MIRA INFORM REPORT

Report No. :	505129
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	DIO SHPS

Registered Office :	Sulkhan Tsintsadzi Street 79, Vake-Saburtalo District, Tbilisi 0160

Country :	Georgia

Date of Incorporation :	13.03.1996

Com. Reg. No.:	N2/4-490

Legal Form :	Limited Liability Company

Line of Business :	Manufacturers and Distributors of UPVC Doors, Windows and Tents.

No. of Employees :	150

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Maximum Credit Limit :	LARI 204,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Georgia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 electricity 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-Tbilisi-Ceyhan oil pipeline, the South Caucasus gas pipeline, and the Baku-Tbilisi-Kars railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit hub for gas, oil, and other goods.

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 the period 2010-17, but FDI inflows, the engine of Georgian economic growth prior to the 2008 conflict, have not recovered fully. Unemployment remains persistently high.

The country is pinning its hopes for faster growth on a continued effort to build up infrastructure, enhance support for entrepreneurship, simplify regulations, and improve professional education, in order to attract foreign investment and boost employment, with a focus on transportation projects, hydropower, agriculture, and tourism. Georgia has historically suffered from a chronic failure to collect tax revenues; however, since 2004 the government has simplified the tax code, increased tax enforcement, and cracked down on petty corruption, leading to higher revenues. The government has received high marks from the World Bank for improvements in business transparency. 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. In mid-2014, Georgia concluded an association agreement with the EU, paving the way to free trade and visa-free travel. In 2017, Georgia signed Free Trade Agreement (FTA) with China as part of Tbilisi’s efforts to diversify its economic ties. Georgia is seeking to develop its Black Sea ports to further facilitate East-West trade.

Source : CIA

COMPANY NAME

DIO SHPS (CORRECT)

DIO LTD (REQUESTED)

ADDRESS

Street : D. Aghmashenebeli Alley 12 km, Parsadani Street 3

Area : Vake-Saburtalo District

Town : Tbilisi 0131

Country : Georgia

Telephone : (995 32) 236 1112 / 233 1199 / 236 6899 / Mobile (995 577) 585 390 (Tamaz Daushvili)

Fax : (995 32) 236 6899

E-Mail : info@dio.ge / tamuna@dio.ge / tamaz@dio.ge

Website : www.dio.ge

Trading Style : Dio

Extended Name : Dio Shazguduli Pasukhismbgeblobis Sazagadoeba

English Translation: Dio Ltd

SENIOR COMPANY PERSONNEL

Name Position

1. Irma Daushvili Managing Director

2. Tamaz Daushvili Executive Director

3. Tamara (aka Tamuna) Daushvili Financial Manager

Total Employees: 150

PAYMENTS

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 204,000

Trade risk assessment: Normal

PRINCIPAL BANKERS

NAME : TBC-BANK (TBILISI BUSINESS CENTRE BANK) JSC

Branch : Marzhanishvili Street 7

Town : Tbilisi

Telephone: (995 32) 227 2727

Fax : (995 32) 227 2727

BIC : TBCGE22

Acc. No. : GE72TB1959136080100001

The company also has an account with following banks:

1. Bank of Georgia JSC

Gagarin Street 29A

Tbilisi 0105

Telephone: (995 32) 244 4256

Fax : (995 32) 244 4289

BIC : BAGAGE22

Acc. No. : GE93BG0000000122909000

2. Cartu Bank JSC

Chavchavadze Avenue 39A

Tbilisi 0162

Telephone: (995 32) 292 5592

Fax : (995 32) 291 2279

FINANCIAL INFORMATION

Private companies in Georgia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

Sales Turnover : LARI 5,000,000 – 2014 – approx

: LARI 7,200,000 – 2015 - approx

: LARI 8,800,000 – 2016 - approx

: LARI 10,235,000 – 2017 – exact

: LARI 12,600,000 – 2018 – projected

Net Profit : LARI 1,500,000 – 2017 – exact

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 13 March 1996

History : Subject was established in Tbilisi on 13 March 1996.

C.R. No. : N2/4-490

ID Code : 201946573

Authorised Capital : LARI 200

Paid-Up Capital : LARI 200

Shazguduli Pasukhismbgeblobis Sazagadoeba (Limited Liability Company) with the following directors and shareholders :

Directors

1. Irma Daushvili

(Georgian national / Personal No.: 01006000077)

2. Tamaz Daushvili
(Georgian national / Personal No.: 01006003392)

Shareholders Percentage

1. Irma Daushvili 46%

(Georgian national / Personal No.: 01006000077)

2. Tamaz Daushvili 36%

(Georgian national / Personal No.: 01006003392)

3. Tamara Daushvili 18%

(Georgian national / Personal No.: 01006013543)

Affiliated companies of Dio ShPS :

Subsidiary

Nunisi ShPS

A. Tsereteli Street 10

Kharagauli 5600

Telephone: (995 32) 247 5202 / 232 9932 / Mobile (995 599) 225 580

Est. : 28 March 2002

C.R. No. : 47/5-ბ-13

Tax No. : 243571997

Trading Style : Nunisi / Samta Nunisi

Associate

Preshko ShPS

D. Tsqneti, G. Tabidzi Street 6

Didgori District

Tbilisi

Managing Director: Tamaz Daushvili

Est.: 4 March 2016

ID Code: 454410557

Sole Shareholder: Tamaz Daushvili

ACTIVITIES

The Company is involved in the following activities :

Manufacturers and distributors of UPVC doors, windows and tents.

Subject’s main products include :

- Bioclimatic Pergola;

- Shading System Pergola;

- Glazing systems for tents;

- Umbrellas;

- Sunsails;

- Amwings;

- PVC windows & doors;

- Sun protection architecture systems;

- External shading systems;

- Barissols;

- Glass enclosed blinds;

- Blinds;

- Mosquito screens;

- Window shutters;

- Garage doors;

- Industrial doors;

- Barrier and door automatic systems.

Subject also provides installation services.

NACE Code : 2512

Imports from Germany, Poland, France, Italy and occasionally from Turkey.

Exports to Armenia, Russia and Azerbaijan.

FACILITIES

The Company has the following facilities:

Owned premises comprising administrative offices, a manufacturing unit and storage facilities located at the heading address as well as 3 branch offices located elsewhere in Tbilisi, Batumi and Kutaisi (see 'Branch Offices' below).

REGISTERED OFFICE

Sulkhan Tsintsadzi Street 79

Vake-Saburtalo District

Tbilisi 0160

Subject’s former registered address was:

D. Agmashenebeli Alley 12th km

Digomi District

Tbilisi 0131

Formerly subject’s registered address was located at :

Saburtalo Street 55

Vake-Saburtalo District

Tbilisi 0194

BRANCH OFFICES

1. Tsintsadze Street 79 (Saburtalo Street 55)

Tbilisi 0160

Telephone: (995 32) 236 5564 / 236 5568

2. Vakhtang Gorgasali Street 128/134

Batumi 6000

Telephone: (995 422) 222 074 / Mobile (995 577) 555 615

3. Ilia Chavchavadze Street 20

Kutaisi 4600

Telephone: (995 431) 263 300 / Mobile (995 577) 555 616

SPECIAL NOTE

You enquired on : DIO LTD. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading.

Interviewed : Tamaz Daushvili (Executive Director).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
GEL	1	INR 27.06

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.