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Report No. : |
347602 |
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Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BMC GORGIA SHPS |
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|
|
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Registered Office : |
Sokhumi Street 10, Batumi 6002 |
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|
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Country : |
Georgia |
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Date of Incorporation : |
14.07.2008 |
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|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Trading as importers, exporters, wholesalers, retailers
and distributors of all types of more than 25 000 items of construction and
interior decoration materials. |
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|
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No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
LARI 1,200,000 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Georgia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
|
Source
: CIA |
CO. NAME : BMC GORGIA SHPS
(CORRECT)
BMC GORGIA LTD (REQUESTED)
Street : Sokhumi Street 10
Town : Batumi 6002
Country : Georgia
Telephone: (995
422) 275 689 / 272 771 / 275 872 / 217 689 / Mobile (995 595) 111 219 / (995
595)
909 990 (Zviad
Merabshvili)
Fax : (995 422) 275 872
E-Mail : info@gorgia.ge / sales@gorgia.ge /
zviad@gorgia.ge / tamara.gagnidze@gorgia.ge
Website : www.gorgia.ge
Trading Styles : Gorgia
Extended Name : BMC Gorgia Shazguduli Pasukhismbgeblobis
Sazagadoeba
English Translation : BMC
Gorgia LLC
Also Known As : Bi Em Si
Gorgia ShPS
Name Position
1. Khvicha Papunidze
Managing Director
2. Zviad Merabshvili Head
of Finance Department
(based in Tbilisi)
3. Tamara Gagnidze
Import Manager
4. Bichiko Deladze
Head of Procurement
Manager
5. Marika Nakashidze
Senior
Accountant
(based in Tbilisi)
6. Umigo Migeladze (Ms)
Senior Accountant
(based in Batumi)
7. Natiya Bolhadze
Accountant
Total Employees : 500
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 1,200,000
Trade risk assessment: Normal
NAME : TBC-BANK (Tbilisi
Business Centre Bank) JSC
Branch : Zubalashvili Street 37
Town : Batumi 6000
Telephone: (995 422) 272 727
Fax : (995 422) 279 709
Subject also has account with the following banks:
1. Bank Republic JSC
Kutaisi Street 4
Batumi
Telephone: (995 422) 279 480 /
279 481 / 279 482
Fax : (995 422) 279 480
2. ProCredit Bank JSC
Luka Asatiani Street 18
Batumi 6000
Telephone: (995 422) 272 420
Fax : (995 422) 277 445
3. Liberty Bank JSC
Chavchavadze Street 39
Batumi
Telephone: (995 422) 271 613
Fax : (995 422) 271 613
4. PrivatBank TAO
Asatiani Street 10
Batumi
5. Bank of Georgia JSC
Davida Agmashenebeli Street
21
Batumi
Telephone: (995 422) 241
091
Fax : (995 422) 241 091
Private companies in Georgia are not required to publish or disclose
balance sheets. However, the subject interviewed offered the following
information :
Sales Turnover : LARI
5,000,000 - 2008 - exact
: LARI 31,000,000 - 2009 - exact
: LARI 41,200,000 – 2010 – exact
: LARI 53,713,348 – 2011 – exact
: LARI 48,036,333 – 2012 – exact
: LARI 50,000,000 - 2013 – exact
: LARI 60,000,000 – 2014 – exact
: LARI 60,000,000 – 2015 -
projected
Net Profit : LARI 700,000 – 2008 – exact
: LARI 4,000,000 – 2009 – exact
: LARI 4,000,000 – 2010 – exact
: LARI 6,500,000 – 2011 – exact
: LARI 10,000,000 – 2012 – exact
: LARI 10,000,000 – 2013 – exact
: LARI 9,000,000 – 2014 - approx
Financial year ends 31 December.
Date Started : 14 July 2008
History : Subject was established in Batumi on 14 July
2008 to take over operations of Gorgia ShPS (ID Code : 245442374), which
was operating since 23 January 2004.
ID Code : 245621288
Authorised Capital : LARI 200
Paid-up Capital : LARI 200
Shazguduli Pasukhismbgeblobis Sazagadoeba (Limited Liability
Company) with the following director and sole shareholder :
Khvicha Papunidze
(Georgian national / Personal No. : 61006011559)
Rezo Gorgoshadze 100%
(Georgian national / Personal No. : 61006018278)
Affiliated companies of BMC Gorgia ShPS :
1. Gorgia Motorsi ShPS
Angisa Village
Khvalachauri Province
Managing Director : Khvicha
Papunidze
Est. : 15 September 2004
C.R. No. : 04/05/b-321
ID Code : 248381709
Sole Shareholder : Rezo
Gorgoshadze
2. Gorgia Metal Yapi
Istanbul
Turkey
3. Aviva Invest ShPS
Tseretli Avenue 140
Didube-Chughureti District
Managing Director: Gia
Gorgoshadze
Est. : 11 April 2011
ID Code : 401957673
Sole Shareholder : Rezo
Gorgoshadze
Subject’s former affiliated company:
1. Gonio-G ShPS
Sukhumi Avenue 10
Batumi
Est. : 22 August 2006
C.R. No. : 01/04-1767
Tax No. : 245442356
Sole shareholder : Rezo
Gorgoshadze
(Georgian
national / Personal No.: 61006018278)
Gonio-G ShPS was established in
Georgia on 22 August 2006 to be
Sikas official distributor.
Gonio-G ShPS is currently a dormant
and under the process of
liquidation.
2. Gorgia ShPS
Sokhumi Street 2
Batumi 6002
Telephone: (995 222) 75689 /
31097 / Mobile (995 77) 462 140
Fax : (995 222) 75689 / 75872 / 31057
Est. : 23 January 2004
C.R. No. : 01/04-1768, Batumi
Town Court
Tax Code : 245442374
Authorised Capital : US DLRS
1,200,000
Sole shareholder : George
Rezoyevich Gorgoshadze 100%
(aka Gia
Gorgoshadze)
The above company was
established in Georgia on 23 January 2004 on
the basis of a proprietorship
business owned by George Gorgoshadze
operating since 1998. Gorgia
ShPS ceased to operate in July 2008.
Its assets and operations were
transferred to its affiliated
company BMC Gorgia ShPS. Gorgia
ShPS is currently a dormant
company and is under the
process of liquidation.
The Company is involved in the following activities :
Trading as importers, exporters, wholesalers,
retailers and distributors of all types of more than 25 000 items of
construction and interior decoration materials such as:
- heating and air condition systems;
- water and sewer systems;
- ceramic tiles;
- construction mixture;
- chemical additives paints;
- laminate flooring, railing;
- insulation;
- sanitary ware;
- roofing;
- bathtub;
- bathroom furniture;
- bathroom accessories;
- children furniture.
Manufacturers of PPRC and PE pipes for sewage and water supply systems.
Distributors for :
- Onduline;
- Henkel;
- Genc;
- Baxi Baymak;
- Marazzi;
- Du Pont;
- Standox;
- Askaynak;
- Marshall;
- Sika;
- Seranit;
- Kerama Marazzi;
- Kutahya Seramik;
- ECE Banyo;
- Duravit;
- AKG Gazbeton;
- Giacomini;
- Ecoflam;
- Radiatori;
- E.C.A;
- Thermaflex;
- CBS.
Subject’s partners include :
- Knipex;
- Bosch;
- Pakdus;
- Rufoline;
- Onduvilla;
- Sistem Ondugreen;
- Onduclair;
- Isoline;
- Fondaline;
- Bituline;
- Bardoline;
- Arduvaz;
- Duxone;
- Mirka;
- Standox;
- Axalta;
- Orbay;
- Cilek;
- Metylan;
- Pattex;
- Sista;
- Dayson;
- Sermat;
- Isiklar;
- Silkcoat;
- Goccia;
- Penta;
- Tekan Teknik;
- Yepsa.
NACE Codes : 2221 / 4120 / 4333 / 4334 / 4339
Imports from Turkey, Italy, China, Germany, Belgium, South Korea, Vietnam,
Ukraine, Spain, India and Russia.
Exports to Armenia and Azerbaijan.
The Company has the following facilities :
Rented premises comprising administrative offices, a manufacturing unit,
a retail outlet and storage facilities located at the heading address as well
as other 1 warehouse and 2 showrooms located elsewhere in Batumi, 1 rented
retail outlet (9,000 sq. m) located in Tbilisi and 1 retail outlet located in
Kutaisi (see 'Branch Offices' below).
Sokhumi Street 10
Batumi 6002
1. Tsereteli Avenue 140
Tbilisi 0119
Telephone: (995 32) 235 6520 / 235 6521 / (995 599) 111
219
Fax :
(995 32) 235 6521
2. Sokhumi Street 2
Batumi
3. Abuselidze Street 27
Batumi
4. Chavchavadze Avenue 8/4
Kutaisi 4600
Telephone: (995 431) 235 353
5. Warehouse
Chikvaidze Street 1
Batumi
You enquired on : “BMC Gorgia 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: Tamara Gagnidze (Import Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
|
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
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.