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Report No. : |
346919 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Village Gldani, Surrounding of White Lake Gldani-Nadzaladevi District Tbilisi 0153 |
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Country : |
Georgia |
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Date of Incorporation : |
01.11.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Building
contractors. ·
Providers
of engineering services. ·
Trading
as importers and distributors of industrial flooring. |
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No. of Employee : |
70 |
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 Limit : |
Lari 50,000 |
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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 – 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 |
BESTI JGUPI SHPS (CORRECT)
BEST
GROUP LTD (REQUESTED)
Street :
Village Gldani, Surrounding of White Lake
Area :
Gldani-Nadzaladevi District
Town :
Tbilisi 0153
Country :
Georgia
Telephone :
(995 32) 242 4411 / Mobile (995 559) 518 0909 (Malkhaz
Kokhreidze)
Fax :
(995 32) 242 1444
E-Mail
: info@bestgroup.ge
Website
: www.bestgroup.ge
Trading Style
: Best Group
Extended Name
: Besti Jgupi Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : Besti Group Ltd
Name Position
Malkhaz
Kokhreidze Managing Director
Total Employees : 70
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.
Opinion on maximum
credit : LARI 50,000
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 2,500,000 - 2014 - exact
: LARI 2,500,000 - 2015 – exact *
: LARI 3,000,000 - 2015 - projected
Net Profit :
but stated to be 5-7% of the sales turnover
* 9 months results
(January - September).
Financial year
ends 31 December.
Date Started : 1 November 2012
History : The subject company was
established in Georgia on 1 November 2012.
ID Code : 404962634
Capital : not given
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the
following director and shareholders :
Director
Malkhaz Kokhreidze
(Georgian national / Personal No. 61003002356)
Shareholders Percentage
1. Zuri Kiladze 33.40%
(Georgian national / Personal
No. 61001007950)
2. Malkhaz Kokhreidze 33.30%
(Georgian national / Personal
No. 61003002356)
3. Mindia Kokhreidze 33.30%
(Georgian national / Personal
No. 61003000967)
The Company is
involved in the following activities :
Building
contractors.
Providers of
engineering services.
Trading as
importers and distributors of industrial flooring.
NACE Code:
4299
Imports from
Poland.
Subject does not
export, all sales are domestic.
The Company has
the following facilities :
Owned premises
comprising administrative offices and storage facilities located at the heading
address.
Village Gldani,
Surrounding of White Lake
Gldani-Nadzaladevi
District
Tbilisi 0153
Until 2015,
subject’s registered address was located at :
Nustubidze Plateau
29/9,
Tbilisi 0183
According to our
there is a company in Georgia with similar name, namely:
Best Group Ltd
Khevsurete Street
6
Gldani-Nadzaladevi
District
Tbilisi
Managing Director:
Davit Maisuradze
Est.: 21 October
2014
ID Code: 400129464
Sole Shareholder:
Davit Maisuradze
Please note that
the above company has no affiliation to the subject company.
You enquired on:
BEST GROUP LTD. Please note that the correct name is as per heading.
The address
provided by you: UL NUSTUBIDZE PLATEAU 29/9, 0183 VAKE applies to subject's former address. Please note that subject's current
administrative office address is as per heading.
Interviewed:
Malkhaz Kokhreidze (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.04 |
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1 |
Rs.99.58 |
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Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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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.