MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

EZIO FORADORI LLC

 

 

Registered Office :

Ikh Surguuliin Street 4, Flat 6, 6th Khoroo, Sukhbaatar District, Ulaanbaatar

 

 

Country :

Mongolia

 

 

Date of Incorporation :

10.01.2001

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of cashmere jumpers, skirts, scarves and fashion garments

 

 

No. of Employees :

80

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

Payment Behaviour :

Unknown  

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Mongolia

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Mongolia - ECONOMIC OVERVIEW

 

Economic activity in Mongolia was traditionally based on herding and agriculture - Mongolia's extensive mineral deposits, however, have attracted foreign investors, and the country is undergoing an economic transformation through its mining boom. Mongolia holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, which account for a large part of foreign direct investment and government revenues. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction and natural disasters, as well as economic growth, because of reform-embracing, free-market economics and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the World Trade Organization in 1997 and seeks to expand its participation in regional economic and trade regimes. Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices and new gold production. By late 2008, the country was faced with external shocks from the global financial crisis, and a sharp drop in commodity prices slashed government revenues. GDP dropped 1.3% in 2009. In early 2009, the International Monetary Fund reached a $236 million Stand-by Arrangement with Mongolia and the country has largely emerged from the crisis. The banking sector is recovering and the government has started to enact greater supervision regulations. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi mine, considered to be among the world's largest untapped copper deposits. Another similarly lengthy process is underway for an investment agreement for the massive coal mine at Tavan Tolgoi; it is under review by the National Security Council and a final decision is expected in 2012. The economy grew 6.4% in 2010 and 17.3% in 2011, largely on the strength of commodity exports to nearby countries. Trade with China represents more than half of Mongolia's total external trade - China receives more than 90% of Mongolia's exports. Mongolia purchases 95% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. In the face of anticipated growth in mining revenues, the country is grappling with the challenge of avoiding an overheated economy. Due to severe winter weather in 2009-10, Mongolia lost 22% of its total livestock, and meat prices doubled. Renewed concerns are surfacing over controlling inflation, which was more than 10% for much of 2010-11, due in part to soaring food prices. Government spending - on line to increase as much as 75% over 2011 - has added to concerns over inflation. Remittances from Mongolians working abroad, particularly in South Korea, are significant. Money-laundering is a growing concern.

 

Source : CIA

 

 

Company name

 

 Ezio Foradori LLC (Correct)

 Ezio Foradori (Requested)

 

 

ADDRESS

 

Street   :           Ikh Surguuliin Street 4, Flat 6

 

Area     :           6th Khoroo, Sukhbaatar District

 

Town     :           Ulaanbaatar

Country  :          Mongolia

 

Telephone:        (976 11) 323 241 / 323 247 / 323 241 / 451 118 (Erdene Enkhsaikhan) / (976 99) 114 936 (Erdene Enkhsaikhan) / (976 99) 192 666 (Ms. Kherlin)

Fax      :            (976 11) 323 241

E-Mail   :           office@eziofoadori.com  / enkhangalan@ezioforadori.com  

 

Also known as : Etsio Foradori XXK / Etsio Foradori LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                     Position

 

1. Erdene Enkhsaikhan              General Director

 

2. Mr. Enkhangalan                    Managing Director

 

3. Ms. Kherlin                                        Office Manager

 

Total Employees : 80

 

 

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, however in view of the lack of financial information we recommend international suppliers exercise a degree of caution.

 

Trade risk assessment: Above Average

 

It is normal accepted practice for international suppliers to deal on secured terms with Mongolian importers.  

 

SIGNIFICANT CHANGES

 

EBRD PRODUCES LOAN TO HAVE ENLARGEMENT BEHIND MONGOLIAN CASHMERE GROUP - SHOE CARE KIT MANUFACTURER

 

15 June 2012, (www.inpolitics.ro): The Ecu Banking Company to achieve Reconstruction in addition , Invention (EBRD) is very much decorating all competition on the Mongolian cashmere arena through having an $800,000 loan and Ezio Foradori, any kind of regionally-run area cashmere formulating services from a capital Ulaanbaatar.

 

Ezio Fordaori results in superior cashmere jumpers, dresses, scarves likewise as other approach items, which can made to assist you to luxury brands elsewhere. 98% percent among insurance company’s formulation are released inside Europe, America and consequently Okazaki, Japan.

 

A Person'S EBRD revenue are able to financing Ezio Foradori’s investing to flourish cultivation on top of that modernise its certainly manufacturing plant. That carries on the particular loan will likely to be accustomed to acquisition rotating and also dyeing piece of equipment and additional knitting exercise machines. PP Non Woven Fabric

 

All cashmere market is probably the industrial sectors doing Mongolia, that's the most important cashmere provider in the field, it when it comes to 30% pertaining to intercontinental creation. A new result of actual climate conditions Mongolian cashmere is known as receive really fantastic unique selling points concerning fineness, lightness, tenderness and then soft qualities, which offers the actual which usually unique and therefore more or less tight decent natural fabric root. Shoe Care Kit Manufacturer

 

The Financial Institution’s program will be helpful Ezio Foradori to raise manufacturing volumes, change up its actual product range and furthermore enhance the great connected with grown outfits. This will make it possible the brand to further accumulate the truck bed cover's ability additionally follow that it is strategy to the actual quality value Eu stores supporting some high end. Two way Shoe Stretcher

 

“That EBRD has always been very happy to aid Ezio Foradori, an effective cashmere machine, in its bristling drive to increase a unique market jobs simply by capitalising within the originality is a valuable together with Mongolian cashmere. Aided by the Savings Account’s support, Ezio Foradori will utilize services, reaping helpful benefits crucial patrons as being a deeper possibility and better superior quality the gown decorative accents, which will facilitate unquestionably the Mongolian cashmere designer to help discern its model known to man sector merely contracting a new expertise and as a consequence template performance of a local team members,” reported Olivier Descamps, EBRD Tiny Association Manager, by carrying out a coming to a decisionupon rite.

 

“We have written content how EBRD decided to foundation most business as particularly unique operations, for that reason hopeful that your cooperation will be of assistance Ezio Foradori always be a good better internet business”, reported Erdene Enkhsaikhan, All Purpose Representative about Ezio Foradori.

 

The EBRD loan has always been equipped by Mortgage Lender’s Untimely Changeover Locations* Project that Mongolia is really call. Your starting of that locations for Mongolia doing 2006, our own EBRD may have committed a lot more €110 million into the hometown economy.

 

* Their Early Adaptation Foreign Territories continue to be: Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Mongolia, Tajikistan with Uzbekistan.

 

 

PRINCIPAL BANKERS

 

Subject declined to name its bankers.

 

 

FINANCIAL INFORMATION

 

Private companies in Mongolia are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

 

LEGAL STATUS AND HISTORY

 

Date Started :    10 January 2001

 

Tax No.:            2618974

 

Capital :            not given

 

Limited Liability Company with the following sole shareholder:

 

Erdene Enkhsaikhan                                  100%

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of cashmere jumpers, skirts, scarves and fashion garments.

 

NACE Code : 1419

 

Imports from Europe, Asia, China, Italy and Mexico.

 

Exports to Europe, USA, UK, China and Japan.

 

 

FACILITIES

 

The Company has the following facilities :

 

Administrative offices, a manufacturing unit and storage facilities located at the heading address.

 

 

REGISTERED OFFICE

 

Ikh Surguuliin Street 4, Flat 6

6th Khoroo, Sukhbaatar District

Ulaanbaatar

 

 

SPECIAL NOTE

 

You enquired on: Ezio Foradori. Please note that the correct name is as per heading.  

 

Interviewed: Mr. Enkhangalan (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.