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MIRA INFORM REPORT
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Report No. : |
515965 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
AKVALAINI SHPS |
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Registered Office : |
Saburtalo Street 38, Apartment 29, Saburtalo District Tbilisi 0160 |
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Country : |
Georgia |
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Date of Incorporation : |
16.02.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of accessories and
equipment for swimming pools. |
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No. of Employees : |
30 |
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 82,000 |
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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 (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, remittances, 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, tourism, hydropower, and
agriculture. Georgia had 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 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
AKVALAINI SHPS (CORRECT)
AQUALINE LTD (REQUESTED)
ADDRESS
Street : Kartozia Street 6
Area : Vake-Saburtalo District
Town : Tbilisi 0177
Country : Georgia
Telephone : (995 32) 237 9595 / 247 5599 / Mobile
(995 558) 907 700 (Nino Mekvagidze) /
(995 599) 151 995 (Lika Meskhi)
Fax : (995 32) 237 9595
E-Mail : aqualine.ge@gmail.com /
info@aqualine.ge
Trading Style :
Aqualine
Extended Name : Akvalaini Shazguduli
Pasukhismbgeblobis Sazagadoeba
English Translation : Aqualine Ltd
Also known as :
Aqualine ShPS
SENIOR
COMPANY PERSONNEL
Name Position
1. Vakhtang Meskhi Managing
Director
2. Lika Meskhi Deputy Managing Director
3. Nino Mekvagidze Chief Accountant
Total Employees : 30
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 82,000
Trade risk assessment: Normal
PRINCIPAL BANKERS
NAME :
TBC BANK JSC
Branch :
Vazha Pshavela Avenue 11
Town :
Tbilisi 0105
Telephone: (995 32) 227 2727
Fax :
(995 32) 227 2727
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 2,588,000 – 2015 – exact
: LARI 3,121,000 – 2016 – exact
: LARI 4,095,669 – 2017 –
exact
: LARI 1,039,821 –
2018 – exact *
Net Profit : not given but stated to be
10-15% of the sales turnover
* 3 months results (January – March).
Financial year ends 31 December.
LEGAL STATUS
AND HISTORY
Date Started :
16 February 2006
History :
The subject company was established in Tbilisi on 16 February 2006.
C.R. No. :
3109/006-shp's
ID Code :
205124435
Authorised Capital :
LARI 2,000
Paid-Up Capital :
LARI 2,000
Shazguduli Pasukhismbgeblobis Sazagadoeba (limited
liability company) with the following director and sole shareholder :
Director
Vakhtang Meskhi
(Georgian national / Personal No.:
01010007398)
Shareholder Percentage
Vakhtang Meskhi 100%
(Georgian national / Personal No.:
01010007398)
Affiliated company of Aqualine ShPS:
Associate
Tevaro ShPS
Gunias Street 4
Dzveli Tbilisi District
E-Mail: m-2007@mail.ru
Est.: 12 February 2010
ID Code: 404379258
Shareholders:
Vakhtang Meskhi - 50%
Robert Shagoyan - 50%
(inactive)
ACTIVITIES
The Company is involved in the following activities
:
Trading as importers, wholesalers and retailers of
accessories and equipment for swimming pools.
NACE Code : 4690
Imports from Europe, Turkey, Ukraine and
Azerbaijan.
Re-exports to Azerbaijan and Armenia.
Distributors for Dinotec, Albixon, Dolphin, Astral
Pool, Bostik, Pimtas, Kalekimya and Gemas.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices, a
retail outlet and storage facilities located at the heading address as well as
3 additional warehouses in Tbilisi and 1 retail outlet located elsewhere in
Batumi (see 'Branch Offices' below).
Subject formerly was located at:
Saburtalo Street 43
Saburtalo District
Tbilisi 0194
Telephone :
(995 32) 236 9595 / 247 5599 / Mobile (995 599) 151 995 (Lika Meskhi)
Fax :
(995 32) 236 9595
REGISTERED
OFFICE
Saburtalo Street 38, Apartment 29
Saburtalo District
Tbilisi 0160
BRANCH
OFFICES
1. Warehouse
Robakidze
Avenue 7
Vake-Saburtalo
Tbilisi
0159
2. Melikishvili Street 127
Batumi
6000
SPECIAL NOTE
You enquired on: AQUALINE 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.
The address which you provided: SABURTALO 38, 0194
TBILIS applies to subject's registered office address. Please note that
subject's administrative office address is as per heading.
The ID code which you provided: 5612585 is
incorrect. Please note that the correct
ID code is as per heading.
Interviewed: Nino Mekvagidze (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 67.77 |
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1 |
INR 89.96 |
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Euro |
1 |
INR 78.86 |
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GEL |
1 |
INR 27.70 |
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 : |
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
·
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.