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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
KIANTI |
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Registered Office : |
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Country : |
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Year of Establishments: |
2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as
importers, wholesalers and retailers of Korean foodstuff |
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No. of Employees : |
30 |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 deposits.
Recent calls by nationalist politicians to renegotiate the investment
agreement, however, have called into question the attractiveness of Mongolia as
a destination for foreign direct investment. Negotiations to develop the
massive Tavan Tolgoi coal field face similar obstacles. The economy grew by
6.4% in 2010, 17.5% in 2011, and by more than 12.3% in 2012, 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 policies, which are contributing to high
inflation, and 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. Mongolia purchases 95% of its
petroleum products and a substantial amount of electric power from Russia,
leaving it vulnerable to price increases. Due to severe winter weather in
2009-10, Mongolia lost 22% of its total livestock, and meat prices doubled.
Inflation remained higher than 10% for much of 2010-12, due in part to higher
food and fuel prices. The economic slowdown in China during 2011-2012 resulted
in fewer Mongolian exports, a widened trade gap, and decreased government
revenues, putting pressure on Mongolian fiscal policy. Remittances from
Mongolians working abroad, particularly in South Korea, are significant.
|
Source : CIA |
Kianti Mongolia LLC (Correct)
Kianti Mongolia Co Ltd (Requested)
Street :
Area :
Sukhbaatar District
Town :
Ulaanbaatar
Country :
Mongolia
Telephone : (976 11) 318 865 / 328 972 / Mobile
(976 91) 913 176 (Yoo Shin Kim) / (976 99) 202 733 / (976
96) 657 157
Fax :
(976 11) 326 872
E-Mail :
kysmon@lycos.co.kr / elbegner@yahoo.com
Also known as :Kianti Mongolia Co Ltd / Kianti Mongolia XXK
Name Position
1. Chan Sog
Kim President
2. Yoo Shin
Kim Vice-President
Total Employees :
30
No complaints
have been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts,
although it is
normal accepted practice for international suppliers to deal on secured terms
with Mongolian importers.
Trade risk
assessment: Normal
NAME : KHAN BANK OF MONGOLIA
Branch :
Peace Avenue
Town :
Ulaanbaatar P.O Box-185
Telephone : (976 11) 457 880
Fax :
(976 11) 457 880
The company also has an account with :
Golomt Bank of
Mongolia
Main Branch
Bodi Tower,
Sukhbaatar Square
Ulaanbaatar
Telephone: (976
11) 311 530
Fax : (976 11) 312 307
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 5,000,000 - 2013 -
approx
Net Profit : not given
Financial year
ends 31 December.
Date Started : 2004
Tax No.: 2865866
Capital : not given
Limited Liability Company with the following sole
shareholder:
Chan Sog Kim 100%
The Company is
involved in the following activities :
Trading as
importers, wholesalers and retailers of Korean foodstuff.
NACE Code : 4619
Imports from
South Korea, China and Philippines.
Subject does not
export, all sales are domestic.
The Company has
the following facilities :
Administrative
offices located at the heading address as well as owned supermarket and storage
facilities located elsewhere Ulaanbaatar.
You enquired on:
Kianti Mongolia 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: Yoo
Shin Kim (Vice-President).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.12 |
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UK Pound |
1 |
Rs.103.93 |
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Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.