MIRA INFORM REPORT
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Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ANFIELD CO LLC |
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Registered Office : |
Nomun Building, 2nd Floor, Office 2003,Sukhbaatar District, 3rd Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
01.03.2011 |
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Com. Reg. No.: |
9011269041 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers and retailers of doors |
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No. of Employees : |
02 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Recently Commenced Business |
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Payment Behaviour : |
Slow |
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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 (31.03.2012) |
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 |
Anfield Co LLC
Building
: Nomun Building, 2nd Floor,
Office 2003
Area :
Sukhbaatar District, 3rd Khoroo
Town :
Ulaanbaatar
Country :
Mongolia
Mobile :
(976 99) 112 291 (Tumurbat Tsiligmit) / (976 99) 902 091
E-Mail : tstumurat@yahoo.com
Also
known as : Enfild XXK / Anfield XXK
Name Position
Tumurbat
Tsiligmit Managing Director
Total
Employees : 2
No
trade experience of payments is available.
Subject
is a newly established company incorporated on 1 March 2011 and started trading
in January 2012.
Trade
risk assessment : High (see above comments)
It
is normal accepted practice for international suppliers to deal on secured
terms with Mongolian importers.
NAME : GOLOMT BANK OF MONGOLIA
Branch : Bodi Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone : (976 11) 311 530
Fax :
(976 11) 312 307
As
the Company has only recently started trading, relevant financial information
is not available. However, the subject interviewed offered the following information
:
Sales
Turnover : TUGRIK 20,000,000 - 2012 – exact *
: TUGRIK 28,000,000 - 2012 - projected
Net
Profit : not given but
stated to be profitable
*
9 months results (January - September).
Financial
year ends 31 December.
Date
Started : 1 March 2011
History
: The subject company was established in Mongolia on 1 March 2011 and started
trading in January 2012.
Tax
No.: 5452414
C.R.
No.: 9011269041
Authorized
Capital : TUGRIK 1,000,000
Paid-Up
Capital : TUGRIK 1,000,000
Limited Liability Company with the
following sole shareholder:
Tumurbat
Tsiligmit
100%
The Company is involved in the
following activities :
Trading
as importers and retailers of doors.
NACE
Code : 4613
Imports
from Austria.
Subject
does not export, all sales are domestic.
Plans
to import from Russia and Ukraine.
The
Company has the following facilities :
Administrative
offices located at the heading address as well as a retail outlet located
elsewhere in Ulaanbaatar.
5th
Street, Building 17, Flat 58
Sukhbaatar
District, 3rd Khoroo
Ulaanbaatar
This amended report is sent as a replacement of our previous report Ref: 721778.01.C.OZN.X / dated 13/09/2012.
Interviewed:
Tumurbat Tsiligmit (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.70 |
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UK Pound |
1 |
Rs.84.51 |
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Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.