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Report No. : |
323011 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Janashia Street 4, Old Tbilisi, Tbilisi 0179 |
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Country : |
Georgia |
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Date of Incorporation : |
07.02.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Owners and operators of printing house specialising in labels. |
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No of Employees : |
33 |
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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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
|
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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Plekso Leibelsi ShPS (Correct)
FLEXOLABELS LTD (Requested)
_____________________________________________________________________
Street : Kiziki Street 13
Area : Isani-Samgori District
Town : Tbilisi 0182
Country : Georgia
Telephone : (995 32) 271 0722
Fax : (995 32) 271 0722
E-Mail :
info@flexo.ge
Extended
Name :
Plekso Leibelsi Shazguduli
Pasukhismbgeblobis Sazagadoeba
English
Translation : Flexo Labels Ltd
_____________________________________________________________________
Name Position
1. Raul Tqeshelashvili Managing Director
2. Lika Khurtsidze Chief Accountant
Total Employees : 33
_____________________________________________________________________
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 : PROCREDIT BANK JSC
Branch : Agmashenebeli Avenue 154
Town : 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 6,000,000 - 2013 - exact
: LARI 7,000,000 - 2014 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
_____________________________________________________________________
Date Started : 7
February 2007
History :
The subject company was established in Georgia on 7 February 2007.
ID Code :
204523550
Authorised Capital : LARI
200
Paid-Up Capital : LARI
200
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the following
director and shareholders :
Director
Raul Tqeshelashvili
(Georgian national / Personal No.: 17001012514)
Shareholders Percentage
1. Manul Tqeshelashvili 50%
(Georgian national / Personal No.: 17001000012)
2. Andro Asatiani 20%
(Georgian national / Personal No.:
09001009161)
3. Anton Kiladze 15%
(Georgian national / Personal No.: 01018004387)
4. Raul
Tqeshelashvili
15%
(Georgian national / Personal No.:
17001012514)
Affiliated companies of the subject company :
Associate
Zameks Printi ShPS
Tsagareli Street 68
Saburtalo District
Tbilisi
Managing Director:
Est. : 2 March 2006
C.R.No.: 3510/006-shp's
ID Code: 205137939
Shareholders:
- Manuel
Tqeshelashvili 25%
- Irakli Topadze 20%
- Amiran Devdariani 11%
- Rauli
Tqeshelashvili 7%
- Anton Kiladze 7%
- Giorgi Topadze 5%
- Nikoloz Bakhtadze 5%
- Giorgi Kamkamidze 5%
- Davit
Kvitaishvili 5%
- Vladimeri
Gatserelia 5%
- Eka Kvitashvili 3%
- Otar
Lortkipanidze 2%
_____________________________________________________________________
The Company is involved in the following activities :
Owners and operators of printing house specialising in labels.
NACE Code: 1812
Imports from Germany and Turkey.
Subject does not export, all sales are domestic.
Subject plans to start export to Italy by 2015.
_____________________________________________________________________
The Company has the following facilities :
Owned premises comprising administrative offices, a printing house and
storage facilities located at the heading address.
_____________________________________________________________________
Janashia Street 4
Old Tbilisi
Tbilisi 0179
_____________________________________________________________________
You enquired on: FLEXOLABELS LTD. Please note that the registered name
is as per heading.
Interviewed: Lika Khurtsidze (Chief Accountant).
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. 99.66 |
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Euro |
1 |
Rs. 70.92 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.