MIRA INFORM REPORT

 

 

Report No. :

489297

Report Date :

13.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

ZAKHAR SHPS

 

 

Registered Office :

Tevdore Mgvdeli Street 7, Didube-Chughureti District, Tbilisi 0112

 

 

Country :

Georgia

 

 

Date of Incorporation :

22.09.1998

 

 

Com. Reg. No.:

N2/4-1821 

 

 

Legal Form :

limited liability company

 

 

Line of Business :

Subject is engaged in Trading as importers, wholesalers and distributors of variety of goods, including electronic products, detergents and kitchenware.

 

 

No. of Employees :

50

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Maximum Credit Limit :

LARI 180,000

 

 

Status :

Moderate

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

Georgia

C1

C1

 

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 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

 

Source : CIA

 

Company name

 

Zakhar ShPS (Correct)

ZAKHAR SHPS (WERSJA ANG ZAKHAR LLC) (Requested)

 

 

ADDRESS

 

Street     : Chkondideli Street 26

 

Area       : Didube-Chugureti District

 

Town       : Tbilisi 0180   

Country    : Georgia

 

Telephone  : (995 32) 235 5639 / 240 7555 / Mobile (995 577) 401 730

(Zakaria Mamulashvili)     

Fax        : (995 32) 235 5650     

E-Mail     : info@zakhar.ge / zmamulashvili@zakhar.ge  

           

Extended Name : Zakhar Shazguduli Pasukhismbgeblobis Sazagadoeba

 

English Translation : Zakhar LLC

 

Also Known As : Zakhar LTD  

 

 

SENIOR COMPANY PERSONNEL

 

Name                                        Position

 

Zakaria Mamulashvili                  Managing Director

 

Total Employees : 50

 

 

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 180,000

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : BANK OF GEORGIA JSC

 

Branch   : Pushkin Street 3

Town     : Tbilisi 0105

 

Telephone: (995 32) 244 4256        

Fax      : (995 32) 244 4289

 

The company also has an account with :

 

TBC Bank JSC

Chavchavadze Ave 11

Tbilisi 380079

Tel: (995 32) 291 693

Fax: (995 32) 291 693

 

 

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 : US DLRS 6,120,000 - 2011 - exact

                        : US DLRS 6,000,000 - 2012 - approx

                        : US DLRS 6,500,000 - 2013 – approx

                        : US DLRS 5,000,000 – 2014 – approx

                        : US DLRS 4,500,000 – 2015 – approx

                        : LARI    7,000,000 – 2016 – approx

                        : LARI    9,000,000 – 2017 - approx

                     

Net Profit              : LARI      700,000 – 2017 - approx

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 22 September 1998

 

History : The subject company was established in Tbilisi on 22 September 1998.

 

C.R. No. : N2/4-1821 

 

ID Code : 202061053  

 

Authorised Capital : LARI 2,000

 

Paid-Up Capital : LARI 2,000

 

Shazguduli Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the following director and sole shareholder :

Director

 

Zakaria Mamulashvili                               

(Georgian national / Personal No.: 01001000802)

 

Shareholder                                    Percentage

 

Zakaria Mamulashvili                                 100%

(Georgian national / Personal No.: 01001000802)

 

Affiliated company of Zakhar ShPS :

 

Former Associate

 

Gou Elektroniksi ShPS

Tevdore Mgvdeli Street 7

Didube District

Tbilisi 0112

Telephone : (995 32) 220 0886 / 220 0887

Fax       : (995 32) 220 0886

Est.: 10 December 2009

ID Code : 202464485

Sole Shareholder : Zakaria Mamulashvili

(ceased trading)     

 

As matter of interest, Mr. Zakaria Mamulashvili is a Managing Director in the following company :

 

Sport Treidi ShPS

Chqondideli Street 26

Gldani-Nadzaladevi District

Tbilisi

Managing Director: Zakaria Mamulashvili

Est.: 27/11/2012

ID Code: 400068715 

Sole Shareholder:

        - Ia Padarashvili

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and distributors of variety of goods, including electronic products, detergents and kitchenware.

 

Subject formerly was engaged in distribution of computers, mobile phones, audio & video equipment and related accessories.

 

NACE Code : 4690 

 

Imports from Europe and Asia, mainly Germany, Poland, Slovenia, Italy, Japan and USA.

 

Re-Exports to Armenia.

 

Exported to Azerbaijan.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and storage facilities located at the heading address as well as 3 branch offices located in Batumi, Telavi and Kutaisi.

 

 

REGISTERED OFFICE

 

Tevdore Mgvdeli Street 7

Didube-Chughureti District

Tbilisi 0112

 

 

SPECIAL NOTES

 

You enquired on: ZAKHAR SHPS (WERSJA ANG ZAKHAR LLC). Please note that the correct name is as per heading.  

 

The address which you provided: TEVDORE MGVDELI 7, 0112 TIBILISI, DIDUBE DISTRICT applies to subject's registered office address. Please note that subject's administrative office address is as per heading.

 

The telephone number which you provided: +995-3223556 is incorrect. Please note that subject's correct telephone numbers are as per heading.

 

Interviewed: Zakaria Mamulashvili (Managing Director).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.93

GEL

1

INR 26.35

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

 

 

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.