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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
EKSELLENT-EKKAUNT LLC |
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Registered Office : |
Khanu-Uul
District, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
28.09.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in financial and tax advisory services. |
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No. of Employees : |
12 |
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 : |
Moderate |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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 |
Eksellent-Ekkaunt LLC (Correct)
Excellent Account LLC (Requested)
Street : Seoul Street 6/A
Area : Sukhbaatar District
Town : Ulaanbaatar
Country : Mongolia
Mobile : (976 77) 170 220 / (976 99) 085 425
(Nyambayar Mieygombo)
E-Mail : nyambayar@excellentaccount.mn / mnyambayar@yahoo.com
English
Translation : Excellent-Account LLC
Also known as :
Eksellent-Ekkaunt XXK
Name Position
1. Tuul
Gulumsuren Managing Director
2. Nyambayar
Mieygombo Chief Financial
Officer
Total Employees :
12
No complaints
have been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for SMALL amounts,
although it is
normal accepted practice for international suppliers to deal on secured terms
with Mongolian importers.
Trade risk
assessment: Normal
NAME : GOLOMT BANK OF MONGOLIA
Branch : Bodi Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone: (976
11) 311 530
Fax : (976 11) 312 307
The company also
has an account with :
Trade and
Development Bank Mongolia Ltd
Juulnchny Gudamj
7
Ulaanbaatar
210646
Telephone: (976
11) 312 362 / 331 133
Fax : (976 11) 325 449
Private companies
in Mongolia are not required to publish or disclose balance sheets. However,
the subject interviewed offered the following information :
Sales
Turnover : TUGRIK 120,000,000 - 2012 - exact
Net Profit :
not given but stated to be
profitable
Financial year
ends 31 December.
Date Started : 28
September 2011
Tax No.: 5516994
Capital : not
given
Limited Liability
Company with the following directors and shareholders:
Shareholders
1. Nyambayar
Mieygombo (majority)
2. Tuul
Gulumsuren
The exact
percentage of the above shareholders was not disclosed.
The Company is
involved in the following activities :
Subject engages in financial and tax advisory services.
NACE Code : 6920
Subject neither
imports nor exports any products (requirements) at present time.
The Company has
the following facilities :
Administrative
offices located at the heading address.
Khanu-Uul
District
Ulaanbaatar
You enquired on:
Excellent Account LLC. Please note that the correct name is as per
heading.
Interviewed:
Nyambayar Mieygombo (Chief Financial Officer).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
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UK Pound |
1 |
Rs.99.45 |
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Euro |
1 |
Rs.83.92 |
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 |
-- |
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.