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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
H&H COMPANY LIMITED |
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Registered Office : |
JS Tower, Building No. 81, 3rd Floor, Sun Way road (aka Narny Zam), 5th Khoroo, 5th Khoroolo, Sukhbaatar District, Ulaanbaatar 14253 |
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Country : |
Mongolia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.09.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers, and retailers of medical equipment,
supplies and accessories |
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No. of Employees : |
18 |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 |
H&H COMPANY
LIMITED
Building : JS Tower, Building No. 81, 3rd
Floor
Street : Sun Way road (aka Narny Zam)
Area : 5th Khoroo, 5th Khoroolo,
Sukhbaatar District
Town : Ulaanbaatar 14253
Country : Mongolia
Telephone : (976 70) 185 000 / Mobiles (976 99) 117 315
(Tsolmon
Adiya) / (976 99) 504 052 (Toswig
Munkhzorig)
Fax : (976 70) 145 001
E-Mail : tsolmon@handh.mn / info@handh.mn
Website : www.handh.mn
Also Known As : H&H LLC / Human and Health Co Ltd / Human and Health
LLC / ЭЙЧ
ЭНД ЭЙЧ ХХК / H&H
Company Limited
Name Position
1. Tsolmon Adiya
President
2. Myagmar Erkhnembileg Vice President
3. Munkhbayar Bayanduuren
Chief Executive Officer
4. Toswig Munkhzorig
Medical Technology Engineer
5. Ch. Uranchimeg
Accountant
Total Employees : 18
No complaints have been heard regarding payments from local suppliers or
banks.
We consider it is acceptable to deal with subject for SMALL amounts.
It is normal accepted practice for international suppliers to deal on
secured terms with Mongolian importers.
Trade risk assessment : Normal
NAME : KHAS BANK
Branch : 109 Branch
Town : Ulaanbaatar 210646
Telephone: (976 11) 318 185
Fax : (976 11) 328 701
Balance Sheets as at
31 December 2013 Showed :
31/12/2012 31/12/2013
(All in
MNT-Mongolian Tugrik)
ASSETS
Current
Assets
Cash
and equal income
1,121,907,686.41
2,219,230,571.31
Account
receivable
71,328,768.12 540,834,995.40
Tax,
social insurance charge
Receivable 343,384.50 2,78.00
Goods
and materials
1,116,081,642.00
1,244,391,285.37
Total
grand assets 2,309,661,481.03 4,065,691,018.85
Noncurrent
assets
Fixed
assets
82,673,113.59 66,584,415.32
Total
noncurrent assets
82,673,113.59 66,584,415.32
Total
assets
2,392,334,594.62
4,133,275,434.17
Payables
through account 888,692,269.91 1,942,583,790.99
Payables
through tax 20,535,785.78 18,677,818.33
Short
term bank credit
99,372,122.00 699,372,282.00
Resource
/ payment 980,040,707.52 1,043,128,000.00
Total
short term payables
1,988,640,885.21
3,703,761,891.33
LIABILITIES
& STOCKHOLDERS EQUITY
Total
Liabilities
1,988,640,885.21
3,703,761,891.33
Stockholders
equity
Private 12,200,000.00 12,200,000.00
Accumulated
profit 391,493,709.41 417,313,542.84
Total
stockholders’ equity
403,693,709.41 429,513,542.84
Total
liabilities &
stockholders
equity 2,392,334,594.62 4,133,275,434.17
INCOME STATEMENT
Net
sales income 4,070,658,253.23 6,064,626,713.56
Cost
of goods sold
3,584,476,426.22
5,713,273,660.65
Gross
profit / loss
486,181,827.01 351,353,052.91
Sales,
marketing expenses
0 13,594,287.22
General
and management
Expenses 0 86,371,996.71
Financial
expenses 36,699,971.87 79,897,135.39
Other
expenses
0 13,272,264.50
Exchange
difference benefits (12,669,181.73) 5,020,518,66
Profit
before tax
436,812,673.41 163,237,887.69
Income
tax expense
45,318,964.02 17,418,054,26
Income
tax expense in reporting
Term 45,318,964.02 17,418,054,26
Profit
after tax
391,493,709.69 145,918,833.43
Net
profit in reporting term
391,493,709.69 145,918,833.43
Total
income sum
391,493,709.69 145,918,833.43
Financial year ends 31 December.
Date Started : 22 September 2005
History : The company was established in Ulaanbaatar on 22 September
2005 as a Limited Liability Company with following shareholders :
- Tsolmon Atiya 65%
(Mongolian national)
- Seo-Chan Suk 30%
(Korean national)
- Myagmar Erkhnembileg 5%
(Mongolian national)
In 2012, subject’s shareholding structure changed to the present.
C.R. No.: 9011066044
Tax No.: 5121529
Capital : not given
Limited Liability Company with the following shareholders :
Percentage
1. Tsolmon Adiya 51%
(Mongolian national)
2. Myagmar Erkhnembileg 34%
(Mongolian national)
3. Munkhbayar Bayanduuren 15%
(Mongolian national)
Affiliated companies of the H&H Company Limited :
Associate
1. H&H Foods Co. Ltd
Bayanzurkh District
2. H&H Construction Co. Ltd
Ulaanbaatar
3. H&H Mining Co. Ltd
Ulaanbaatar
4. Anand Bayan Tal Co. Ltd
Ulaanbaatar
5. H&H Remicon Co. Ltd
Ulaanbaatar
6. Treasure Island Co. Ltd
Ulaanbaatar
7. Eslet Co. Ltd
Ulaanbaatar
The Company is involved in the following activities :
Trading as importers, wholesalers, and retailers of medical equipment,
supplies and accessories.
NACE Code : 4774
Subject’s main suppliers are as follows :
- Agfa Healthcare (Belgium);
- B.Braun (Germany);
- Agfa (Kasakhstan);
- SAMSUNG MEDISON SAMPOONG JPI, MEDIEN INTL MHK, GENORAY (S. Korea);
- Cole Palmer Ampronix (USA);
- Dorian Drake (USA);
- Pentax Asahi X-ray (Japan);
- TCL, Aeonmed (China);
- Leison (China);
- Draeger Medical (Germany).
Imports from Russia, USA, Germany, Belgium, UK, Kazakhstan, Japan,
Korea, India and China.
Subject does not export, all sales are domestic.
The Company has the following facilities :
250 sq. m. owned administrative offices and storage facilities located
at the heading address.
Until 2012 subject was located at :
Taliin Bolor Centre,3rd Floor
5th Khoroo
Bayangol District
The address given
by you : 5th Horoolol 5th
Horoo is misspelt. Please note that the correct spelling is as per heading.
You enquired on : Human and Health Co Ltd,
ЭЙЧ ЭНД ЭЙЧ
ХХК / H&H Company Limited. Please note that subject is
also known by this name.
The provided name Mr. Seo-Chan Suk is the name
of the subject’s former shareholder.
Interviewed : Tsolmon
Adiya (President).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.37 |
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|
1 |
Rs.102.48 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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.