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MIRA INFORM REPORT
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Report No. : |
498299 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
IBERIA PLAS SHPS |
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Registered Office : |
Tskneti, Zone A, Block 2, Office No. 1, Didgori
District, Tbilisi 0170 |
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Country : |
Georgia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
04.10.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers,
retailers and distributors of cosmetics. |
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No. of Employees : |
8 |
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
16,500 |
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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
IBERIA
PLAS SHPS (CORRECT)
IBERIA PLUS LTD (REQUESTED)
ADDRESS
Street : Tskneti,
Zone A, Block 2, Office No. 1
Area : Didgori
District
Town : Tbilisi 0170 (formerly 0179)
Country : Georgia
Mobiles : (995 597) 112 784 (Vladimer
Abshilava) / (995 557) 756 802
(Vladimer Abshilava) / (995 557) 305 757 (Mikhail Abshilava) / (995
790) 362 548
E-Mail : mishaabshilava@yandex.com
Extended Name : Iberia Plas Shazguduli
Pasukhismbgeblobis Sazagadoeba
English Translation : Iberia Plus Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. Vladimer
Abshilava Managing Director
2. Mikhail Abshilava Sales
Manager
Total Employees : 8
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 16,500
Trade risk assessment:
Normal
PRINCIPAL BANKER
NAME : BANK
OF GEORGIA JSC
Branch :
Gagarin Street 29A
Town :
Tbilisi 0105
Telephone: (995 32) 244 4256
Fax : (995
32) 244 4289
FINANCIAL INFORMATION
Calculation of Income Tax
as at 31 December 2017 showed :
31/12/2017
(in LARI)
Net revenue 699,180,51
Inventory at the beginning
of the year 52,500
Inventory at the end of the
year 38,605
Total deductions (449,243.68)
Including:
Inventories 396,956.66
Paid salary
42,196.88
Other expenses 10,090.14
Total
501,743.68
737,785.51
Profit before income
tax 236,041.83
Income tax
35,406.27
Historical Profit and Loss
Account
Sales Turnover :
LARI 540,000.00 - 2014 - exact
Including VAT :
LARI 670,000.00 - 2015 – exact
: LARI 750,000.00 – 2016 – exact
: LARI 822,000.00 – 2017 – exact
Net Profit :
LARI 236,041.83 – 2017 – exact
Before Income Tax
Financial year ends 31
December.
LEGAL STATUS AND HISTORY
Date Started : 4 October
2010
History : Subject was
established in Tbilisi on 4 October 2010.
ID Code : 454406250
Authorised Capital : LARI 200
Paid-Up Capital : LARI 200
Shazguduli Pasukhismbgeblobis Sazagadoeba (Limited
Liability Company) ShPS) with the following director and sole shareholder :
Director
Vladimer Abshilava
(Georgian national / Personal No.: 62001006142 /
resides at: Studenturi Street 20, Sukhumi)
Shareholder Percentage
Vladimer Abshilava 100%
(Georgian national / Personal No.: 62001006142 /
resides at: Studenturi Street 20, Sukhumi)
Former Associate
Kosmetik Lains Kompani +
ShPS
Bakhtrioni Street 28,
Office No. 46
Vake-Saburtalo District
Tbilisi
Est. : 15 October 2008
ID Code : 205265005
ACTIVITIES
The Company is involved in
the following activities :
Trading as importers,
wholesalers, retailers and distributors of cosmetics.
Distributors for Eveline
(Poland).
NACE Codes: 4645
Imports from Poland.
Subject does not export,
all sales are domestic.
FACILITIES
The Company has the following
facilities:
Rented premises comprising
administrative offices and a wholesale outlet located at the heading address as
well as storage facilities located elsewhere in Politkovskaya Street 2,
Tbilisi.
REGISTERED OFFICE
Tskneti, Zone A, Block 2, Office No. 1
Didgori District
Tbilisi 0170 (formerly
0179)
SPECIAL NOTES
You enquired on: IBERIA PLUS 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 postal address which you provided: 0179 has been changed. Please
note that subject’s administrative office PO Box number is as per heading.
Interviewed: Mikhail Abshilava (Sales Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.22 |
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1 |
INR 91.33 |
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Euro |
1 |
INR 79.96 |
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GEL |
1 |
INR 26.61 |
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 : |
NIT |
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
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Litigation
against the subject
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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.