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Report No. : |
335778 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
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Name : |
DIZAIN SITI SHPS |
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Registered Office : |
Glandi 4 District 96B Flat 59, Tbilisi 0167 |
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Country : |
Georgia |
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Date of Incorporation : |
21.09.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and
retailers textile, building materials and sanitary wear. |
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No. of Employees : |
32 (Permanent Staff) 32-60 (According to Projects in Hand) |
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 30,000 |
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Status : |
Small Company |
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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.
|
Source
: CIA |
CO. NAME : DIZAIN SITI SHPS
(CORRECT)
DESIGN
CITY SHPS (REQUESTED)
Building : Pavilion 7
Area : Tsereteli Avenue 118
Town : Tbilisi 0119
Country : Georgia
Telephone : (995 32) 225 8979 / Mobile (995 577) 558 939
Fax : (995 32) 225 8977
E-Mail : info@designcity.ge /
city@designcity.ge /
finance@designcity.ge
Website :
www.designcity.ge
Extended Name :
Dizain Siti Shazguduli Pasukhismbgeblobis Sazagadoeba
English
Translation : Design City Limited Liability
Company
Also Known As : Design City OOO /
Design City LLC
Name Position
1. Mamuka Saakashvili Managing Director
2. Manan Samkharadze Chief Accountant
Total Employees : 32 (permanent staff)
32-60 (according to projects
in hand)
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 30,000
Trade risk assessment: Normal
NAME : TBC BANK
Branch : Marjanishvili Street 7
Town : Tbilisi 0102
Telephone: (995
32) 224 2242
Fax : (995 32) 224 2222
Subject also has
an account with :
ProCredit Bank
Agmashenebeli Avenue 154
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
1,519,000 - 2014 - exact
: LARI 498,000 - 2015 – exact *
: LARI
2,000,000 - 2015 - projected
Net Profit : LARI
222,853 - 2014 - exact
* 6 months results (January - June).
Financial year ends 31 December.
Date Started : 21
September 2010
History :
Subject was established in Tbilisi on 21 September 2010.
ID Code :
400008674
Authorised Capital : LARI
200
Paid-Up Capital : LARI
200
Shazguduli
Pasukhismbgeblobis Sazagadoeba (Limited Liability Company) ShPS) with the
following sole shareholder :
Mamuka
Saakashvili
100%
(Georgian national
/ Personal No. 01002010734)
Affiliated companies of the subject company:
1. Eko Dekor Servisi ShPS
ID Code : 400118378
Shareholders :
- Avtandil Gvasalia -
22%
- Mikheili Vashak'idze
- 22%
- Davit Suluashvili -
22%
- Mamuk'a Saak'ashvili
- 22%
- Marik'a Dolak'idze -
12%
2. Eko Dekor ShPS
Gldni Street 4/96
ID Code : 400016228
Shareholders :
- Davit Suluashvili -
34%
- Avtandil Gvasalia -
33%
- Mamuk'a Saak'ashvili
- 33%
3. Dekor Lains ShPS
Nutsubidzi Street 2, 1/28
ID Code : 205245046
Shareholders :
- Muradi K'ut'ivadze -
50%
- Mamuk'a Saak'ashvili
- 50%
The Company is involved
in the following activities:
Trading as importers, wholesalers and retailers textile, building
materials and sanitary wear.
Distributors for Wallquest, Scabrook, Décor Linas, Style Magazine, City
Dessign, Life & Design, NLF, Brimar, Maxwell, Brewster, TTTW Inc, RM COCO,
WT, Mitchell, Duralee, Mottura, Carole Fabrics, Trend, Kravet, S.Harris, Koliz
Art, Agena, Desima, Eurographics, Fine Décor,
Father & Sons, Stroheim, Architect Paper, Aba interiors, Raphael,
Superfresco, Ons zelf, Michael Textiles, Asanderus, Behang Expresse, Calcutta,
Cosmos, Easy-Walls, Vervain, Guy Masureel, Herlequin, Khroma, Living Style,
Sandpaper Studios, Sangiorgio, Studio 465,
Alev Design, Hookedonwalls, Midas Wallcoverings, Escolys, Nobilis,
Fabricut, Fuggerhaus, Indes, BS Fabrics, Grahan & Brown, MYB Textile Group.
NACE Code : 4641 / 4751 / 4613
Imports from Italy, Poland, Spain, UK, Belgium, the Netherlands, France,
Germany, Turkey and USA.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned 1,300 sq. m. premises comprising administrative offices, retail
outlet and storage facilities located at the heading address as well as branch
office located elsewhere is Georgia (see 'Branch Offices' below).
Glandi 4 District 96B Flat 59
Tbilisi 0167
Georgia
Griboedov Street 2
Batumi 6000
This amended report is sent as a replacement of our previous report Ref:
757100.01.C.KSN.X / dated 12/08/105.
You enquired on: Design City ShPS. Please note that subject's correct
registered name is as per heading.
The address which you provided : Gldani District Gldani 4 MD 96/B block
FL 59 Tbilisi Gruzja applies to subject`s registered address.
Interviewed: Manana Samkharadze (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.58 |
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|
1 |
Rs.102.29 |
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Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.