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MIRA INFORM REPORT
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Report No. : |
489541 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL PROM GEORGIA SHPS |
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Registered Office : |
University Street
19, Apartment 5, Vake-Saburtalo District , Tbilisi 0186 |
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Country : |
Georgia |
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Date of Incorporation : |
07.04.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers and distributors of industrial pumps, heavy
equipment and spare parts. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
LARI 10,000 |
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Status : |
Satisfactory |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 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 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 has also remained high.
The country is pinning its hopes for renewed growth on a continued effort 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. 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. Georgia plans to improve the domestic investment environment through a four-year economic plan targeting the tax system, educational standards, infrastructure, and governance. 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 signed an association agreement with the EU, paving the way to free trade and visa-free travel. Georgia is also seeking to expand trade with China, concluding substantive negotiations on a trade agreement in October 2016.
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Source
: CIA |
COMPANY NAME
GLOBAL PROM
GEORGIA SHPS (CORRECT)
LLC GLOBAL
PROM GEORGIA (REQUESTED)
ADDRESS
Street : Ts. Dadiani Street 7
Area : Didube District
Town : Tbilisi
Country : Georgia
Mobile : (995 592) 770 761 (Sales Department) /
(995 593) 952 755 / (38 063) 247 1797 (Managing Director)
E-Mail
: globalprom1@ukr.net
Extended Name
: Global Prom Georgia Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : Global Prom Georgia Ltd
SENIOR
COMPANY PERSONNEL
Name Position
Pata Demuria Managing
Director
Total Employees: 3
PAYMENTS
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 10,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME
: BANK OF GEORGIA JSC
Branch
: Gagarin Street 29A
Town
: 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 500,000 - 2017 -
approx
: LARI 1,000,000 - 2018 – projected *
Net Profit :
Not given but stated to be 40% of the sales turnover
* Projected
increase in sales turnover in 2018 is due to favourable market conditions.
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 7
April 2014
History : The
subject company was established in Tbilisi on 7 April 2014.
ID Code :
405038089
Authorised Capital
: LARI 200
Paid-Up Capital :
LARI 200
Shazguduli Pasukhismbgeblobis Sazagadoeba
(limited liability company) ShPS) with the following director and sole
shareholder:
Director
Pata Demuria
(Ukrainian
national of Georgian origin / Personal No.: 3137405857, 01191014160)
Shareholder Percentage
Pata Demuria 100%
(Ukrainian
national of Georgian origin /
Personal No.:
3137405857, 01191014160)
Affiliated company
of the subject company :
Associate
Global Prom Ukraine
LLC
Ukraine
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers and distributors of industrial pumps, heavy equipment and spare
parts.
NACE Code: 4690
Imports from
Poland, Ukraine and Russia.
Subject does not
export, all sales are domestic.
FACILITIES
The Company has
the following facilities :
Rented premises
comprising administrative offices and storage facilities located at the heading
address.
REGISTERED OFFICE
University Street
19, Apartment 5
Vake-Saburtalo
District
Tbilisi 0186
SPECIAL NOTE
You enquired on: LLC GLOBAL PROM GEORGIA. Please note that the correct
name is as per heading.
The address which you provided: ST UNIESITY 19, D.5 TBILISI GRUZJA. applies to subject's registered office address.
Please note that subject's administrative office address is as per heading.
Interviewed: Pata Demuria (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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GEL |
1 |
INR 26.08 |
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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VAR |
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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.