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MIRA INFORM REPORT
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Report No. : |
497443 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Tserteli
Avenue 113 Didube-Chugureti District Tbilisi 0119 |
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Country : |
Georgia |
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Date of Incorporation : |
04.10.1995 |
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Com. Reg. No.: |
2/4-121 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading as importers,
wholesalers and retailers of cosmetic and pharmaceutical products. |
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No. of Employees : |
157 |
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 800,000 |
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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 (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 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 and address
GEA ShPS
(Correct)
GEA SHPS (WERSJA ANG GEA LTD) (Requested)
ADDRESS
Street : Vazha Pshavela
Avenue 6
Area : Vake-Saburtalo District
Town :
Tbilisi 0160
Country :
Georgia
Telephone :
(995 32) 238 4766 / 295 8154 / Mobiles (995 577) 441 219
(Irina Chelidze) /
(995 599) 242 104 (Nana Cheishvili)
Fax :
(995 32) 295 8154 (105)
E-Mail
: gea@gea.ge /
nkogya@gea.ge / ichelidze@gea.ge / ncheishvili@gea.ge
Website
: www.gea.ge
Trading Style : GEA
Extended Name : GEA Shazguduli Pasukhismbgeblobis
Sazagadoeba
English Translation : GEA Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. Irina
Chelidze General Director
2. Nata
Kogua Chief Accountant
3. Nino
Dzharbanadze Import & Sales Manager
4. Nana Cheishvili Assistant General Director
Total Employees
: 157
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 800,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME
: CARTU BANK JSC
Branch
: Chavchavadze Avenue
39a
Town
Tbilisi 0162
Telephone :
(995 32) 292 5592
Fax
: (995 32) 291 2279
Subject also has an account with :
ProCredit Bank JSC
Agmashenebeli Avenue 154
Tbilisi 0112
Telephone: (995 32) 220 2222
Fax
: (995 32) 225 0580
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 20,000,000 - 2014 – exact *
: US DLRS 16,000,000 –
2015 – exact
: LARI 32,000,000 – 2016 – exact
: LARI 40,000,000 – 2017 – exact
: LARI 50,000,000 – 2018 - projected
Net Profit : LARI 1,480,000 - 2014 – exact
: but stated to be 3%
of the sales turnover
: LARI 2,500,000 – 2017 – exact
* A significant
increase in sales turnover in 2014 was attributed to favourable market
conditions and expansion of the business.
Financial year
ends 31 December.
The following
financial information applies to Baby-Line ShPS, subjects affiliated company :
Sales
Turnover : US DLRS 2,100,000 - 2015 - exact
:
LARI 7,157,000 - 2016 – exact
: LARI
7,000,000 - 2017 – approx
Net Profit :
US DLRS 33,000 - 2015 – exact
: LARI
596,000 – 2016 – approx
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 4 October 1995
History : Subject was established in
Tbilisi on 4 October 1995.
C.R. No. : 2/4-121
ID Code : 201951209
Authorised
Capital : LARI 1,500,000 (increased from LARI 1,200,000)
Paid-Up Capital
: LARI 1,500,000 (increased from LARI 1,200,000)
Shazguduli Pasukhismbgeblobis Sazagadoeba
(Limited Liability Company) ShPS) with the following director and shareholders
:
Director
Irina Chelidze
Shareholders
Percentage
1. Irina Chelidze 26.5%
(Georgian national / Personal number 01024002610)
2. Khatuna Manjgaladze 24.5%
(Georgian national / Personal number 01010008214)
3. Irine Kapanadze 24.5%
(Georgian national / Personal number 01010000726)
4. Aleksandre Subladze 24.5%
(Georgian
national / Personal number 01005010416)
Affiliated
companies of the GEA ShPS :
Associates
1. G-Foods ShPS
ID Code : 401979490
Shareholders :
- Aleksandre Shubladze 50%
- Maka Jorbenadze 50%
2. Pierrot Le
fou + ShPS
ID Code : 404973105
Shareholders :
- Irina Chelidze 50%
- Khatuna Manjgaladze 50%
As matter of
interest, the relative of Ms. Irina Chelidze, has interest in the following
company:
Baby-Line ShPS
Vazha-Pshavela
Avenue 6
Tbilisi 0160
Country :
Georgia
Telephone: (995 32) 384 766 / 370 736
Fax :
(995 32) 958 154
Managing
Director : Revaz Pardzhanadze
Employs : 35
people
Has an account
with Cartu Bank JSC
Est. : 2006
Tax No. :
205177495
Capital : LARI
2,000
Sole Shareholder:
- Revaz Chelidze
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers, wholesalers and retailers of cosmetic and pharmaceutical products.
Subject's
principal suppliers are : Jellfa SA, Polfa Warsaw SA,
Medana Pharma
Terpol Group SA, Gemi PPF, Polfa Tarchomin SA, Polfa
Pabianice SA,
Bioton Sp ZOO, Biofarm SpZOO and Herbapol SA.
NACE Code :
4646 - Wholesale of pharmaceutical goods
Imports from
Poland, Italy, India, Latvia and France.
Export to
Azerbaijan, Armenia, Latvia and Moldova.
FACILITIES
The Company has
the following facilities :
Owned
administrative offices and a wholesale/retail pharmacy located at the heading address
as well as rented storage facilities located at Samgori Street 2 and 11
pharmacies located elsewhere in Georgia (see 'Branch Offices' below).
Subject has
owned storage facilities (1,500 sq. m.) located elsewhere in Digi Digomi
District, Tbilisi.
REGISTERED OFFICE
Tserteli Avenue
113
Didube-Chugureti
District
Tbilisi 0119
BRANCH OFFICES
1. Tsereteli
Avenue 113
Didube-Chugureti
Tbilisi 0119
2. Lubliana
Street 5
Didube-Chugureti
Tbilisi 0159
3. Lubliana
Street 2/6
Didube-Chugureti
Tbilisi 0159
4. Tsinandali
Street 9
Isani-Samgori
Tbilisi 0144
5.
Vazha-Pshavela Avenue 6
Vake-Saburtalo
Tbilisi 0160
Tel.: (995 32) 238 7646
6.
Vazha-Pshavela Avenue 29
Vake-Saburtalo
Tbilisi 0177
SPECIAL NOTES
You enquired
on: GEA SHPS (WERSJA ANG GEA LTD).Please note that subject's correct registered
name is as per heading.
The address that you provided was: TSERETELI 113, 380019 TIBILISI.
This applies to the subject's registered office address. Please note that
subject's administrative office address is as per heading.
Interviewed:
Irina Chelidze (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 90.56 |
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Euro |
1 |
INR 79.78 |
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GEL |
1 |
INR 26.74 |
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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PRI |
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Report Prepared
by : |
TRU |
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
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Industry
scenario / competitor analysis
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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.