·For an individual:
a) First name, last name, date and place of birth
·b) Registration data from the registry
·c)Registration number
·d) Occupation
·e)Work and home addresses
·f) Type of license requested
g) Document proving the payment of license fee
For a legal entity:
·a)Company name
·b) Organizational-legal status
·c)Legal address
·d) First and last names of company representative
·e)Type of license requested
f) Proof of payment for license fee
Licensing Fee. A license seeker pays a licensing fee for issuing a license certificate. The amount of a licensing fee, the procedure of its payment into the budget and claiming back is defined in "Law of Georgia on Licensing Fees". For issuing a copy of a license, the license holder covers the cost of making a copy of the license.
Duration of a License. A license is issued for an indefinite period of time. A license holder carries out the activity defined by the license since the date of making decision by the licensing agency about issuing the license. The transfer of a license to another person is prohibited.
License Register and its Maintenance. There are two types of license register: a) Departmental license register; and b) The state license register. A licensing agency enters the data related to a license into a departmental license register within 3 days after making the decision about issuing a license. The following data is recorded into a departmental license register:
For an individual:
a) Data about the holder of a license (first name, last name)
b) Home address
c) The type (types) of licensed activities
d) The number of a license and the date of issue
e) Data about suspending, resuming, revoking a license or issuing a copy of the license
For a legal entity:
a) Data about the holder of a license (the company's name)
b) The company's legal status
c) The data of the state registration
d) Location (legal address)
e) The data about making amendments into the company's name, legal status and location (legal address), as well as about the reorganization of the company
f) The type (types) of licensed activities
g) The number of a license and the date of issue
f) Data about suspending, resuming, revoking a license or issuing a copy of the license
4.2 Local Enterprises
4.1.3 Joint Stock Companies traded at Georgian Stock Exchange
First, we will analyse the aggregate figures concerning all Joint Stock Companies (JSC) traded at Georgian Stock Exchange (GSE) and then will present the data on individual enterprises.
Market Capitalization. The figures describing the market capitalization of all Joint Stock Companies traded at GSE are presented in Table 4.1.1.1:
Table 4.1.1.1 Market Capitalization of all JSCs
|
Year |
2000 |
2001 |
2002 |
|
Market Capitalization (GEL) |
66,799,785 |
184,017,886 |
218,402,008 |
|
Source: GSE |
|||
The more useful benchmark for judging the market performance of the private companies usually is the ratio of the market capitalization over the Gross Domestic Product (GDP) of that country. Figure 4.1.1.1 shows the values of this ratio for Georgia and also for other Eastern European (mainly former Soviet Block) countries, whose economies are in transition mode from the command economy to a market driven system likewise Georgia. It can be seen from this Figure that Georgian stock market is rather underdeveloped in comparison to other Eastern European countries, not to speak about the Western European Countries and the USA, which have much higher values of this ratio.
Fig. 4.1.1.1. Market Capitalization as % of GDP for Eastern European Countries, including Georgia
It is interesting to note that about 82.8% of the total market capitalization is formed by only 10 companies. The remaining 278 companies that are admitted for trading at the GSE constitute to only about 17.2% of the total market capitalization. This is shown in Fig. 4.1.1.2:
Fig. 4.1.1.2 Market Capitalization of 10 Leading Georgian Joint Stock Companies
Volume and Value of Trades. The figures given in Table 4.1.1.2 reflect the combined volume and value of trades of all Joint Stock Companies conducted at GSE since its inception to date.
Table 4.1.1.2 Volume & Value of Trades at GSE
|
Year |
2000* |
2001 |
2002 |
2003** |
|
Volume of Trades (Shares) |
4,354,640 |
10,862,784 |
11,418,196 |
5,103,555 |
|
Value of Trades (GEL) |
5,892,326 |
13,077,244 |
8,401,206 |
1,398,781 |
|
* Apr. – Dec. 2000; ** Jan. – Oct. 2003. Source: GSE |
||||
Value Turnover. The value turnover is calculated by dividing the annual value of trades over the total market capitalization in that year. This is shown in Table 4.1.1.3 for years 2001 and 2002:
|
Year |
2001 |
2002 |
|
Value of Trades (GEL) |
13,077,244 |
8,401,206 |
|
Market Capitalization (GEL) |
184,017,886 |
218,402,008 |
|
Value Turnover |
7.11% |
3.85% |
|
Source: GSE |
||
Table 4.1.1.3 Value Turnover at GSE
The large part of the total value of trades comes on the trading of the securities of 10 leading companies mentioned in the above. This is shown in Fig. 4.1.1.3:
Fig. 4.1.1.3 Value of Trades of 10 Leading Georgian Companies
Liquidity. All the factors considered in the previous paragraphs, i.e. Low Market Capitalization, low Volume and Value of Trades, and low Value Turnover, all indicate that there is little (or even no) liquidity at the GSE. Indeed, out of 282 companies, whose shares are currently admitted for trading at the GSE, the shares of only 93 companies (i.e. 33%) were traded in 2002. The shares of the remaining companies were not traded during the year at all. This is shown in Figure 4.1.1.4:
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