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Report No. : |
348518 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
EVRO INVESTI SHPS |
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Registered Office : |
Likhauri Chikhi (Pereulok) 10 Vake-Saburtalo Tbilisi 0171 |
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Country : |
Georgia |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
01.07.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers, retailers and distributors of
foodstuff including fish, seafood, dairy products and meat products. |
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No. of Employees : |
11 |
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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Maximum Credit Limits : |
5000 Lari |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 : Evro Investi ShPS (Correct)
EURO
INVEST LLC (Requested)
Street :
Agladze Street 32
Area :
Didube-Chugureti District
Town :
Tbilisi 0119
Country :
Georgia
Telephone : (995 32) 230 9868 / Mobile (995 599)
121 622 (Vakhtang Muladze)
Fax :
(995 32) 230 9868
E-Mail :
euroinvestgeorgia@gmail.com
/ tenage89@yahoo.com
Extended Name : Evro
Investi Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation :
Euro Invest LLC
Name Position
Vakhtang
Muladze Managing Director
Total Employees :
11
No trade
experience of payments is available.
Subject is a newly
established company incorporated on 1 July 2014 and commenced trading in August
2014.
Opinion on maximum
credit : As the company has recently
commenced
trading and has no
financial or
payment track record, we
recommend
dealing
on fully secured terms.
Trade risk
assessment: High
It is normal
accepted practice for international suppliers to deal on secured terms with
Georgian importers.
NAME :
PROCREDIT BANK JSC
Branch :
Al. Kazbegi Avenue 21
Town :
Tbilisi 0160
Telephone :
(995 32) 202 2222
Fax
: (995 32) 220 2223
Credit
Limit : 5000 Lari
As the subject has
only recently started trading, relevant financial information is not available,
however subject offered the following financial information :
Balance sheets as
at 30 September 2015 showed (quarterly results) :
31/12/2014
* 30/09/2015
(in LARI)
ASSETS
Current Assets
Cash in
vault 3,914.9 4,416.7
Cash at bank
accounts 7,522.2 (18,225.3)
Short-term
receivables 133,389.1 138,488.1
Inventory 25,563.9 70,833.1
Total Current
Assets 170,390.1 195,512.5
Non-Current
Assets
Fixed
assets
10,801 12,058.6
Intangible
assets 891.2 891.2
Accumulated
depreciation (603.8) (1,983)
Accumulated
amortization (89.1) (193.1)
Total
Non-Current Assets
10,999.3 10,773.7
TOTAL
ASSETS
181,389.3 206,286.2
LIABILITIES AND
EQUITY
Current
Liabilities
Short-term
payables 18,510.5 (50,917.2)
Short-term
loans 8,056.5 125,039.9
Tax
liabilities
7,100.5 4,375
Accrued
liabilities
(100.6) 1,502.5
Total Current
Liabilities 33,768 80,000.1
Long Term
Liabilities
Long-term
loans 33,984 -
Total Long Term
Liabilities 33,984 -
Equity
Own capital 100,000 100,000
Equity in
LLC 100,000 100,000
Retained
earnings - (17,221.9)
Accumulated
profit/loss 13,637.3 43,508
Total
Equity
100,000 82,778.1
TOTAL
LIABILITIES AND EQUITY
181,389.3 206,286.2
INCOME STATEMENT
Revenues from
sales 278,662 696,920
COGS 194,300.6 483,241.2
Gross
Profit
84,361.5 213,678.4
Margin 1.41 1.44
Operational
Expenses 65,760.5 159,821.1
Non-operational
revenues 800.1 1,945.1
Non-operational
expenses 1,968 2,037.4
EBITDA 17,433 53,765
Depreciation 692.9 1,483.2
EBIT 16,740.1 52,281.8
Profit before
tax 16,055.3 8,773.8
Interest
expense 684.8 43,508
Profit tax 2,418 -
Net profit 13,637.3 43,508
* First 6 month of
operations.
Financial year
ends 31 December.
Sales
Turnover : LARI 327,482 - 2014 –
exact *
: LARI 1,322,699 - 2015 - projected
Net Profit : LARI
16,055 - 2014 – exact *
Value of Current
Contracts : LARI 150,000 (as of November 2015)
Total Value of
Stock Held : LARI 130,000 (as of November 2015)
Total Invested
Capital : LARI 232,000 (as of November 2015)
* First 5 month of
operations.
** 9 months
results (January - September).
Financial year
ends 31 December.
Date Started : 1
July 2014
History : Subject
was established in Georgia on 1 July 2014 and started trading in August 2014.
ID Code : 405049807
Authorised Capital
: LARI 200
Paid-Up Capital :
LARI 200
Shazguduli Pasukhismbgeblobis
Sazagadoeba (Limited Liability Company) ShPS) with the following sole
shareholder :
Vakhtang
Muladze
100%
(Georgian national / Personal No. : 01007002010)
The Company is
involved in the following activities :
Trading as
importers, wholesalers, retailers and distributors of foodstuff including fish,
seafood, dairy products and meat products.
Subject’s main
suppliers include :
- Mlekovita;
Ludowa 122
Wysokie Mazowieckie 18-200
Woj. Podlaskie
Poland
NIP : 722-000-23-29
Telephone: (48 86) 275 8200
Fax
: (48 86) 275 8130
- Indykpol;
Jesienna 3
Olsztyn 10-370
Poland
Telephone: (48 89) 526 2222
- Koral;
Za Dworcem Street13
Tezew 83-110
Poland
Telephone: (48 58) 677 5820
Fax
: (48 85) 677 2843
- Pamas;
Szkolna Street 9
Kolonowskie 47-110
Poland
Telephone: (48 77) 404 8770
Fax
: (48 77) 404 8772
- Sekosa.
Zakladowa Street 3
Chojnice 89-620
Poland
Telephone: (48 52) 510 8140
Fax
: (48 52) 396 7351
Subject’s main agent : Martin Charnaz,
Poland.
NACE Codes : 4632
/ 4633 / 4638
Imports from
Poland, Italy, Greece, Spain and Germany.
Subject does not export,
all sales are domestic.
Subject plans to
start exporting to Kazakhstan by 2016.
The Company has
the following facilities :
Rented premises comprising administrative offices and
warehousing facilities located at the heading address.
Subject
plans to open a retail outlet in Tbilisi by 2016.
Likhauri Chikhi (Pereulok) 10
Vake-Saburtalo
Tbilisi 0171
You enquired on :
“EURO INVEST LLC”. Please note that this name applies to an English
translation of the subject’s name. Subject’s correct registered name is as per
heading.
The address which you provided : “LIKHAURI
10, GRUZJA” is misspelt and applies to subject's registered office address.
Please note that subject's operational office address is as per heading.
The postal code given by you : “0108 TBILISI”
is incorrect. Please note that subject’s correct postal code is as per heading.
Interviewed :
Vakhtang Muladze (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.35 |
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UK Pound |
1 |
Rs.100.28 |
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Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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Report Prepared
by : |
TRU |
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.