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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
GREEN CITY LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14.08.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors of
foodstuff. |
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No. of Employees |
180 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Mongolia |
C1 |
B2 |
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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
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Source
: CIA |
CO. NAME : GREEN
CITY LLC (Correct)
GREENCITY LLC (Requested)
Building : Green
City LLC Building
Street : Police Academy Avenue No. 50
Area : Bayanzurkh District, 8th Khoroo
Town : Ulaanbaatar 13301
Country : Mongolia
Telephone: (976 11) 457 891
Fax : (976 11)
457 893
E-Mail :
nobuo.iwasa@gmail.com / bayarmaa@greencity.mn /
navchaa@greencity.mn / enkhtsetseg@greencity.mn
Website :
www.greencity.mn
Also Known As : Green City XXK
Name Position
1. Choi Byoung Hoon Chairman
2. Nobuo Iwasa Sales
Manager
(aka Daniel)
3. Altan Tuya Administrator
4. Enkhtsetseg Administrator
Total Employees : 170
No complaints have been heard regarding payments from local
suppliers
or banks.
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.
NAME : TRADE AND DEVELOPMENT BANK OF MONGOLIA
Branch : Khudaldaany Gudamj 7
Town : Ulaanbaatar
Telephone: (976
11) 321 171
Fax :
(976 11) 325 449
The company also has an account with the following bank :
Khan Bank
Seoul Street 25
Sukhbaatar District
Ulaanbaatar
Telephone: (976 11) 332 333
Fax : (976 70)
117 023
Private companies in Mongolia are not required to publish or
disclose balance sheets. However, the subject interviewed
offered
the following information :
Sales Turnover :
US DLRS 21,000,000 - 2013 – exact
: US DLRS 21,000,000 – 2014 –
projected
Net Profit : not given but stated to be
profitable
Financial year ends 31 December.
Date Started : 14 August 1999
History : The subject company was established in Ulaanbaatar
on 14 August 1999.
Tax No.: 2593459 (issue date : 01/09/2001)
Capital : not given
Limited Liability Company with the following director and
shareholders :
Director
Choi Byoung Hoon
Shareholders
1. Choi Byoung Hoon
(South Korean
national)
2. Undisclosed members
The exact shareholding percentage
was not disclosed.
The Company is involved in the following activities :
Trading as importers, wholesalers and distributors of
foodstuff.
Subject’s main brands are as follows :
- Orion;
- Nongshim;
- Nokchawon;
- Lotte;
- Kato Rice;
- Green Seed;
- CJ.
NACE Codes : 4617 / 4619 / 4634 / 4638
Imports from South Korea, Russia, Japan, Vietnam, China and
Cambodia.
Subject does not export, all sales
are domestic.
The Company has the following facilities :
Owned administrative offices with storage facilities located
at the heading address as well as two branches located elsewhere in Beijing and
Erlian City.
Until 2012, subject was located at :
Railway Autobase Building 1, 1st Floor
Teeverchdiin Street
Bayangol District, 4th Horoo
Subject previously used the
following telephone and fax numbers :
Telephone: (976 21) 242 799
Fax : (976 21) 242 798
The registration number given by you : 2197190 is incorrect.
Please note that subject’s correct registration number (aka Tax Number) is
2593459.
You enquired on : GREENCITY LLC.
Please note that subject's correct registered name is as per heading.
The address given by you : 1FL RAILWAY AUTOBASE BLDG 1
TEEVERCHDIIN ST 4TH HOROO, BAYANGOL DIST applies to the subject’s previous
address. Please note that the current address is as per heading.
The telephone and fax numbers given by you respectively :
(976 21) 242 799 & (976 21) 242 798 are no longer in use. Please note
that subject’s current telephone and fax numbers are as per heading.
Interviewed : Nobuo Iwasa (Sales Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
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 |
-- |
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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.