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Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
BLUE SKY ASIA CO
LTD |
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Registered Office : |
Blue Sky
Tower, 3rd Floor, Peace Avenue 17, 1-Khoroo, Sukhbaataar District,
Opposite To Sukhbaataar Square, P.O. Box No. 14240, Ulaanbaatar-210648 |
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Country : |
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Date of Incorporation : |
31.10.2006 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Subject
is a Owners and operators of
“The Blue Sky Hotel & Tower” & Real Estate Developers |
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No of Employees : |
260 |
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 |
Blue
Sky Asia Co Ltd (Correct)
BLUE SKY ASIA CO LTD (THE
BLUE SKY HOTEL AND TOWER) (Requested)
Building : Blue
Sky Tower, 3rd Floor
Street : Peace
Avenue 17, 1-Khoroo
Area : Sukhbaataar
District, opposite to Sukhbaataar Square
P.O. Box No.: 14240
Town : Ulaanbaatar-210648
Country : Mongolia
Telephone : (976
70) 112 021 / 100 505 / 100 440 / 120 055
(Marketing
Department) / 100 505 / 111 517 / Mobile
(976 99) 059 525 (Ariunaa
Bayaraa) / (976 99) 130 730
(Dulguun
G.) / (976 88) 005 222 (Oyun Baatyr) / (976
91)
913 471 (Yun Kisong)
Fax : (976
11) 322 272 / (976 70) 100 404
E-Mail : hrdirector@hotelbluesky.mn / ariunaa@chono.mn /
sm@hotelbluesky.mn / info@hotelbluesky.mn/
Website : www.hotelbluesky.mn
/ www.blueskytower.mn
Trading Style : The Blue
Sky Hotel & Tower / Blue Sky Tower
Also Known As : Blue Sky
Asia XXK / Blue Sky Asia LLC / Blue Sky Asia
Asia Co Ltd (The Blue Sky Hotel And Tower)
Name Position
1. Enkhboldsodon
Tumurkhuyag President
2. Ariunaa Bayaraa Chief Executive Officer
3. Park Chang Du General Manager
4. Oyun Baatyr (Mrs) Human
Resources Manager
5. Yun Kisong Administrative Director
6. Khaluin Tsogt (Mrs) Marketing
Coordinator
(aka Emi)
7. Dulguun G. Secretary to CEO
8. Mrs Ankhaa Office Manager
Total Employees : 260
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is
a subsidiary of Chono Group Co., Ltd - a private investment holding company,
retaining various sizes of interests in the following diversified portfolio of
businesses: Real estate development, international trade and exhibition,
Business park space rental, Hospitality, Freight forwarder, Golf-driving range,
Agribusiness and investment bank and fund management group
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 : 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 :
Golomt Bank of Mongolia
4th Floor, Sukhbaatar
Square 3
PO Box 11
Ulaanbaatar 210620A
Telephone: (976 11) 311 530
/ 311 971
Fax : (976 11) 311 958 / 312 307
Private companies in Saudi Arabia 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 - exact
: US DLRS 5,500,000 - 2014 - projected
Net Profit : not
give but stated to be profitable
Financial year ends 31 December.
Date Started : 31 October 2006
History : The Subject was
established in Mongolia on 31 October 2006.
Tax No.: 5093171
Capital : not given
Limited Liability Company with the following sole
shareholder :
Chono Group Co., Ltd 100%
“Blue Sky Tower”, 8th Floor
Peace Avenue 17
PO Box 1413
Ulaanbaatar-15160
Telephone: (976 70) 111 517
/ 111 520
Fax : (976 70) 111 588
E-Mail : info@chono.mn
Website : www.chono.mn
Est.: 1 January 1998
Chono Corporation Co., Ltd is
a private investment holding company,
retaining various sizes of
interests in the following diversified
portfolio of businesses:
Real estate development, international trade
and exhibition, Business
park space rental, Hospitality, Freight
forwarder, Golf-driving
range, Agribusiness and investment bank and
fund management group. The
majority of the investees retain status of
joint ventures with foreign
investors from Europe and Asia, and that
complimenting mix of local
knowledge and connections, and
international expertise and
experience definitely help increase the
investees´ probability of
success.
As a parent company, Chono
Group´s activities are concentrated
mainly on the management of
investments and provision of support,
rather than on being
involved in day-to-day management of business
units of the subsidiaries.
As such, operating decisions for the
subsidiaries and affiliate
companies are made by the management of
respective business units;
and the parent company gets involved only
in strategic decision
making and coordination of subsidiaries´
activities.
Affiliated companies of Blue Sky Asia Co Ltd :
Associates
1. Chono Properties Co. Ltd
Misheel Group Building, 4th floor
Chingis Avenue, Khan-Uul District
PO Box 357
Ulaanbaatar-210136
Telephone: (976 70) 111 517
Fax
: (976 70) 111 588
2. Misheel Group Co., Ltd
Misheel Group Building 3rd floor
Chingis Avenue, Khan-Uul District
PO Box 357
Ulaanbaatar-210136
Telephone: (976 11) 344 986
Fax
: (976 11) 342 471
Website
: www.misheelgroup.mn
3. Chono Mining Co., Ltd
Blue Sky Tower Building, 8th floor
Peace Avenue 17, Sukhbaatar District, 1
khoroo
Ulaanbaatar-210648
Telephone: (976 70) 111 441
Fax
: (976 70) 111 588
4. MZAK Co., Ltd
Blue Sky Tower Building, 8th floor
Peace Avenue 17, Sukhbaatar District, 1
khoroo
Ulaanbaatar-210648
Telephone: (976 70) 111 441
Fax
: (976 70) 111 588
5. Erin Gobi Co., Ltd
Blue Sky Tower Building, 8th floor
Peace Avenue 17, Sukhbaatar District, 1
khoroo
Ulaanbaatar-210648
Telephone: (976 70) 111 441
Fax
: (976 70) 111 588
6. Mon-Development Co. Ltd
White House Hotel Building, 1st floor
Amarsanaa's Street, Bayangol District
PO Box 772
Ulaanbaatar – 210524
Telephone: (976 11) 369 967
Fax
: (976 11) 369 973
E-Mail
: info@whitehousehotel.mn
Website
: www.whitehousehotel.mn
7. ME-Golf Co., Ltd
Olympic Street, close to Marshall Bridge
Khan-Uul District
Ulaanbaatar
Telephone: (976 98) 228 118
E-Mail
: megolf_boloroo@yahoo.com
8. ISTA Co., Ltd
Misheel Group Building 4th floor, Chinggis
Khan Avenue
Khan-Uul District
PO Box 357
Ulaanbaatar – 210136
Telephone: (976 11) 342 174
9. BLC Co., Ltd
Misheel Group Building 4th floor
Chinggis Khan Avenue, Khan-Uul District
PO Box 357
Ulaanbaatar – 210136
Telephone: (976 11) 343 564
Fax
: (976 11) 341 314
E-Mail
: officeblc.mn
Website
: www.blc.mn
10.Shinest PLC
Ev Negdliin Street 11
Khan Uul District, 3 khoroo
Ulaanbaatar
Telephone: (976 70) 114 414
Fax
: (976 70) 114 404
E-Mail
: infoshinest.mn
Website
: www.shinest.mn
The Company is involved in the following activities :
Owners and operators of
“The Blue Sky Hotel & Tower” and real estate developers.
“Blue Sky Tower” consists of the following features :
- International standard
5-star hotel;
- 12 luxury apartments;
- 9,947 sq. m.
well-equipped meeting rooms and prime executive office
Space;
- Brand shops;
- Fine Asian and European
restaurants, lounge and night club;
- Swimming pool, fitness
centre;
- Indoor and outdoor
parking.
NACE Codes : 5510 / 6820
Imports from South Korea,
China and Turkey.
Subject only sells locally
and does not engage in re-export business.
The Company has the following facilities :
25-storey owned building
comprising of administrative offices, restaurants, a fitness club, a swimming
pool as well as hotel rooms located at the heading address.
Until October 2011 subject was located at:
Grand Office Center
Jamyan Gun Street 12
Sukhbaataar District
Ulaanbaatar-210648
You
enquired on : BLUE SKY ASIA CO LTD (THE BLUE SKY HOTEL AND TOWER).
Please note that subject is also known by this name. Subject's correct
registered name is as per heading.
Interviewed : Khaluin Tsogt
(Mrs) (Marketing Coordinator).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
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UK Pound |
1 |
Rs.100.93 |
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Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.