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MIRA INFORM REPORT
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Report No. : |
515958 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
BORAN LAITI SHPS |
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Registered Office : |
Marneuli Street 44, Isani-Samgori District,
Phonichala, Tbilisi 0165 |
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Country : |
Georgia |
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Date of Incorporation : |
14.08.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and
retailers of lighting equipment and agricultural tools. |
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No. of Employees : |
90 |
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 240,000 |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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
BORAN LAITI SHPS (CORRECT)
BORUN LIGHT (REQUESTED)
ADDRESS
Street : Marneuli Street 44
Area : Isani-Samgori District,
Phonichala
Town : Tbilisi 0165
Country : Georgia
Mobile : (995 790) 522 522 (Office Manager) /
(995 595) 545 584 (Chief Accountant) / (995 595) 954 044 (Managing Director) /
(995 579) 202 908 (Operations Manager)
E-Mail : info@borun.ge
/ e.kitesashvili@borun.ge / a.ioseliani@borun.ge
Website :
www.borun.ge
Extended Name
: Boran Laiti Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation : Borun Ltd
SENIOR
COMPANY PERSONNEL
Name Position
1. Emzari
Kitesashvili Managing Director
2. Aleksandr Ioseliani
Operations Manager
3. Ms.Tako Chief Accountant
Total Employees : 90
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a member of
Borun Group of Companies, covering diversified sectors of businesses in
Georgia: mining, construction, agricultural, lighting and consulting.
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 240,000
Trade risk assessment:
Normal
PRINCIPAL BANKERS
NAME : TBC BANK JSC
Branch : Marjanishvili Street 7
Town :
Tbilisi 0102
Telephone :
(995 32) 227 2727
Fax : (995 32) 227 2727
The company 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 12,000,000 - 2017 – approx
Net Profit :
not given but stated to be profitable
Financial year ends 31
December.
LEGAL STATUS AND HISTORY
Date Started : 14 August 2009
History : The subject company was
established in Tbilisi on 14 August 2009.
ID Code : 206343492
Capital : not given
Shazguduli Pasukhismbgeblobis Sazagadoeba
(limited liability company) ShPS) with the following director and sole
shareholder :
Director
Emzari Kitesashvili
(Georgian national /
Personal No.: 13001008588)
Shareholder Percentage
Jorjian Lojistik Kompani
ShPS 100%
(aka Georgian Logistic
Company)
Gamrekeli Street 19 III
sart., Office 8
Saburtalo District
Tbilisi
Managing Director: Rati
Kakabadze
Est.: 26 June 2008
ID Code: 205257924
Sole Shareholder:
- Ibertek Grupi ShPS
ID Code: 445388394
Affiliated companies of the subject company :
Associates
Subject is a member of
Borun Group of Companies, which includes the following companies:
1. Qcia Service Ltd
2. IMP Company (Inert
Material Production)
3. Borun Agro Chemistry
Ltd
4. Borun Consulting
5. Borun Mining
ACTIVITIES
The Company is involved in
the following activities :
Trading as importers,
wholesalers and retailers of lighting equipment and agricultural tools.
NACE Code: 4690
Imports from Turkey,
China, Ukraine, Germany, Poland, Russia and Austria.
Subject does not export,
all sales are domestic.
FACILITIES
The Company has the
following facilities :
Owned premises
comprising administrative offices located at the heading address as well as 2
branch offices located elsewhere in Georgia (see 'Branch Offices' below).
REGISTERED OFFICE
Marneuli Street 44
Isani-Samgori District,
Phonichala
Tbilisi 0165
BRANCH OFFICES
1. Shop Borun Light
Khosharauli Street 34, Shop 16
Didube-Chugureti District
Tbilisi 0119
2. Shop Borun Light
Sulkhan-Saba Street 2
Marneuli 3000
Kvemo
Kartli Region
SPECIAL NOTES
You enquired on : BORUN
LIGHT. Please note that the correct name is as per heading.
Interviewed: Aleksandr
Ioseliani (Operations Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.20 |
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1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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GEL |
1 |
INR 27.60 |
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 : |
SDA |
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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.