|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
YUU EL EKYUPMENT KO LLC |
|
|
|
|
Registered Office : |
Shine Dul Complex, Suite 404, Sun Street, Bayanzurkh District, 26th Khoroo,
Ulaanbaatar 13374 |
|
|
|
|
Country : |
Mongolia |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading as importers and distributors of spare parts, tires and generators
of mining machinery |
|
|
|
|
No. of Employees : |
45 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
Mongolia's extensive mineral deposits and attendant growth in mining-sector activities have transformed Mongolia's economy, which traditionally has been dependent on herding and agriculture. Mongolia's copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits, among others, have attracted foreign direct investment. 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 globally and new gold production. By late 2008, Mongolia was hit hard by the global financial crisis. Slower global economic growth hurt the country's exports, notably copper, and slashed government revenues. As a result, Mongolia's real economy contracted 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 with better regulations and closer supervision. The banking sector strengthened but weaknesses remain. 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. Recent calls by nationalist politicians to renegotiate the investment agreement, however, have called into question the attractiveness of Mongolia as a destination for foreign direct investment. Negotiations to develop the massive Tavan Tolgoi coal field face similar obstacles. The economy grew by 6.4% in 2010, 17.5% in 2011, and by more than 12.3% in 2012, largely on the strength of commodity exports to nearby countries and high government spending domestically. Mongolia's economy, however, faces near-term economic risks from the government's loose fiscal policies, which are contributing to high inflation, and uncertainties in foreign demand for Mongolian exports. 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. Due to severe winter weather in 2009-10, Mongolia lost 22% of its total livestock, and meat prices doubled. Inflation remained higher than 10% for much of 2010-12, due in part to higher food and fuel prices. The economic slowdown in China during 2011-2012 resulted in fewer Mongolian exports, a widened trade gap, and decreased government revenues, putting pressure on Mongolian fiscal policy. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
|
Source
: CIA |
YUU EL EKYUPMENT
KO LLC (Correct)
SHINE DUL COMPLEX
(Requested)
ADDRESS
Building : Shine Dul
Complex, Suite 404
Street : Sun Street
Area : Bayanzurkh District, 26th Khoroo
Town : Ulaanbaatar 13374
Country : Mongolia
Telephone : (976 75) 950
801 / Mobile (976 99) 900 801 / (976 95) 950 801 / (976 99) 086 689
Fax : (976 75) 950 801
E-Mail : contact@ule.mn
Website : www.ule.mn
English Translation : U L
Equipment LLC
Also known as : Yuu
El Ekyupment Ko XXK / UL Equipment LLC / UL Equipment Co.
Name Position
1. Jerry Richin Managing Director
2. Achiimaa Jamsrandavaa
Operations Manager
Total Employees :
45
No complaints have been heard regarding payments from local suppliers or
banks.
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 : TRADE AND
DEVELOPMENT BANK OF MONGOLIA
Branch : Juulnchny Gudamj 7
Town : Ulaanbaatar 210646
Telephone : (976 11) 312
362 / 331 133
Fax : (976 11) 325 449
The company also has an account with the following banks:
1. Golomt Bank of Mongolia
Main Branch
Bodi Tower, Sukhbaatar Square
Ulaanbaatar
Telephone : (976 11) 311 530
Fax :
(976 11) 312 307
2. Khan Bank of Mongolia
Peace Avenue
P.O Box-185
Ulaanbaatar
Telephone : (976 11) 457 880
Fax : (976 11) 457 880
Private companies in Mongolia are not required to publish or disclose
balance sheets. However, the subject interviewed offered the following
information :
Sales Turnover : US
DLRS 4,500,000 - 2012 - approx
Net Profit : not given
Financial year ends 31 December.
Date Started : 2007
Tax No. : 5182018
Capital : not given
Limited Liability Company with the following shareholders:
Shareholders
1. Jerry Richin (majority)
2. One undisclosed individual
(relative of the above)
The exact shareholding percentage was not disclosed.
The Company is involved in the following activities :
Trading as importers and distributors of spare parts, tires and
generators of mining machinery.
Subject also operates workshop of production spare parts and provides
repair services.
NACE Code : 3312
Imports from USA, Canada, China, Italy, Finland, UK and France.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Administrative offices located at the heading address as well as service
centre located 20 kilometers from Ulaanbaatar.
Until 2012 subject was located at :
Kyokushu Tower, 6th Floor, No. 611
Banaygol District, 6th Khoroo
Ulaanbaatar 16081
Telephone : (976 70) 120
801
You enquired on : Shine
Dul Complex. Please note that the correct name is as per heading.
Interviewed :
Achiimaa Jamsrandavaa (Operations Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.