“J.B. Audit” Ltd
3. Georgi Murlanidze Auditor-Consultant
“J.B. Audit” Ltd
4. Iakob Kabaria Legal
Adviser
Total Employees :
2
(administrative staff)
No complaints have been heard regarding payments
from local suppliers or banks.
We consider it is acceptable to deal with subject
for SMALL amounts, however in view of the lack of financial information we
recommend international suppliers exercise a degree of caution.
Trade risk assessment: Normal
it is normal accepted practice for international
suppliers to deal on secured terms with Georgian importers.
NAME :
KOR STANDARD BANK JSC
Branch : K. Gamsakhurdia Street 4
Town :
Batumi 6000
Telephone: (995 32) 250 7700
Fax : (995 32) 250 7700
J.B Audit LLC
Kazbegi Street 12 B, 2nd Floor
Telephone: (995 32) 238 3283 / Mobile (995 577) 552
574 (Mr.Jambul) / (995 577) 789 979 (Georgi Murlanidze)
Fax :
(995 32) 238 3283
Private companies in Georgia are not required to
publish or disclose balance sheets. Balance sheets are not available from other
sources, and the subject interviewed declined to give any financial information,
which the company regards as strictly confidential.
Date Started :
27 August 2013
History :
The subject company was established in Georgia on 27 August 2013.
ID Code :
445430579
Authorised Capital : LARI 200
Paid-Up Capital : LARI 200
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited
liability company) ShPS) with the following director and shareholders :
Director
Shapak Kara
(Turkish national / Personal No. : 45613081794,
855318)
Shareholders
Percentage
1. Shapak Kara 80%
(Turkish
national / Personal No. : 45613081794, 855318)
2. Besik
Koridze
20%
(Georgian
national / Personal No.: 61002013127)
Affiliated companies of the subject company :
Associates
1. Chakirtrans ShPS
village Sarpi, 12km south of Batumi
Batumi
Mobile
: (995 577) 719 671 (Besik Koridze) / (995 599) 269
685 (Iakob Kabaria)
Managing Director: Besik Koridze
Est.: 2 October 2012
ID Code: 445415827
Sole shareholder: Besik Koridze
2. Sarpi Logistics
ShPS
Iv. Javakhishvili Street 6a, Flat 5
Batumi
Est.: 30 April 2013
ID Code: 445425059
Sole Shareholder: Besik Koridze
The Company is involved in the following activities
:
Trading as importers, re-exporters and wholesalers
of building materials.
NACE Code : 4690
Imports from Ukraine.
Exports to Turkey.
The Company has the following facilities :
Owned premises comprising administrative offices
located at the heading address as well as operating office located elsewhere in
Turkey.
Iv.Javakhishvili Street 6A, Flat 5
Batumi
You enquired on: GERFLEX 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: Georgi Murlanidze (Auditor-Consultant
“J.B. Audit” Ltd).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.