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Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
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Name : |
EN EY AR LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engages in coal mining |
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No. of Employees : |
10 (administrative staff) 15,000 (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
|
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 |
EN EY AR LLC (Correct)
N.A.R. LLC (Requested)
Building : Monnis Tower 8th Floor, Office 803
Street : Chingis Avenue 15, 1st Khoroo
Area : Sukhbaatar District
Town : Ulaanbaatar 14240
Country : Mongolia
Telephone: (976 70) 100 113
Fax : (976 70) 100 112
E-Mail : Bolormaa.Ts@nobleenergy.com / JensKier@thisisnoble.com
English Translation : N A R LLC
Also known as : En Ey Ar XXK / NAR LLC
Name Position
1. Jens Kier General Manager
2. Bolormaa Tsetsegee Administrative Manager
3. Oyuntungalag Baldorj Accountant
Total Employees : 10 (administrative staff)
15,000 (group)
No complaints have been heard regarding payments from local suppliers or banks.
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.
Trade risk assessment: Normal
It is normal accepted practice for international suppliers to deal on secured terms with Mongolian importers.
Subject declined to name its bankers.
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.
Consolidated balance sheets as at 31 December 2012 applies to Noble Group :
2012 2011
(in thousands of US DLRS)
ASSETS
Non-Current Assets
Property, plant and equipment 2,870,264 2,579,072
Mine properties 187,151 214,723
Intangible assets 794,700 832,997
Investments in jointly controlled entities 114,559 56,882
Investments in associates 959,707 117,196
Long term investments 76,503 88,866
Agricultural assets 450,778 359,647
Loan receivables 47,387 212,265
Deferred tax assets 145,957 150,169
Total non-current assets 5,647,006 4,611,817
Current Assets
Cash and cash equivalents 751,112 1,548,600
Due from an associate 353,510 -
Trade receivables 3,441,150 2,705,734
Prepayments, deposits and
other receivables 6,060,488 5,480,581
Inventories 3,401,713 2,851,608
Tax recoverable 45,093 173,364
14,053,066 12,759,887
Assets of a disposal group
classified as held for sale - 2,571,119
Total current assets 14,053,066 15,331,006
CURRENT LIABILITIES
Trade and other payables and
accrued liabilities 8,616,191 7,599,629
Bank debts and current portion
of long term debts 684,736 655,318
Senior notes 499,276 -
Tax payable 62,791 112,524
9,862,994 8,367,471
Liabilities of a disposal group
classified as held for sale - 463,803
Total current liabilities 9,862,994 8,831,274
Net Current Assets 4,190,072 6,499,732
Total Assets Less Current Liabilities 9,837,078 11,111,549
Non-Current Liabilities
Long term bank debts 1,973,439 2,656,344
Convertible bonds 341,944 320,409
Senior notes 2,151,015 2,492,754
Deferred tax liabilities 188,316 351,887
Total non-current liabilities 4,654,714 5,821,394
NET ASSETS 5,182,364 5,290,155
EQUITY
Equity attributable to equity holders of the parent
Issued capital 209,489 206,152
Share premium 1,886,589 1,791,720
Treasury shares (31,272) (31,272)
Capital securities 344,891 344,891
Reserves (113,660) (403,226)
Reserves of a disposal group
classified as held for sale - 168,669
Retained profits 2,844,036 2,510,130
5,140,073 4,587,064
Non-controlling interests 42,291 7,283
Non-controlling interests attributable to a disposal
Group classified as held for sale - 695,808
42,291 703,091
TOTAL EQUITY 5,182,364 5,290,155
Revenue 94,045,115 80,732,072
Cost of sales and services (92,541,789) (79,251,873)
Operating income from supply chains 1,503,326 1,480,199
Profits / (losses) on supply chain assets (488) 111,098
Share of profits and losses of:
Jointly controlled entities (13,957) (12,013)
Associates (14,820) (2,610)
Total Operating Income 1,474,061 1,576,674
Other income net of other expenses 1,260 7,624
Selling, administrative and
operating expenses (698,777) (714,446)
Profit before interest and tax 776,544 869,852
Finance income 74,199 80,007
Finance costs (415,064) (446,498)
Profit before tax 435,679 503,361
Taxation 29,136 (63,645)
Profit for the year 464,815 439,716
Financial year ends 31 December.
Date Started : 2010
Tax No.: 5406536
Capital : not given
Limited Liability Company with the following shareholders:
Details of subject's shareholding structure could not be learnt at present.
* It is understood that subject's is a member of the Noble Group of companies.
Noble Group manages the global supply chain of agricultural and energy products, metals and minerals. Noble operates from over 140 locations, employing more than 70 nationalities. Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation of those materials. Noble owns and manages a portfolio of strategic assets, sourcing from low cost producers such as Brazil, Argentina, Australia and Indonesia and supplying to high growth demand markets including China, India and the Middle East. Today, Noble has interests in grain crushing facilities, coal and iron ore mines, fuel terminals and storage facilities, sugar and ethanol plants, ports, vessels and other key infrastructure facilities.
Affiliated companies of the subject company :
Associates
1. Noble Group Limited
18th Floor, Mass Mutual Tower
38 Gloucester Road
Hong Kong
Tel: (852) 2861 3511
Fax: (852) 2527 0282
2. Asia Rainbow International Limited
Hong Kong
3. Chongqing Xinfu Food Co., Ltd
4. Cocaf Ivoire S.A.
Cote D’ivoire
5. Evera Sociedad Anonima Comerical
Uruguay
6. Hamada Construction Engineering Limited
Hong Kong
7. Longkou Xinlong Edible Oil Co., Ltd.
8. Ming Fat International Oil & Fat Chemical (Tai Xing) Company
Limited
9. Moony Hill Limited
Hong Kong
10. Nantong Noble Grain and Protein Co., Ltd
11. Noble Americas Corp.
USA
12. Noble Americas Energy Solutions LLC
USA
13. Noble Americas Gas & Power Corp.
USA
14. Noble Americas Resources Corp.
USA
15. Noble Argentina S.A.
Argentina
16. Noble Brasil S.A.
Brazil
17. Noble Chartering Inc.
British Virgin Islands
18. Noble Clean Fuels Limited
United Kingdom
19. Noble Mount Investments Limited
Hong Kong
20. Noble Netherlands B.V.
The Netherlands
21. Noble Paraguay Sociedad Anonima
Paraguay
22. Noble Petro Inc.
USA
23. Noble Resources Group Limited
British Virgin Islands
24. Noble Resources International Pte. Ltd.
Singapore
25. Noble Resources Limited
Hong Kong
26. Noble Resources Netherlands B.V.
The Netherlands
27. Noble Resources Pte. Ltd.
Singapore
28. Noble Resources SA
Switzerland
29. Noble Resources South Africa (Proprietary) Limited
Republic of South Africa
30. Noble Resources UK Limited
United Kingdom
31. Parmenter Limited
Hong Kong
32. Pioneer Goal Limited
Hong Kong
33. PT Henrison Inti Persada
Indonesia
34. PT Pelayaran Nasional Tanjungriau Servis
Indonesia
35. Qinzhou Dayang Cereals and Oils Company Limited
36. Satellite LLC
Ukraine
37. Summer Fortune Limited
Hong Kong
38. Territory Resources Limited
Australia
The Company is involved in the following activities :
Subject engages in coal mining.
NACE Code : 0510
Imports from Europe.
The Company has the following facilities :
Administrative offices located at the heading address.
You enquired on: N.A.R. LLC. Please note that the correct name is as per heading.
Interviewed: Bolormaa Tsetsegee (Administrative Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.71 |
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|
1 |
Rs.103.50 |
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Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
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 |
-- |
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.