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MIRA INFORM REPORT
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Report No. : |
505130 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
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Name : |
TERMINAL VEST TREIDINGI SHPS |
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Formerly Known As : |
SIBIDI TREIDINGI SHPS |
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Registered Office : |
Tvalchrelidze Street 2, Isani-Samgori
District Tbilisi 0182 |
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Country : |
Georgia |
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Date of Incorporation : |
19.05.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and suppliers of building &
decoration materials, hardware and consumer goods. |
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No. of Employees : |
350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
LARI
860,000 |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
NAME
TERMINAL VEST TREIDINGI SHPS (CORRECT)
TERMINAL WEST TRADING LLC (REQUESTED)
ADDRESS
Street :
Tvalchrelidze Street 2
Area :
Isani-Samgori District
Town :
Tbilisi 0182
Country :
Georgia
Telephone : (995 32) 250 5050 ext. 620 (Chief
Accountant)
Fax :
(995 32) 250 5050
E-Mail : m.portiankova@domino.com.ge
Trading Style :
Domino / Hypermarket Domino
Extended Name : Terminal Vest Treidingi Shazguduli
Pasukhismbgeblobis Sazagadoeba
English Translation : Terminal West Trading Ltd
Formerly known as
: Sibidi Treidingi ShPS
SENIOR COMPANY
PERSONNEL
Name Position
1. Ruslan Shuldik Managing Director
2. Marina Portiankova Chief Accountant
Total Employees : 350
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
In 2017 subject incurred
loss of LARI (850,000) due to currency fluctuations.
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 860,000 (no reason is heard to
doubt the company, however in view of the past loss situation we recommend international suppliers exercise a
degree of caution)
Trade risk assessment:
Normal
PRINCIPAL BANKERS
NAME : TBC BANK JSC
Branch : Sanaprio Street 2
Town : Tbilisi 0102
Telephone: (995 32) 227
2727
Fax : (995 32) 277 2774
Subject also has an account with :
Bank of Georgia JSC
Gagarin Street 29A
Tbilisi 0160
Telephone: (995 32) 244 4444
Fax :
(995 32) 244 4444
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 20,000,000 - 2015 – exact *
: LARI 35,000,000 – 2016 – exact
: LARI 43,000,000 – 2017 – exact
Net Profit (Loss) :
LARI (850,000) – 2017 – exact **
* First 7 months of
operations (June-December).
** In 2017 subject incurred
loss of LARI (850,000) due to currency fluctuations.
Financial year ends 31
December.
LEGAL STATUS AND HISTORY
Date Started : 19 May 2014
History : The subject company was established in Tbilisi on 19 May 2014
and commenced operations on 23 May 2015. Subject was established as a limited
liability company under the name Sibidi
Treidingi ShPS. In 2014, subject changed
its name to the present style. Initially, subject’s shareholding structure was
as following:
- Terminal West B.V. 100%
the Netherlands
C.R. No. : 54241235
In 2018, subject’s
shareholding structure changed to the present.
ID Code: 406119178
Authorised Capital : US DLRS 1,000,000
Paid-Up Capital : US DLRS 1,000,000
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited
liability company) ShPS) with the following director and sole shareholder:
Director
Ruslan Shuldik
(Ukrainian national /
Personal No.: EE833620)
Shareholder Percentage
Terminal West (DIY)
Holdings Limited 100%
Cyprus
C.R. No.: HE 376087
ACTIVITIES
The Company will be
involved in the following activities :
Owners and operators of a
hypermarket styled “Hypermarket Domino”.
Trading as importers,
wholesalers and suppliers of building & decoration materials, hardware and
consumer goods.
NACE Code: 4613
Imports from Europe,
Turkey, Russia, Ukraine and China.
Subject does not export,
all sales are domestic.
FACILITIES
The Company has the
following facilities :
Rented premises comprising
administrative offices, a hypermarket styled “Hypermarket Domino” and storage
facilities located at the heading address.
Subject formerly used the
following mobile numbers:
Mobile: (995 577) 411 133
(Irakli Saanishvili) / (995 599) 932 395 (Maka Goderdzishvili)
REGISTERED OFFICE
Tvalchrelidze Street 2
Isani-Samgori District
Tbilisi 0182
SPECIAL NOTES
You enquired on: TERMINAL
WEST TRADING LLC. Please note that the correct name is as per heading.
Interviewed: Marina
Portiankova (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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GEL |
1 |
INR 27.00 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.