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Report Date : |
30.04.2014
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IDENTIFICATION DETAILS
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Name : |
NARAN ELO CO. LTD |
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Registered Office : |
Naran Plaza Peace Avenue Chingeltei District, beside State
Department Store Ulaanbaatar 14257 |
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Country : |
Mongolia |
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Date of Incorporation : |
July 1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of
audio/video appliances and electronics. |
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No. of Employees |
57 |
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 : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Mongolia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
NARAN ELO CO. LTD (CORRECT)
NARAN ELECTRONICS CO LTD (Requested)
Building : Naran Plaza
Street : Peace
Avenue
Area : Chingeltei
District, beside State Department Store
Town : Ulaanbaatar
14257
Country : Mongolia
Telephone: (976 11) 315 738 / (976 70) 116 918 / Mobiles
(976 99) 112
425
(Arguun Boldkhet) / (976 99) 992 425 (Munkh Od)
Fax : (976 11)
320 396
E-Mail :
munkhod.nelo@narangroup.mn / naransingapore@gmail.com
Website : www.enaran.mn
Trading Style : Naran Elo
Also Known As : Naran Elo XXK / Naran Electronics Co Ltd
Name Position
1. Sereeter Boldkhet Chairman
2. Arguun Boldkhet Managing Director
3. Munkh Od General Manager
Total Employees : 57 (subject)
1,000 (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 13 subsidiary
companies
with a wide range of businesses under its portfolio. The
Group
employs 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, however in view of the lack of financial information we recommend
international suppliers exercise a degree of caution. Although it is normal
accepted practice for international suppliers
to deal on secured terms with Mongolian importers.
NAME : SONY
ELECTRONICS (SINGAPORE) PTE LTD
Country : Singapore
Telephone: (65) 470 1031
Fax : (65) 470
1222
Contact : Thomas Lor,
Market Development Dept Manager
NAME : STORCK ASIA
PACIFIC PTE LTD
Country :
Germany
Telephone: (65) 738 9488
Fax : (65) 735
0788
Contact : Eric
Schmidt, Export Director
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
Subject also has an account with :
Trade & Development Bank of Mongolia
Khudaldaany Gudamj 7
Ulaanbaatar-11
Telephone: (976 11)
321 171
Fax : (976 11) 325 449
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 information which 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 : July 1997
History : The company was established in Ulaanbaatar in July
1997.
Capital : not given
Limited Liability Company with the following shareholders :
1. Sereeter Boldhet (Majority)
(Mongolian national)
2. Dendev Udval (Mrs)
(wife of the above)
Affiliated companies of Naran Elo Co Ltd :
Subject is a member of the
Naran Trade Co LTD, Mongolia, headed by :
Naran Trade Co LTD
Naran Building
Seoul Street
5th micro district
Ulaanbaatar City
Mongolia
Phone: (976 11) 322 855
Fax : (976 11)
320 396
E-Mail: narantrade@mongol.net
C.R. No.: 2027356
Capital : US DLRS 1,701,500
Which also includes the
following companies :
Subsidiaries
1. 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,
clothing’s,
perfumery and cosmetics)
3. Naran Foods Co Ltd
Naran Building
Seoul Street
Sukhbaatar District
Ulaanbaatar
Telephone: (976 11)
322 758
Fax :
(976 11) 320 396
(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 Center 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
(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
13th
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
(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 Lifestyle Co. Ltd
Naran Plaza, 5th
floor
Chinggis Avenue No.
29
Telephone: (976 70)
116 918
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of
audio/video appliances and electronics.
NACE Codes : 4643 / 4754
Authorized distributor for the following :
- Sony;
- Sony Ericsson;
- Phillips;
- LG;
- Samsung.
Subject’s main awards as follows :
- "VII Conference-Contributor" appreciation
certificate from
Mongolian General
Police Department;
- Discovery-2013 Contributor" appreciation certificate
from Health
Science University
of Mongolia
- Contributor to Sony's Medical Equipment Market
Development"
certificate from
Sony Electronics;
- Master Trainer of Sony's Medical Equipment" from Sony
Electronics.
Imports from Singapore, Korea, Malaysia and Thailand.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned office premises located at the heading address as well
as 3 showrooms located elsewhere in Ulaanbaatar (see ‘Branch Offices’ below).
Subject previously was located at Bayanzurkh Duureg, 18
Khoroo, Ulaanbaatar.
1. World of Electronics 1 (Showroom)
Naran Plaza, 2nd
Floor
Chinggis Avenue No.
29
Ulaanbaatar
Telephone: (976 11)
315 738 / (976 70) 116 918
2. World of Electronics 2 (Showroom)
Naran Mall, 1st
Floor
Seoul Street No.
42/01
Ulaanbaatar
Telephone: (976 11)
328 841 / (976 70) 136 918
3. OSIM Store (Showroom)
Naran Point Store
Khuvisgalchdiin Street – 9
Chingeltei District
Ulaanbaatar
Telephone: (976 11)
326 435
You enquired on : Naran Elo Co. LTD. .
Please note that subject is also known by this name. Subject's correct
registered name is as per heading.
The address given by you : Bayanzurkh Duureg, 18 Khoroo,
applies to the subject’s previous address. Please note that the current address
is as per heading.
The telephone number which you provided : (976 11) 456
235 is incorrect and applies to residence. Please note that subject's correct
administrative office telephone numbers are as per heading.
Interviewed : Munkh Od (General Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.53 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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|
Report Prepared
by : |
NIS |
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 |
|
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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.