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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
NARAN TRADE CO LTD |
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Registered Office : |
Naran Building, Seoul Street 42/1, Sukhbaatar District, Khoroo-5, 46/568, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
12.06.1990 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Investment and holding company engaged in management and administration
of its subsidiary companies, engaged in the following fields of activities : Trading in audio, video appliances and electronics, authorized
distributor for Sony, Sony Ericsson, Phillips and Samsung products; |
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No. of Employees : |
40 (administrative staff) 1,000 plus (group) |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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-gold deposits. Mongolia's ongoing
dispute with a foreign investor over Oyu Tolgoi, however, has called into question the
attractiveness of Mongolia as a destination for foreign direct investment.
Negotiations to develop the massive Tavan Tolgoi coal field also have stalled. The economy has grown
more than 10% per year since 2010, 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 and monetary policies, which are contributing to high inflation, and
from 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 and is Mongolia's largest supplier.
Mongolia has relied on Russia for energy supplies, leaving it vulnerable to
price increases; in the first 11 months of 2013, Mongolia purchased 76% of its
gasoline and diesel fuel and a substantial amount of electric power from
Russia. A drop in foreign direct investment and a decrease in Chinese demand
for Mongolia's mineral exports are putting pressure on Mongolia's balance of
payments. Remittances from Mongolians working abroad, particularly in South
Korea, are significant.
|
Source
: CIA |
NARAN TRADE CO LTD (Correct)
NARAN GROUP (Requested)
Building : Naran Building
Street : Seoul Street 42/1
Area : Sukhbaatar
District, Khoroo-5
P.O. Box : 46/568
Town : Ulaanbaatar
Country : Mongolia
Telephone: (976 11) 322 758 / 319 535 / 322 855 / 317 567 / Mobile (976
99) 032 721 (Ms. Girle Sagadorj)
Fax : (976 11) 320 396
E-Mail : assistanttuznaran@gmail.com / naranfoods@narantrade.mn / narantrade@mongol.net
Website : www.narantrade.mn
Trading Style : Naran
Also known as : Naran Trade LLC / Naran Trade XXK / Naran Trade Co.,Ltd
Name Position
1. Sereeter Boldkhet Chairman
2. Dendev Udval (Mrs)
Chief Executive Officer
(wife of the above)
3. Ms. Girle Sagadorj Assistant
to the Chairman
Total Employees : 40 (administrative staff)
1,000 plus (group)
No complaints have been heard regarding payments from local suppliers or
banks.
Subject is a holding company and a flagship of the Naran
Group of
Companies which currently has a total of 11 subsidiary companies
with a wide range of businesses under its portfolio. The Group
employs more than 1,000 staff with group sales turnover reaching US$ 50
million in 2008.
We consider it is acceptable to deal with subject for LARGE amounts,
although it is normal accepted practice for international suppliers
to deal on secured terms with Mongolian importers.
Trade risk assessment : Normal
NAME : SONY ELECTRONICS
(SINGAPORE) PTE LTD
Country : Singapore
Telephone: (65) 470 1031
Fax : (65) 470 1222
Contact : Thomas Lor, Market Development Dept Manager
NAME : SCHWARZKOPF &
HENKEL COSMETICS KGAA
Country : Germany
Telephone: (49 211) 797 3728
Fax : (49 211) 798 9115
Contact : Andrea Wescher (Mrs), Manager of
Cosmetics & Toiletries
NAME : STORCK ASIA PACIFIC PTE
LTD
Country : Germany
Telephone: (65) 738 9488
Fax : (65) 735 0788
Contact : Eric Schmidt, Export
Director
NAME : CALRSBERG & TUBORG
INTERNATIONAL A/S
Country : Denmark
Telephone: (45 3327) 4813/17
Fax : (45 3327) 3327 3311
Contact : Elisabeth K. Larsen (Mrs), Manager
NAME : DANDY CHEWING GUM A/S
Country : Denmark
Telephone: (45 75) 821500
Fax : (45 75) 835810
Contact : Nils
Joergen Sehested, Country
Manager
NAME : GOLOMT BANK OF MONGOLIA
Branch : Sukhbaatar
Square 3
Town : Ulaanbaatar
Telephone: (976 11) 311 530 / 311 971 / 326 535
Fax : (976 11) 311 958 / 312
307
Acc. No. : 499/08 124 164 00/400
Subject 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
Acc. No. : 21220029
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.
The following financial information applies to the Group (latest
available):
Sales Turnover : US DLRS 30,000,000 - 2007 - exact
: US DLRS 50,000,000 - 2008 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
Date Started : 12 June 1990
History : Subject was established in Mongolia on 12 June 1990. It was
re-registered on 30 April 1996. In July 1996, Sereeter
Boldkhet handed his CEO position to his wife Dendev Udval Boldkhet.
Tax No.: 2027356
Authorised Capital : US DLRS 1,701,500
Paid up Capital : US DLRS 1,701,500
Limited Liability Company with the following shareholders :
1. Sereeter Boldkhet (Majority)
2. Dendev Udval (Mrs)
(wife of the above)
Affiliated companies of Naran Trade Co Ltd :
Subsidiaries
1. Naran
Elo Co Ltd
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 320 218
Fax : (976 11) 315 738
Website : www.naranelectronics.mn
(traders of audio, video appliances
and electronics / authorized
distributor for Sony, Sony
Ericsson, Phillips and Samsung
products)
2. Naran
Department Store Co Ltd
Seoul street
Sukhbaatar
district
Ulaanbaatar
Telephone: (976 11) 328 841
(operators of a Naran department store as well as traders of
electrical appliances, mobile
phones, watches, gift items,
clothings,
perfumery and cosmetics)
3. Naran
Foods Co Ltd
Naran
Building
Seoul Street
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 322 758 / (976 99) 032
721 (Ms. Tolya
Mongotsetseg)
Fax : (976 11) 320 396
E-mail : info.nfd@narangroup.mn
Website : www.naranfoods.mn
(traders of food stuff
including confectionary, fruit and
vegetables, alcohol)
4. Naran
Cosmetics Co Ltd
Naran
Building
Seoul Street
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 322 758
Fax : (976 11) 320 396
(Naran
Cosmetics Company imports 1,500 products from over 10
different companies from all
over the world. Naran Cosmetics is
currently the official
distributor for many of the famous brands
including Yves Saint Laurent,
Van Cleef & Arpels,
Oscar De La
Renta,
Kenzo, Davidoff, L'Oreal and also mass consumer
products
from Schwarzkopf & Henkel. Operators of three retail shops)
5. Yves Rocher
Co Ltd
Yves Rocher
Beauty Center I
Peace Avenue 15
Chingeltei
District
Ulaanbaatar
Telephone: (976 11) 327 683 /
323 065
Fax : (976 11) 320 396
Website : www.naranbeauty.mn
(operators of a beauty centre
salon, providing massage and other
beauty care services)
6. City Real Estate Co Ltd
City Apartments Building #19
13 th
Microdistrict
Bayanzurkh
District
Ulaanbaatar
Telephone: (976 11) 481 123
Fax : (976 11) 320 396
(responsible for every new
construction & renovation works, real
estate management for the Naran Group)
7. Super Vision Co Ltd
Building #03
Peace Avenue
13 th
microdistrict
Bayanzurkh
District
Ulaanbaatar
Telephone: (976 11) 455 082
Fax : (976 11) 320 396
(operators of MMDS System of
Wireless cable TV as well as a
network of cable TV Service to
the residential apartment
buildings throughout the city)
8. Naran
Motors Co Ltd
Naran
Plaza
Peace Bridge #01
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 322 758
Fax : (976 11) 320 396
Website : www.naranmotors.mn
(Naran
Motors basic activities include the sales and servicing of
BMW cars in Mongolia, official
distributors of BMW in Mongolia)
9. Naran
Travel Co Ltd
Naran
Building
Seoul Street
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 331 331
Fax : (976 11) 318 353
(travel agency)
10. Naran Supermarket Co Ltd
Naran
Supermarket Building
2nd microdistrict
Bayangol
District
Ulaanbaatar
Telephone: (976 11) 363 451
Fax : (976 11) 320 396
(operators of a supermarket. Naran Supermarket sells more than
8,000 items from 300 local
suppliers.
11. SBN Television
Seoul Street
Sukhbaatar
District
Ulaanbaatar
Telephone: (976 11) 331 331
Fax : (976 11) 318 353
Radio and televison
broadcasting company. Established in 2005.
12. Naran LayfStayl
LLC
Seoul Street
Ulaanbaatar
Telephone: (976 11) 322 855
The Company is involved in the following activities :
Investment and holding company engaged in management and administration
of its subsidiary companies, engaged in the following fields of activities :
- Trading in audio, video appliances and electronics, authorized
distributor for Sony, Sony
Ericsson, Phillips and Samsung
products;
- Operators of a department store as well as traders of
electronics, mobile phones,
watches, gift items, clothing,
perfumery and cosmetics;
- Trading in food stuff including confectionary, fruit and
vegetables and alcoholic
beverages;
- Trading in cosmetic products;
- Operators of a beauty center salon, providing massage and other
beauty care services;
- Building construction & renovation works as well as real state
management;
- Operators of MMDS System of Wireless cable TV as well as a
network of cable TV Service to
the residential apartment
buildings throughout the city of
Ulaanbaatar;
- Sale and servicing of BMW cars in Mongolia;
- Operators of a travel agency;
- Operators of a supermarket;
- Operators of four restaurants styled Inter Cuisine, New York New York,
Thai Express and Tuul International Fusion.
Imports from France, Denmark, Switzerland, Belgium, Germany, USA,
Japan, Italy, Australia, the Netherlands, Russia, China, South Korea,
Singapore and Thailand.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned office premises located at the heading address and six Naran Supermarkets and three Naran
department stores, one Naran Shopping Mall, two
cosmetic whole centres, seven Yves Rocher Centers, two Thann Shop
& Thann Sanctuary SPA, one Thann
Shop, six Tulip Stores located elsewhere in Ulaanbaatar.
Subject also operates 4 restaurants styled Inter Cuisine, New York New
York, Thai Express and Tuul International Fusion.
Subject previously was located at Microdistrict-13, Building 2,
Bayanzurkh District, Ulaanbaatar.
You enquired on: Naran Group. Please note that the correct name is as per
heading.
Interviewed: Ms. Girle Sagadorj (Assistant to the
Chairman).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
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|
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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.