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MIRA
INFORM REPORT
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Report No. : |
493959 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AVERSI-PARMA SHPS |
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Registered Office : |
Agmashenebeli Avenue 148/2, Old Tbilisi District, Tbilisi
0112 |
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Country : |
Georgia |
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Date of Incorporation : |
14.05.1999 |
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Com. Reg. No.: |
5a/4-2134 |
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Legal Form : |
limited liability company |
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Line of Business : |
Trading as importers, wholesalers and retailers of
pharmaceutical products and diagnostic equipment. |
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No. of Employees : |
1,100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs 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 6,000,000 |
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Status : |
Good |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 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 Tbilisis 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 and address
Aversi-Parma ShPS (Correct)
AVERSI
PHARMA LTD (Requested)
ADDRESS
Street : Agmashenebeli Avenue 148/2
Area : Old Tbilisi District
Town : Tbilisi 0112
Country : Georgia
Telephone : (995 32) 298 7860 ext. 129 (Chief
Accountant) & 253 (Financial Director) / 291 1906 / 299 7970 / 225 0066
ext.115 (Logistics Department) / ext. 104 (Sales Department) / Mobile (995 577)
790 479 (Aleksandr Janashia) / (995 577) 504 950 (Irakli Purtseladze) / (995
577) 177 779 (Nika Purtseladze)
Fax : (995 32) 291 1906
E-Mail : info@aversi.ge / ketino@aversi.ge /
nikoloz.kurtanidze@aversi.ge / nika.purtseladze@aversi.ge
Website : www.aversi.ge
Extended
Name : Aversi-Parma Shazguduli Pasukhismbgeblobis Sazagadoeba
English
Translation : Aversi-Pharma Ltd
Also
known as : Aversi-Pharma ShPS
SENIOR COMPANY PERSONNEL
Name
Position
1.
Irakli Purtseladze Managing Director
2.
Nikoloz Ivliyanovich Kurtanidze Executive Director
3.
Aleksandr Janashia Financial Director
4.
Ketino Davidovna Nozadze (Mrs) Chief Accountant
(on annual leave)
5.
Nika Purtseladze Deputy Financial Director
Total
Employees : 1,100
(subject)
8,000 (group)
PAYMENTS
No
complaints have been heard regarding payments from local suppliers
or
banks.
Subject
is a member of the Aversi Group of Companies, the largest pharmaceutical group
in Georgia, operating since 1994. The Group has 35 per cent share of
pharmaceutical market of Georgia with its network of drug stores comprising
more than 220 pharmacies and 4 medical centers located around Georgia.
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 6,000,000
Trade
risk assessment : Normal
PRINCIPAL BANKERS
NAME : BANK OF GEORGIA JSC
Branch : Pushkin Street 3
Town : Tbilisi 0107
Telephone
: (995 32) 997 726
Fax : (995 32) 997 726
Subject
also has account with the following banks:
1.
TBC-Bank JSC
Chavchavadze Ave 11
Tbilisi 380079
Tel: (995 32) 291 693
Fax: (995 32) 291 693
2.
Bazisbank
Rezo Tabukashvili Street 37
Tbilisi 0177
Telephone: (995 32) 298 4736 / 298 9597 /
298 6548
Fax : (995 32) 298 6548
3.
Procredit Bank JSC
Al. Kazbegi Avenue 21
Tbilisi 0160
Telephone: (995 32) 220 2222
Fax :
(995 32) 220 2223
4.
Kor Standard Bank JSC
Chavchavadze 43
Tbilisi 0162
Telephone: (995 32) 250 7700
Fax
: (995 32) 250 7707
Subject
formerly had an account with :
Republic
Bank JSC
Gr.
Abashidze Street 2
Tbilisi
0179
Telephone:
(995 32) 925 555
Fax : (995 32) 925 544
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 193,000,000 -
2009 - exact
: LARI 204,000,000 -
2010 - exact
: LARI 208,600,000 -
2011 - exact
: LARI 210,000,000 -
2012 exact
: LARI 212,000,000 -
2013 exact
: LARI 243,000,000
2014 exact
: LARI 243,000,000
2015 exact
: LARI 256,800,000
2016 exact
: LARI 330,000,000
2017 exact
Net
Profit : LARI 30,000,000 2014 exact
: LARI 11,921,000 2015 exact
: not given but stated to be
10-15% of the
sales turnover
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 14 May 1999
History
: The subject company was established in Tbilisi on 14 May 1999. In October
2016, subject was merged with its affiliated company Aversi Geofarm ShPS (ID
Code : 203834075).
C.R.
No.: 5a/4-2134
ID
Code : 211386695
Authorised
Capital : LARI 2,000
Paid-Up
Capital : LARI 2,000
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability
company)
with the following director and shareholders :
Director
Irakli
Purtseladze
(Georgian
national / Personal No.: 01026002800)
Shareholders Percentage
1.
Paata Nikolayevich Kurtanidze 67%
(Georgian national / Personal No.:
01024002260)
2.
Nikoloz Ivliyanovich Kurtanidze 33%
(Georgian national / Personal No.:
60003003778)
Affiliated
companies of Aversi-Pharma ShPS :
Associates
Subject
is a member of the Aversi Group of Companies, which includes the following
companies:
1.
Aversi - Ratsional ShPS
Chirkhnauli Street 14
Tbilisi 0198
Managing Director: Malkhaz Kurtanidze
Est.: 11 January 2002
C.R. No.: 7/4-1961
ID
Code : 208216107
Shareholders:
- Paata Kurtanidze 60%
- Nikoloz Kurtanidze 25%
- Malkhaz Kurtanidze 15%
(Manufacturer of pharmaceuticals)
2.
Aversi Klinik ShPS
V. Pshavela Avenue 27B
Tbilisi
Est. 2009
(Operator of a medical centre)
3.
Alfa ShPS
Bagrationi Street 6
Tbilisi
Est.: 2010
4.
Eristavi National Center of Experimental and Clinical Surgery
Chachava Street 5
Didube-Chugureti District
Tbilisi 0159
Telephone: (995 32) 202 2525
Managing Director: Lasha Bazadze
Est.: 3 February 2000
ID Code: 202051689
Subjects
former affiliate :
1.
Aversi ShPS
(address as per heading)
Tax Code : 211752263
Statistics Code : OKPO 20340175
2.
Aversi - Geofarm ShPS
Kostava Street 11
Dzveli District
Tbilisi
Managing Director: Gia Chigogidze
Est.: 18 August 1995
C.R. No.: 4/4-67
ID Code : 203834075
Shareholders:
- Paata Kurtanidze 67%
- Nikoloz Kurtanidze 33%
(Retail of pharmaceutical products)
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers, wholesalers and retailers of pharmaceutical products and
diagnostic equipment.
NACE
Code: 4646
Imports
from Lithuania, Latvia, Estonia, Russia, Ukraine, Belarus,
Germany,
UK, Bulgaria, Hungary, Poland, France, Belgium, Italy,
Switzerland,
Serbia, Iceland, Finland, Turkey, Israel, India and USA.
Re-exports
to Armenia and Azerbaijan.
Overseas
suppliers include:
Actavis
International (Iceland)
Ahava
(Israel)
Asfarma
(Turkey)
Astellas
Pharma (Japan-Netherlands)
Bayer
Schering Pharma (Germany)
Berlin-Chemie
(Germany)
Biocodex
(France)
Boehringer
Ingelheim (Germany)
Rup
Borisovskiy Zavod (Belarus)
Borshagovsk
Chem. Pharm. Plant (Ukraine)
Brupharmexport
(Belgium)
Chephasaar
(Germany)
Darnitsa
(Ukraine)
Dr.
Theiss Naturwaren GmbH (Germany)
Fresenius
kabi Deutschland GmbH (Germany)
Farmila
- Thea Farmaceutical Spa (Italy)
F.
TRENKA (Austria)
Georg
Biosystem (Ukraine)
GlaxoSmithKline
(UK)
Grindex
(Latvia)
Hemofarm
(Serbia)
Hemoplast
(Ukraine)
Herbapol
(Poland)
Intas
(India)
Italfarmaco
(Italy)
Jugoremedia
(Serbia)
Kievmedpreparat
(Ukraine)
Kiev
Vitamin Factory (Ukraine)
Krasfarma
(Russia)
Lisapharma
(Italy)
Liqvor
(Armenia)
Microlife
(Switzerland)
Naturprodukt
(Poland)
Nizhpharm
(Russia)
Nycomed
(Austria)
Olainfarm
(Latvia)
Pfizer
(USA-Belgium)
Phitopharm
(Ukraine)
Polpharma
S.A. (Poland)
Rottapharm
(Italy)
Rusan
Pharma (India)
Sanofi
Aventis (France)
Santen
OY (Finland)
Solvey
Pharmaceutical (Switzerland)
Tonus-Elast
(Latvia)
Yuriya
Pharm (Ukraine)
Zdorovie
(Ukraine)
Ziololek
(Poland)
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices, a wholesale outlet, one pharmacy
and warehousing facilities located at the heading address as well as another 3
warehouses located at Vazha-Pshavela Avenue 27B (Tbilisi), Tsinakhuli Street 14
(Tbilisi) and Kazbegi Street 16 (Tbilisi).
Subject
has 220 pharmacies located throughout Georgia.
REGISTERED OFFICE
Agmashenebeli
Street 148
Old
Tbilisi District
Tbilisi
0112
SPECIAL NOTES
You
enquired on: AVERSI PHARMA LTD. Please note that the correct name is as per
heading.
Interviewed
: Nikoloz Ivliyanovich Kurtanidze (Shareholder).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.10 |
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1 |
INR 94.44 |
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Euro |
1 |
INR 79.59 |
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GEL |
1 |
INR 26.43 |
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 : |
KET |
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
SCs 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.