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Report No. : |
349409 |
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Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
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Name : |
VIT JORJIA PARMI SHPS |
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Registered Office : |
Non-residential Floor 1, Space No. 4, Basement No. 18 Navtlughi Street
5/7, Building 1, Floor 2, Flat No. 1 Isani-Samgori District Tbilisi 0113 |
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Country : |
Georgia |
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Date of Incorporation : |
22.07.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as
importers, wholesalers and distributors of medicines trade, pharmaceutical
depots, hygienic products, specialized cleaning, polishing and sanitation
products. |
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No. of Employees : |
39 |
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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Maximum Credit Limits : |
LARI 250,000 |
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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) |
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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 |
Vit
Jorjia Parmi ShPS (Correct)
WIT GEORGIA PHARM SHPS (Requested)
Street :
Navtlughi Street 5/7
Area :
Isani-Samgori District
Town :
Tbilisi 0113
Country :
Georgia
Telephone : (995 32) 227 7377 / 227 7323 / Mobile
(995 593) 173 040 (Mr. Zurab)
Fax :
(995 32) 227 7377 / 227 7323
E-Mail :
office@witgeopharm.ge
Website :
www.witgeopharm.ge
Extended Name : Vit
Jorjia Parmi ShPS
English Translation : Wit Georgia Pharm LLC
Name Position
1. Nodar
Gurgenidze Managing Director
2. Mr. Zurab Accountant
Total Employees :
39
No complaints have
been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts,
although it is
normal accepted practice for international suppliers to deal on secured terms
with Georgian importers.
Opinion on maximum
credit : LARI 250,000
Trade risk
assessment: Normal
NAME :
TBC-BANK (TBILISI BUSINESS CENTRE BANK) JSC
Branch :
Marzhanishvili Street 7
Town :
Tbilisi 0125
Telephone : (995 32) 272 727
Fax :
(995 32) 272 727
Subject also has
an account with :
ProCredit Bank JSC
Al. Kazbegi Avenue 21
Tbilisi 0160
Telephone :
(995 32) 202 2222
Fax : (995 32) 220 2223
Private companies
in Georgia are not required to publish or disclose balance sheets. However, the
subject interviewed offered the following information :
Sales
Turnover : LARI 12,200,000 - 2014 - exact
: LARI 10,800,000 - 2015 – exact *
: LARI 14,000,000 - 2015 - projected
Net Profit :
LARI 1,760,000 - 2014 - exact
* 9 months results
(January - September).
Financial year
ends 31 December.
Date Started : 22 July 2005
History :
Subject was established in Georgia on 22 July 2005, however its origins can be traced back to
1996.
C.R. No. : 06/5/b-609
ID Code : 205081365
Authorised Capital
: LARI 2,000
Paid-Up Capital :
LARI 2,000
Shazguduli Pasukhismbgeblobis
Sazagadoeba (Limited Liability Company) ShPS) with the following director and
shareholders :
Director
Nodar
Gurgenidze
(Georgian
national / Personal No. : 01008013016)
Shareholder Percentage
1. Grigol Dadiani 34%
(Georgian national / Personal No. : 01009013985)
2. Nodar Gurgenidze 33%
(Georgian national / Personal No. : 01008013016)
3. Zurab Esaiashvili 33%
(Georgian national / Personal No. : 36001004303)
The Company is
involved in the following activities :
Trading as
importers, wholesalers and distributors of medicines trade, pharmaceutical
depots, hygienic products, specialized cleaning, polishing and sanitation products.
NACE Codes : 4690 / 4778
Imports from
Poland, Austria, Italy, Germany and UK.
Exports to
Azerbaijan.
The Company has
the following facilities :
Owned
premises comprising administrative offices and storage facilities located at the
heading address and a wholesale outlet located elsewhere in Tbilisi and Gori
(see 'Branch Office' below).
Non-residential
Floor 1, Space No. 4, Basement No. 18
Navtlughi
Street 5/7, Building 1, Floor 2, Flat No. 1
Isani-Samgori
District
Tbilisi
0113
A. Tsereteli
Avenue 1
Didube-Chugureti
District
Tbilisi 0112
You enquired on :
“WIT GEORGIA PHARM SHPS”. Please note that the correct name is as per
heading.
“The address given
by you : “Navtlugi Street 5/7” is misspelt. Please note that subject’s correct
administrative office address is as per heading.
Interviewed : Mr.
Zurab (Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
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UK Pound |
1 |
Rs.101.03 |
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Euro |
1 |
Rs.70.71 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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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.