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MIRA INFORM REPORT
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Report No. : |
514296 |
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Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
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Name : |
OMEGA SHPS |
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Registered Office : |
Gamsakhurdia
Avenue 11 (aka Pekini Avenue 11), Vake-Saburtalo District, Tbilisi 0171 |
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Country : |
Georgia |
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Date of Incorporation : |
31.12.1996 |
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Com. Reg. No.: |
5/4-931 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
·
Trading as importers, wholesalers and retailers of
all types of household appliances and electronics. ·
Subject also provides installation, warranty, after
sale and delivery services. |
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No. of Employees : |
170 |
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 1,200,000 |
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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, 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
Omega ShPS (Correct)
OMEGA SH P S
(WERSJA ANG OMEGA LTD) (Requested)
ADDRESS
Street : Tsereteli
Street 140
Area : Didube-Chugureti
District
Town : Tbilisi
0119
Country : Georgia
Telephone: (995
32) 224 4646 / 224 4647 / 226 6646 / Mobile (995 551) 511 809 (Salome Abuladze)
/ (995 579) 564 747 (Office Manager)
Fax : (995
32) 295 4090
E-Mail : avto@megatechnica.ge
/ nino@megatechnica.ge /
salome@megatechnica.ge
Website : www.megatechnica.ge
Trading Styles
: Megatechnica
Extended Name
: Omega Shazguduli
Pasukhismbgeblobis Sazagadoeba
English
Translation : Omega Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. Nino
Gabuniya Managing Director
2. Salome Abuladze Chief
Accountant
Total
Employees : 170
PAYMENTS
No complaints
have been heard regarding payments from local suppliers or banks.
We consider it
is acceptable to deal with subject for LARGE amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Georgian importers.
Opinion on
maximum credit : LARI 1,200,000
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 following banks:
1. TBC Bank
JSC
Mshvidoba Street 105a
Tbilisi 0125
Telephone: (995 32) 227 2727
Fax
: (995 32) 227 2727
2. Liberty
Bank
Chavchavadze Avenue 74
Tbilisi 0162
Telephone: (995 32) 255 5500
Fax
: (995 32) 255 5500
3. VTB Bank
(Georgia) JSC
Chantury Street 14
Tbilisi 0108
Telephone: (995 32) 224 2424
Fax
: (995 32) 224 2424
Subject
formerly had an account with :
1. TAO Privat
Bank JSC
114 Tsereteli Avenue
Tbilisi 0164
Telephone: (995 32) 235 0500
Fax
: (995 32) 235 5080
2. Bank
Respublika JSC
Grigol Abashidze Street 2
Tbilisi
Telephone: (995 32) 229 2336
Fax
: (995 32) 229 2335
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 21,681,700 - 2010 - exact
: US DLRS 25,000,000 - 2011 – exact
: US DLRS 27,000,000 – 2012 – exact
: US DLRS 33,000,000 – 2013 – exact
: US DLRS 35,000,000 – 2014 – exact
: LARI
45,000,000 – 2015 – exact
: LARI
50,240,070 – 2016 – exact
: LARI
62,000,000 – 2017 – exact
: LARI
9,000,000 – 2018 – exact *
: LARI
71,000,000 – 2018 – projected
Net
Profit : US DLRS
1,500,000 – 2013 – exact
: US DLRS
1,650,000 – 2014 – exact
: LARI
622,000 – 2015 – exact
: LARI
3,570,000 – 2016 – exact
: LARI
3,900,000 – 2017 – exact
* 3 months
results (January - March).
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started :
31 December 1996
History : The
subject company was established in Tbilisi on 31 December 1996 with the
following shareholders : Nana Kervalishvili (50%) and Aleksandr Kikiladze
(50%). In 2010, subject’s shareholding structure changed to the following:
- Nana
Kervalishvili
50%
(Georgian national / Personal No.
01010006376)
- Tamar
Gabrielashvili 50%
(Russian national)
In 2013,
subject’s shareholding structure changed to the following Irina Gudavadze (50%)
and Tamar Gabrielashvili (50%). Later on in 2014, subject’s shareholding
structure changed to the present.
C.R. No. : 5/4-931
ID Code : 211334830
Authorised
Capital : US DLRS 1,000
Paid-Up
Capital : US DLRS 1,000
Shazguduli Pasukhismbgeblobis
Sazagadoeba (limited liability
company) with
the following director and shareholders :
Director
Nino Gabuniya
(Georgian
national / Personal No.: 01017009272)
Shareholders Percentage
1. Irina
Gudavadze
50%
(Russian national of Georgian origins /
Personal No. 45 80 215087, 71No.3059364)
2. Grigori
Gudavadze
50%
(Russian national of Georgian origins /
Personal No. 72 3799113)
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers, wholesalers and retailers of all types of household appliances and
electronics.
Subject also
provides installation, warranty, after sale and delivery services.
NACE Code :
4652 / 4643 / 4754
Imports
worldwide mainly from Italy, Germany, Turkey, Thailand, Poland, China and UAE.
Re-exports to
Azerbaijan.
Subject is an
official distributor for Philips, Zanussi, Toshiba,
Hitachi,
Simfer, MasterCook, Aux, Hisense and Sony.
Brands sold:
JVC, Sony, LG, Samsung, Sharp, Toshiba, Hitachi, Panasonic, Philips, Yamaha,
Bosch, Siemens, Zanussi, Electrolux, Indesit and Daewoo.
Subject has
Quality Management certificate ISO 9001-2000 from British
company Global
Certification.
FACILITIES
The Company
has the following facilities :
Rented
premises comprising administrative offices, a retail outlet and storage
facilities located at the heading address as well as 6 retail outlets located
elsewhere in Tbilisi and 2 retail outlets located elsewhere in Kutaisi, 1
retail outlet in Batumi and 1 retail outlet in Rustavi (see 'Branch Offices'
below).
Subject has 10
retail outlets operating under a franchise agreement located elsewhere in
Zestafoni, Zugdidi, Rustavi, Batumi, Telavi, Khashuri, Gori, Akhaltsikhe and
Samtredia.
Until 1
November 2011 subject was located at:
Marzhanishvili
Street 16
Tbilisi 0102
REGISTERED OFFICE
Gamsakhurdia
Avenue 11 (aka Pekini Avenue 11)
Vake-Saburtalo
District
Tbilisi 0171
BRANCH
OFFICES
1. Retail
Outlet “Megatechnica”
Railway Square 2
Didube-Chugureti District
Tbilisi 0112
2. Retail
Outlet “Megatechnica”
Tsereteli Avenue 140
Didube-Chugureti District
Tbilisi 0119
3. Retail
Outlet “Megatechnica”
A. Kereselidze Street 12
Didube-Chugureti District
Tbilsi 0154
4. Retail
Outlet “Megatechnica”
Khizanishvili Street 17
Gldani-Nadzaladevi District
Tbilisi 0167
5. Retail
Outlet “Megatechnica”
Vazha-Pashavela Avenue 39
Vake-Saburtalo District
Tbilisi 0177
6. Retail
Outlet “Megatechnica”
I. Chavchavadze Avenue 37
Vake-Saburtalo District
Tbilisi 0179
7. Retail
Outlet “Megatechnica”
Z. Chavchavadze Street 67B
Kutaisi 4600
Telephone: (995 43) 123 0234
8. Retail
Outlet “Megatechnica”
Shartava Avenue 19
Rustavi 3700
SPECIAL NOTE
You enquired
on : OMEGA SH P S (WERSJA ANG OMEGA LTD). Please
note that the correct name is as per heading.
The address
which you provided: GAMSAKHURDIA AVENUE 11 (AKA PEKINI AVENUE 11) 0171 TBILISI,
VAKE SABURTALO applies to subject's registered office address. Please note that
subject's operational office address is as per heading.
Interviewed :
Salome Abuladze (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 27.78 |
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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DIV |
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Report Prepared
by : |
SYL |
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
·
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.