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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
MONGOLEMIMPEX CONCERN JSC |
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Formerly Known As : |
Mongol Em Impex Concern JSC / Mongolemimpeks Kontsern / MEIC
(Mongolemimpex Concern) |
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Registered Office : |
Teeverchid 39, 28 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.05.2006 |
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Com. Reg. No.: |
9012001020 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Importers, Wholesalers and Retailers of Pharmaceutical Products and
Medical Equipment |
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No. of Employees : |
3,000 (Group) |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Mongolia |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
MONGOLEMIMPEX
CONCERN JSC (CORRECT)
MEIC
(MONGOLEMIMPEX CONCERN) (REQUESTED)
Building : MEIC Building
Street :
Teeverchdiin Street 39
Area : Sukhbaatar District,
3rd Khoroo
Town :
Ulaanbaatar-28
Country : Mongolia
Telephone: (976 11) 323 961 / 322 695 (International
Relations Department) / Mobile (976 99) 029 333 (Tserendash Orshikh) / (976 99)
096 978 (Tserendash Orshikh) / (976 99) 119 600
Fax : (976 11) 323 877
E-Mail :
info@meic.mn / tserendash2002@yahoo.com / inkhtuya.ts@meic.mn
Website : www.meic.mn
Shortform Name : MEIC
Also known as : Mongol Em Impex Concern JSC / Mongolemimpeks
Kontsern / MEIC (Mongolemimpex Concern)
Name Position
1. Agvaanjamba Arunbold President
2. Badbayar Bolormaa (Mrs) Chief
Executive Officer
3. Tserendash Orshikh (Mrs) Chief
Accountant
4. Inkhtuya Tserenpurev International Relations Manager
Total Employees: 320 (subject)
3,000 (group)
No complaints have been
heard regarding payments from local suppliers
or banks.
Subject is a member of the Bishrelt
Group which was established in 1993, comprising 17 companies and employing
3,000 people with annual revenues in the region of US DLRS 360 million in 2009.
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
Mongolian importers.
Trade risk assessment:
Normal
NAME : CAPITAL
BANK OF MONGOLIA
Branch : Sambuugiin
Street 48
Town : Ulaanbaatar
211238
Telephone: (976 11) 319 247 / 315 500
Fax : (976 11)
310 833
The company also has an account with :
Khan Bank LLC
Seoul Street 25
P.O. Box 192
Sukhbaatar District
Ulaanbaatar 210644
Telephone: (976 11) 332 333
Fax : (976 70)
117 023
Private companies in Mongolia are not required to publish or
disclose balance sheets. However, the subject interviewed offered the following
information:
Sales Turnover
: TUGRIK 6,000,000,000 - 2008 - exact
:
TUGRIK 7,000,000,000 - 2009 - exact
: TUGRIK 11,000,000,000 - 2010 – approx
: TUGRIK 13,091,868,000 - 2011 - exact
: TUGRIK
6,000,000,000 - 2012 – exact*
: TUGRIK 15,000,000,000 - 2012 - projected
Net Profit :
TUGRIK 200,000,000 - 2010 - exact
: TUGRIK
224,000,000 - 2011 – exact
: TUGRIK
180,000,000 - 2012 - exact*
* 6 months results (January
– June).
Financial year ends 31
December.
The following financial information applies to the Bishrelt
Group :
Sales Turnover : US DLRS 400,000,000 - 2008 - exact
: US DLRS 360,000,000 - 2009 -
exact
Net Profit : not given, but stated to be profitable
Financial year ends 31 December.
Date Started : 9 May 2006
History : The subject company was established in Mongolia on
9 May 2006 on the basis of a state owned Pharmaceutics Preparation Facility
which was in existence since 1923.
C.R. No.: 9012001020
Tax No. : 2116847
Capital : TUGRIK 4,000,000,000
Joint stock company with the following shareholders:
1. Agvaanjamba Arunbold }
}
2. Ms. Undermaa (wife of Agvaanjamba Arunbold) } 95%
}
3. Two sons of Agvaanjamba Arunbold }
4. Girmit Gotov 5%
Affiliated companies of
Mongolemimpex Concern JSC :
Associates
Subject is a member of the
Bishrelt Group headed by :
Bishrelt Holding Co Ltd
Sambuugiin Street 48
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 322 742 / 326 250
Fax : (976 11)
326 250 / 313 798
Est.: 13 June 1993
Tax No. : 2554534
Other members of the group
include the following companies:
1. Bishrelt Plaza LLC
Bishrelt Plaza
Hotel
Liberty Sq. 3/1
Chingeltei
District
POB-104
Ulaanbaatar
211238,
Telephone: (976
11) 313786
Fax : (976 11) 313792
2. Capital Bank of
Mongolia
Sambuugiin Street
48
Chingeltei
District
Ulaanbaatar 211238
Telephone: (976
11) 319247
Fax : (976 11) 310833
3. Mongol Meat Expo
LLC
Songinokhairkhan
District
Ulaanbaatar 211137
Telephone: (976
11) 634875 / 633924
Fax : (976 11) 326250 / 634875
4. Mongol Buukhai
Daatgal LLC
Liberty Square 3/1
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 324965
Fax : (976 11) 324965
5. Unico Construction
LLC
Tumurchii Street
1/1
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 318227
Fax : (976 11) 318273
6. Gooddoor LLC
Tumurchii Street
1/1
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 318273
Fax : (976 11) 326250 / 318273
7. Bishrelt Cosmetics
LLC
Sambuugiin Street 48
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 322742 / 324185
Fax : (976 11) 313798 / 32625
8. Bishrelt
Industrial LLC
Sambuugiin Street
48
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 322742 / 324185
Fax : (976 11) 313798 / 32625
9. MonDiscovery Tours
LLC
Sambuugiin Street
48
Chingeltei
District
POB-104
Ulaanbaatar 211238
Telephone: (976
11) 322742 / 324185
Fax
: (976 11) 313798 / 326250
10. Bishrelt Trade LLC
3/1 Liberty Square
(aka Erkh Cholonii Talbai 3/1)
Chingeltei Duureg
P.O. Box 104
Ulaanbaatar 211238
Telephone: (976
11) 324 185 / 324 990 / (976 99) 119 600
Fax : (976 11) 313 792 / 326 250 / 313 798
E-Mail:
info@bishreltholding.mn
11. Unico LLC
Teeverchdiin
Street 39, 3rd Khoroo
Sukhbaatar
District
Ulaanbaatar-28
Telephone: (976
11) 318 273 / 363 392
Fax : (976 11) 318 273
Est.: 17 February
2011
Tax No.: 5448735
12. Lishi LLC
13. Insurance LLC
14. Bishrelt Palace Hotel LLC
15. Chinggis Cashmere LLC
16. Bishrelt Mining LLC
The Company is involved in
the following activities :
Importers, wholesalers and retailers
of pharmaceutical products and medical equipment.
NACE Code : 4646
Imports from Germany,
Austria, Japan, Norway, the Netherlands, Russia, China, Italy, Slovenia,
Hungary, India and South Korea.
Subject does not export,
all sales are domestic.
Subject is an official
distributor of GlaxosmithKlein, Galenika, KRKA, Krasfarma, EGIS, IDA, Actavis,
Neon Laboratories, Panacea biotech and Protex biosystems.
The Company has the
following facilities :
Administrative offices, a
retail pharmacy and storage facilities located at the heading address as well
as 80 additional retail pharmacies located throughout Mongolia.
You enquired on: MEIC (Mongolemimpex Concern). Please note
that this name applies to an also known as of the subject’s name. Subject’s
correct registered name is as per heading.
Interviewed : Tserendash Orshikh (Chief Accountant).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.20 |
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1 |
Rs.87.79 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.