. MIRA INFORM REPORT
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Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PETROVIS TOS LLC |
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Registered Office : |
Petrovis LLC Bldg, Baga Toiruu 51, Prime Minister Amar Street-7, 8th Khoroo, Sukhbaatar District, Ulaanbaatar 210646 |
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Country : |
Mongolia |
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Year of Establishments: |
2004 |
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Com. Reg. No.: |
9011058044 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importers, wholesalers and retailers of lubricants, car chemicals, motor oil and engine oil. |
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No. of Employees : |
20 (subject) 2,000 (group) |
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 – September 30, 2013
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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 |
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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.
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Source : CIA |
Petrovis Tos LLC (Correct)
Petrovis Oil LLC (Requested)
Building : Petrovis LLC Bldg, Baga toiruu 51
Street : Prime
Minister Amar Street-7, 8th Khoroo
Area : Sukhbaatar
District
Town : Ulaanbaatar
210646
Country : Mongolia
Telephone: (976 11) 327 051 / 330 153 / Mobile (976
99) 082 923 (Narantuya Khaserdene)
Fax : (976
11) 330 153 / 320 498
E-Mail :
narantuya@petrovis.net
English
Translation : Petrovis Oil LLC
Also known as : Petrovis Tos XXK
Name Position
Narantuya
Khaserdene Managing Director
Total Employees
: 20
(subject)
2,000 (group)
No complaints
have been heard regarding payments from local suppliers or banks.
Subject
is member of Petrovis Group of Companies, established in 1997. The Group
operates more than 450 gasoline stations throughout Mongolia and employs 2,000
employees.
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 : GOLOMT BANK OF MONGOLIA
Branch : Bodi Tower, Sukhbaatar
Square
Town : Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
The company also has an account with :
Khan Bank of
Mongolia
Peace Avenue
P.O Box-185
Ulaanbaatar
Telephone: (976
11) 457 880
Fax : (976 11) 457 880
Private companies
in Mongolia are not required to publish or disclose balance sheets. However,
the subject interviewed offered the following information :
Sales
Turnover :
TUGRIK 20,000,000,000 - 2013 - approx
Net Profit :
not given but stated to be profitable
Financial year
ends 31 December.
The following
financial information applies to Petrovis LLC :
Sales
Turnover : US DLRS 40,000,000 - 2004 - exact
: US DLRS 40,000,000 - 2005 - approx
: US DLRS 80,000,000 - 2006 - exact
: US DLRS 110,000,000 - 2007 - exact
: US DLRS 130,000,000 - 2008 - exact
: not
given - 2009
: US DLRS 280,000,000 - 2010 - exact *
Net Profit : not given but stated to be
profitable
* A significant
increase in sales turnover in 2010 was attributed to favourable market
conditions and expansion of the business.
Financial year
ends 31 December.
Date Started :
2004
C.R. No. :
9011058044
Tax No.: 2816458
Capital : not
given
Limited Liability
Company with the following directors and shareholders:
1. Janchiv
Oyungerel (Mrs)
2. Choydeon
Davaanyam
(father of Eshtineg Davaanyam (Mrs))
3. Other
undisclosed shareholders
The exact shareholding percentage was not disclosed.
Affiliated companies of the subject company :
Associates
1.
Petrovis LLC
Petrovis LLC Bldg, Baga toiruu 51
Prime Minister Amar Street-8
Sukhbaatar District
Ulaanbaatar 210646
Telephone: (976 11) 330 606 / 330 909 / 321
277 / 327 051
Fax
: (976 11) 320 426 / 314 012
President : Davaanyam Davaanyam
Employees : 15
Est. : May 1997
C.R. No. : 2089496
Capital : TUGRIK 360,000,000
Shareholders :
- Janchiv Oyungerel (Mrs) 33.34%
- Choydeon Davaanyam 33.33%
(father of Eshtineg Davaanyam
(Mrs))
- Mongol Contract Co Ltd 33.33%
Ulaanbaatar
2. Central Asian
Petroleum Corporation Limited
Registered Address : Cayman Island
3. Capcorp Mongolia
LLC
Mongolia
Managing Director : T. Amarzul
4. Petromated
Invest Limited
Registered Addresss : Cayman Island
5. Petro Matad
LLC
Suite 407, NIC Building
Prime Minister Amar Street 8
Sukhbaatar District
Ulaanbaatar 210646
Telephone: (976 11) 331 099
Fax
: (976 11) 321 799
Est.: 12 January 2005
Tax No.: 2867095
6. NIC JSC
Prime Minister Amar Street-8
Ulaanbaatar 210646
Telephone: (976 11) 321 277 /
326 272
Fax : (976 11) 327 288 / 327 001
7.
Auto Khusug Co. Ltd
SKh District, 20th block
Ulaanbaatar
Telephone: (976 11) 632 106 / 633 451
Fax
: (976 11) 632 817
Est.: 12 May 2001
8.
UniGas LLC
Prime Minister Amar Street-8
Ulaanbaatar
Telephone: (976 11) 314 018
Fax
: (976 11) 327 253
9. JJP LLC
Prime Minister Amar St. 7
Sukhbaatar District
Ulaanbaatar 210646
Mongolia
Tel: (976 11) 311 283 / (976 70) 110 506
Email: restaurant@blackpearl.mn
10.Petrovis
Trading LLC
Petrovis depot
Tolgoit sub-district
Songino-Hairkhan district
Ulaanbaatar
Mongolia
Telephone: (976 11) 633 433
11.Petrovis
Card LLC
Petrovis LLC Bldg
Prime Minister Amar St. 7
Sukhbaatar District
Ulaanbaatar 210646
Mongolia
Tel: (976 11) 310 931 / (976 70) 110 808
Fax: (976 11) 330 808
Email: cardcenter@petrovis.mn
12.Prime
General Insurance LLC
Petrovis LLC Bldg
3d floor, Prime Minister Amar St. 7
Sukhbaatar District
Ulaanbaatar 210646
Mongolia
Tel: (976 11) 312 234
Fax: (976 11) 319 919
E-mail: insurance@prime.mn
The Company is involved in the following activities :
Trading as
importers, wholesalers and retailers of lubricants, car chemicals, motor oil and engine
oil.
NACE Code: 4532
Imports from
South Korea, Kazakhstan and Russia.
Subject does not
export, all sales are domestic.
The Company has
the following facilities :
Administrative
offices located at the heading address.
You enquired on:
Petrovis Oil LLC. Please note that this name applies to an English translation
of the subject’s name. Subject’s correct registered name is as per heading.
The e-mail
address given by you : info@petrovis.comn
is incorrect. Please note that subject's correct e-mail address is as per
heading.
Interviewed:
Narantuya Khaserdene (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.99 |
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UK Pound |
1 |
Rs.102.67 |
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Euro |
1 |
Rs.83.98 |
INFORMATION DETAILS
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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 |
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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.