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MIRA INFORM REPORT
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Report No. : |
506370 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL ENERGY SHPS |
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Registered Office : |
I. Chavchavadzi Avenue 37, Block
2a, Apartment 15 Vake-Saburtalo District
Tbilisi 0179 |
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Country : |
Georgia |
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Financials (as on) : |
31.03.2018 |
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Date of Incorporation : |
31.10.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers and
distributors of electrical and gas generators, power generators,
transformers, stabilizers, UPS el-cables, fair systems, pools, saunas,
security systems, fireplaces (sales) and power generators rental business. |
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No. of Employees : |
15 |
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 Limits : |
EURO 5,600 |
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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
GLOBAL ENERGY SHPS (CORRECT)
GLOBAL ENERGY LTD (REQUESTED)
ADDRESS
Street : Ana Politkovskaia Street 4 (former Jikia
street)
Area : Vake-Saburtalo District
Town :
Tbilisi 0186
Country : Georgia
Mobile : (995 599) 300 040(whatsapp/viber)
(Giorgi Gazashvili) / (995 599) 300 043 /(995 570) 106 549 (Natia Gazashvili) /
(995 570) 100 424
Fax :
(995 322) 158 215 (will be activate at 17 of May 2018)
E-Mail : generatorebi@gmail.com / n.g@mypower.ge
/ g.g@mypower.ge
Website : www.generatorebi.ge
Extended Name: Global Enerji
Shazguduli Pasukhismbgeblobis Sazagadoeba
English Translation: Global Energy Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. Georgi
Gazashvili Managing Director
2. Natia
(Natalie) Gazashvili Global Business Development
Manager
Total Employees: 15
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: EURO 5,600
Trade risk
assessment: Normal
PRINCIPAL BANKER
NAME : TBC BANK JSC
Branch : Marjanishvili Street 7
Town : Tbilisi 0102
Telephone: (995 32) 227 2727
Fax : (995 32) 277 2774
FINANCIAL INFORMATION
Balance sheets
as at 31 March 2018 showed:
31/03/18 31/12/2017 31/12/2016
(in
LARI)
ASSETS
Non-current
assets
Property,
plant and equipment 27,153 30,828
Intangible
assets
Total
non-current assets 27,153 30,828
Current
assets 43,569 33,850 -
Inventories 174,520 58,801 139
Trade
receivables 45,141 19,302
-
Cash
and cash equivalents 399,419 409,205 199,176
Total
current assets 662,649 521,157 199,315
Total
assets 689,802 551,986 199,315
Equity
and liabilities
Equity
Charter
capital 551,186 551,186 136,649
Retainde
earnings
/Accumulated
deficit 91,263 - -
Total
equity 642,449 551,186 136,649
Current
liabilities
Trade
and other payables 47,353 800 54,874
Tax
payable - - 7,792
Total
current liabilities - 800 62,866
Total
liabilities - 800 62,866
Total
equity and liabilities 689,802 551,986 199,315
Statement
of Comprehensive Income
31/03/18
31/12/2017
31/12/2016
(in
LARI)
Revenue 343,768 1,533,927 526,938
Cost
Of Goods 207,724
809,775 375,379
Salary 10,312 38,714 16,850
Rental
expense 10,790 28,559 1,152
Marketing
Expense - - 85
Communications 633 4,083 -
Other
administrative
expenses 6,940 185,376 7,822
Operating
profit 107,369 467,420 125,650
Profit
before tax 107,369
467,420 125,650
Corporate
tax 16,106 - -
Profit/(loss)
and total
comprehensive
income/(loss) 91,263 397,307 106,802
Statement
of Cash Flows
31/03/18 31/12/2017 31/12/2016
(in
LARI)
Cash
flows from
operating
activities 223,815 1,744,408 704,503
Cash
receipts from customers 164,191
1,218,238 444,822
Salary 9,430 79,800 13,110
Interest
loan - - -
Taxes
paid 49,543 224,43
73,590
Net
cash from
operating
activities 651 221,938 172,981
Net
(purchase)/sale of PPE 1,090 15,097 -
Cash
flows from
financing
activities 1,090 15,097 3,832
Proceeds
from borrowings - 3,189 -
Net
cash used in
financing
activities 439
3,189 169,149
Cash
and cash equivalents
at
beginning of period 409,205 199,17 30,026
Cash
and cash equivalents
at end of period
399419 399,419 409,205 199,175
Value of current contracts : LARI 200,000
(as of May 2018)
Total Value of Stock Held : US DLRS 60,000
(as of May 2018)
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 31 October 2014
History : The subject company was established in Georgia on 31 October
2014 Vladimer Gorgisheli (Georgian national
/ Personal No.: 59001085575) as a sole shareholder.
On 21 June 2016, subject’s shareholding structure changed to the
present.
ID Code : 405069688
Authorised Capital : LARI 200
Paid-Up Capital : LARI 200
Shazguduli
Pasukhismbgeblobis Sazagadoeba (limited liability company) ShPS) with the
following director and sole shareholder :
Director
Giorgi Gazashvili
(Georgian national /
Personal No.: 43001008258)
Shareholder Percentage
Georgi
Gazashvili
100%
(Georgian national / Personal No.: 43001008258)
Suspended the activities of the affiliated
companies:
Associate
Geoagroprodukt Eksporti ShPS
Tskitishvili Street 26
Gldani-Nadzaladevi District
Tbilisi
Managing Director: Giorgi Gemiashvili
Est.: 20 February 2009
ID Code: 200271062
Shareholders:
- Giorgi Gemiashvili 50%
- Giorgi Gazashvili 50%
ACTIVITIES
The Company is involved in the following activities :
Trading as importers and distributors of electrical and gas generators, power
generators, transformers, stabilizers, UPS el-cables, fair systems, pools,
saunas, security systems, fireplaces (sales) and power generators rental
business.
NACE Code: 4690
Imports from Europe, Germany, Italy, Spain, Romania, Greece, China,
Russia, Turkey and South Korea.
Subject does not export, all sales are domestic.
Subject’s principal suppliers include:
- Himoinsa
Contact: Oleksandr Tsarkov (export manager)
Spain
(www.himoinsa.com)
- Beta
Transformer
Contact: Ilhan Avci
Turkey
(www.betatransformer.com)
- Soygen
Contact: Kadir Chichekchisoy (general
director)
Turkey
www.soy-gen.com
FACILITIES
The Company
has the following facilities:
Rented 400
sq.m. Offices with storage facilities located at the heading address.
Subject
formerly was located at:
Kazbegi
Avenue 31A
Vake-Saburtalo
District
Tbilisi
0174
REGISTERED OFFICE
I.
Chavchavadzi Avenue 37, Block 2a, Apartment 15
Vake-Saburtalo
District
Tbilisi
0179
Subject’s
former registered address:
Aleksandre
Qazbegi Avenue 31A, Flat 36
Vake-Saburtalo
District
Tbilisi
0174
SPECIAL NOTES
Interviewed:
Natia Gazashvili (Business Development Manager)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.08 |
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GEL |
1 |
INR 27.54 |
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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VAR |
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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
·
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.