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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
IRRADIANCE LLC |
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Registered Office : |
150/3 Building, |
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Country : |
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Year of Establishments : |
2006 |
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Com. Reg. No.: |
9011032126 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importers and distributors
of Energy Equipment and all types of Drilling Equipment. |
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No of Employees : |
10 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Irradiance LLC
Building : 150/3 Building
Street : Chinggis
Avenue
Area : Khan
Uul District, 3rd Khoroo
Town : Ulaanbaatar
Country : Mongolia
Telephone: (976 70) 118 383 / Mobile (976 99) 120 606
(Mrs. Nara)
Fax : (976
70) 118 384
E-Mail : nara@irradiance.mn / business@irradiance.mn
Also Known As : Иррадианс
XXK / Irradiance Co. Ltd
Name Position
1. N. Chogsomdorj Managing Director
2. Mrs. Nara Administrator
Total Employees : 10
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 :
Above Average
It is normal accepted
practice for international suppliers to deal on secured terms with Mongolian
importers.
NAME : TRADE AND DEVELOPMENT BANK OF MONGOLIA
Branch : Juulnchny Gudamj 7
Town : Ulaanbaatar 210646
Telephone :
(976 11) 312 362 / 331 133
Fax : (976 11) 325 449
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.
Date Started : 2006
History : Subject was established
in Ulaanbaatar in 2006.
C.R. No. : 9011032126
Tax No.: 5080126
Capital : not given
Limited Liability Company with the following
shareholders :
1. N. Chogsomdorj
(Mongolian national)
2. Undisclosed members.
The exact shareholding percentage was not disclosed.
The Company is involved in the following
activities :
Trading as importers and
distributors of energy equipment and all types of drilling equipment.
NACE Codes : 4614 / 4618
Imports from South Korea
and China.
Subject does not export, all
sales are domestic.
The Company has the following facilities :
Rented administrative
offices located at the heading address.
The telephone number which you provided: (976 11) 7011 8383 is incorrect.
Please note that subject's correct administrative office telephone numbers are
as per heading.
Interviewed : Mrs. Nara
(Administrator).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.79 |
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UK Pound |
1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
-- |
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.