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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
HANARA MART LLC |
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Registered Office : |
Golomt Bldg 32B - Gold Center, Enkhtaivan Street, 5th Khoroo, Sukhbaatar District, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of food products
including confectionery, fish and other products. |
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No. of Employees : |
12 |
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 |
|
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.
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Source
: CIA |
HANARA MART LLC (Correct)
HANARO MART CO LTD (Requested)
Building : Golomt Bldg 32B - Gold Center
Street : Enkhtaivan Street, 5th
Khoroo
Area : Sukhbaatar District
Town : Ulaanbaatar
Country : Mongolia
Telephone : (976 11) 319
255
Fax : (976 11) 320
421
E-mail : batnomin2007@yahoo.com
Also known as : Hanaro Mart Co Ltd / Hanara Mart XXK / Hanaro Mart LLC
Name Position
1. Park Dong Wan Managing Director
2. Batkhuu Tanzan
Accountant
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 had 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 1,200,000,000 - 2013 - approx
Net Profit : not given
Financial year ends 31 December.
Date Started : 2006
Tax No.: 5092434
Capital : not given
Limited Liability Company with the following sole shareholder :
Park Dong Wan
100%
(South Korean national)
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of food products
including confectionery, fish and other products.
NACE Code : 4724 / 4636 / 4638
Imports from South Korea.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Administrative offices, a retail outlet and storage facilities located
at the heading address.
You enquired on : Hanaro Mart Co Ltd. 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: Batkhuu Tanzan
(Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
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|
1 |
Rs.101.05 |
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Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NNA |
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.