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Report No. : |
339756 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
AVTOFORMULA SHPS |
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Registered Office : |
Budapesht Street 3B, Flat 26 Vake-Saburtalo District Tbilisi |
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Country : |
Georgia |
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Date of Incorporation : |
12.06.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors of lubricants,
filters and motor oils. |
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No. of Employees : |
22 |
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 : |
LARI 50,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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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 |
AVTOFORMULA SHPS (CORRECT)
AUTOFORMULA LLC
(REQUESTED)
Street : Beliashvili Street 23
Area : Digomi District
Town : Tbilisi
Country : Georgia
Telephone : (995 32) 249 7911 / Mobile (995 592) 112 233 (Roman
Zantaraia)
Fax : (995 32) 249 7911
E-Mail : roman.zantaraia@gmail.com
Trading Style : Autoformula
Extended Name : Avtoformula Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : Avtoformula Ltd
Also known as : ShPS Avtopormula
Name Position
Roman Zantaraia Managing Director
Total Employees : 22
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 : TBC-BANK (TBILISI BUSINESS CENTRE BANK) JSC
Branch : Marjanishvili Street 7
Town : Tbilisi
Telephone: (995 32) 227 2727
Fax : (995 32) 227 2727
The company also has an account with:
Basisbank JSC
Ketevan Tsamebuli Avenue 1
Tbilisi 0103
Telephone: (995 32) 292 1921 / 292 2922
Fax : (995 32) 298 6548
Private companies in Georgia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :
Sales Turnover : LARI 1,500,000 - 2013 - exact
: LARI 2,500,000 - 2014 – exact
: LARI 2,500,000 - 2015 - projected
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
Date Started : 12 June 2012
History : The subject company was established in Georgia on 12 June 2012.
ID Code : 404947983
Authorised Capital : LARI 100
Paid-Up Capital : LARI 100
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited liability company) with the following shareholders :
Percentage
1. Roman Zantaraia 50%
(Georgian national / Personal No.: 62006008589)
2. Vasil Gvaradze 50%
(Georgian national / Personal No.: 01025007210)
Affiliated companies of Avtoformula ShPS:
Associates
1. G-Energy ShPS
Beliashvili Street 23
Digomi District
Tbilisi
Telephone : (995 32) 249 7111
Fax : (995 32) 249 7111
E-Mail: zantaraia.rg@gazprom-neft.ge
Est.: 27 August 2013
ID Code: 405006531
Shareholders:
- Roman Zantaraia – 50%
- Vasil Gvaradze - 50%
2. Euro Business Consulting ShPS
Budapesht Street 3B, Flat 26
Vake-Saburtalo District
Tbilisi
Est.: 29/09/2011
ID Code: 404912369
Sole Shareholder: Roman Zantaraia
3. Geo-Trendi ShPS
I. Petritsis Street 11, Flat 47
Vake-Saburtalo District
Tbilisi
Est.: 20 April 2010
ID Code: 404860085
Sole Shareholder: Vasil Gvaradze
4. Miva ShPS
I. Petritsis Street N2a, Flat 25
Vake-Saburtalo District
Tbilisi
Est.: Nov. 1, 2007
ID Code: 205229475
Shareholders:
- Mikhail Katsitadze – 50%
- Vasil Gvaradze – 50%
The Company is involved in the following activities :
Trading as importers, wholesalers and distributors of lubricants, filters and motor oils.
NACE Code : 4690
Imports from Russia, Germany, Poland, China, Belgium, Italy, Ukraine and Rumania.
Exports to Armenia.
Distributors for Lukoil Lubricants.
The Company has the following facilities :
2-storey rented premises comprising administrative offices, a showroom and storage facilities located at the heading address.
Subject previously used the following telephone and fax numbers:
Telephone: (995 32) 260 9393
Fax : (995 32) 260 9191
Budapesht Street 3B, Flat 26
Vake-Saburtalo District
Tbilisi
You enquired on : AUTOFORMULA LLC. Please note that subject’s correct name is as per heading.
The address which you provided : BUDAPESHTI STR.3"B", APT. 26, TBILISI, VAKE0SABURTALO DISTRICT GRUZIA is misspelt and applies to subject’s registered address only. Please note that subject’s administrative office address is as per heading.
Interviewed: Roman Zantaraia (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.37 |
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UK Pound |
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
VNT |
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.