|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VITAFIT INVEST LLC |
|
|
|
|
Registered Office : |
Ulaanbaator |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.05.2000 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is a producers of non-alcoholic beverages such as soft drinks, juices, and pure water. |
|
|
|
|
No. of Employees |
250 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Mongolia |
C1 |
B2 |
|
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-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 |
Company name
VITAFIT INVEST LLC
ADDRESS
Building : Vitafit Beverage Factory
Street : Ajilchnii Street No. 1, 3rd Khoroo
Area : Khan Uul District
Town : Ulaanbaator
Country : Mongolia
Telephone: (976 11) 343
434 / 345 161 / Mobiles (976 99) 047 113 /
(976 99) 117 960 / (976 99) 064 363
Fax : (976 11) 344 107
E-Mail : nomun@mongol.net
Also Known As : Vitafit Invest Co Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. S. Jargalsaikhan President
2. Sodnom Bolorsaikhan Executive Director
3. S. Demberel Director
4. Bayarjargal Bayansuren Administrator
5. Danaajav Chimeddorj Automation Engineer
Total Employees : 250
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a leading producer of non-alcohol drinks in Mongolia and
is part of the Vitafit Group of companies that produce and distribute
beverages and other consumer products.
We consider it is acceptable to deal with subject for MEDIUM 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.
Trade risk assessment : Normal
PRINCIPAL BANKERS
NAME : TRADE AND DEVELOPMENT BANK OF MONGOLIA
Branch : Sansar
Street : Tokyo Street 46
Town : Ulaanbaatar
Telephone: (976 11) 324 658
Fax : (976 11) 320 061
Subject also has an account with the following banks :
1. Golomt Bank of Mongolia
4th Floor, Sukhbaatar Square 3
P.O. Box 1
Ulaanbaatar 210620A
Telephone: (976 11) 311 530 / 311 971
Fax : (976 11) 311 958 / 312 307
2. Mongol Post Bank
Kholboochdyn Street 4
P.O Box 874
Ulaanbaator 13
Telephone: (976 11) 310 103 / 311 270
Fax : (976 11) 328 501
FINANCIAL INFORMATION
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 is the latest available on the subject :
Sales turnover : TUGRIK 18,386,943,200 - 2006 - exact
: TUGRIK 19,024,638,100 - 2007 - exact
Profit before tax : TUGRIK 3,463,306,100 - 2006 - exact
: TUGRIK 4,478,565.200 - 2007 - exact
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 1 May 2000
History : Subject was established in Ulaanbaatar on 1 May 2000.
Capital : not given
Limited Liability Company with the following shareholders :
1. S. Jargalsaikhan
(Mongolian national)
2. Sodnom Bolorsaikhan
(Mongolian national)
The exact shareholding percentage was not disclosed.
Affiliated companies of Vitafit Invest LLC :
Associates
1. Mongol Tobacco Co Ltd
Ulaanbaatar
Importers and distributors of tobacco. Distributors for Phillipe
Morris.
2. Nomun Inter Trade Co Ltd
Ulaanbaatar
Traders of non-alcoholic beverages.
3. Nomun Tetra Co Ltd
Ulaanbaatar
Established in 2004 and it has capacity to produce 520,000 litres
of fruit juice by Tetra Pak package of Sweden annually with 30
employees. Producing and suppliers of 7 kinds of Tetra Pak
packaged fruit juices into the Mongolian market.
4. Megaplast Mongolia Co Ltd
Khan Ul District, 3rd Khoroo
Ulaanbaatar
Telephone: (976 11) 345 515 / 350 541
Fax : (976 11) 345 516
Established in 2003. Producers of high quality pet performs of
blue, green and non colored in grams of 24, 35 and 42. The
factory has a capability to produce 130 000 000 pieces of pet
performs annually.
Tax No.: 2768607
Capital : TUGRIK 1,700,000,000
5. Vitafit Impex LLC
Ulaanbaatar
6. Nomun Taboc LLC
Ulaanbaatar
7. Orgil Khuns LLC
Ulaanbaatar
8. GN Beverage LLC
Ulaanbaatar
9. NGG LLC
Ulaanbaatar
ACTIVITIES
The Company is involved in the following activities :
Producers of non-alcoholic beverages such as soft drinks, juices, and pure water.
Annually, subject produces and sells nearly 25 million litters of drinks.
Agents for Samhwa Crown & Closure Co Ltd, South Korea.
NACE Code : 1032
Imports from Germany, The Netherlands, China and South Korea.
Subject does not export, all sales are domestic.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices, a factory and storage facilities located at the heading address.
SPECIAL NOTES
The address given by you : 3 Khoroo Ajilchid St 1 Khan Uul Dist Ulaanbaatar Horoo is misspelt. Please note that the correct spelling is as per heading.
Interviewed : Subject's employees.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.