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Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
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Name : |
HYUNDAI ELEVATOR MONGOLIA LLC |
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Registered Office : |
38 Building, Office 66, Bayanzurkh District, 18 Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
06.02.2009 |
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Com. Reg. No.: |
9011184037 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of heavy equipment,
elevators, escalators and moving walkway. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
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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 |
CO. NAME : HYUNDAI ELEVATOR
MONGOLIA LLC (Correct)
HYUNDAI ELEVATOR MONGOLIA INCH LLC (Requested)
Building : Mongol Daatgal Building, Office 206
Street : 5 Khoroo, Sukhbaatar District
Town : Ulaanbaatar
Country : Mongolia
Telephone : (976 70) 153 333 / Mobiles (976 99) 112
796
(Khishigbatar Chimeddorzh) / (976
94) 112 796 (Oyun
Tudev)
Fax : (976 70) 163 333
E-Mail : hyundai_elevator@yahoo.com /
ch-highig@yahoo.com /
batkhishig@hyundai-elevator.mn
Website : www.hyundai-elevator.mn
Also Known As : Hyundai Elevator Mongolia XXK
Name Position
1. Khishigbatar Chimeddorzh
Managing Director
2. Oyun Tudev Chief Accountant
3. Mrs Batkhishig
Foreign Relations
Manager
Total Employees : 50
No complaints have been heard regarding payments from local suppliers or
banks.
We consider it is acceptable to deal with subject for SMALL 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 :
Trade & Development Bank of Mongolia
Khudaldaany Gudamj 7, Baga Toiruu 12
Ulaanbaatar
Telephone: (976 11) 312 363
Fax : (976 11) 325 449
Private companies in Mongolia are not required to publish or disclose balance
sheets. However, the subject interviewed offered
the following information :
Sales Turnover : TUGRIK 89,900,000 - 2010 - exact
:
TUGRIK 1,600,000,000 - 2011 - exact *
:
TUGRIK 1,700,000,000 - 2012 – approx
:
TUGRIK 1,700,000,000 - 2013 – approx
Net Profit :
TUGRIK 2,000,000 - 2010 - exact
:
TUGRIK 100,000,000 - 2011 - exact *
* A significant increase in sales turnover in 2011 was attributed to
favourable market conditions and expansion of the business.
Financial year ends 31 December.
Date Started : 6 February 2009
History : Subject was
established in Mongolia on 6 February 2009.
C.R. No. : 9011184037
Tax No.: 5285631
Authorised Capital : TUGRIK 1,000,000
Paid-Up Capital : TUGRIK 1,000,000
Limited Liability Company with the following sole shareholder :
Khishigbatar Chimeddorzh 100%
(Mongolian national)
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of heavy equipment,
elevators, escalators and moving walkway.
NACE Codes : 4669
Imports from South Korea and China.
Subject does not export, all sales are domestic.
The Company has the following facilities :
55 sq. m. rented premises comprising administrative offices located at
the heading address.
Until 2010, subject was located at :
UB Mart Center, 5th Floor, Room 513, 1st Khoroo,
Sukhbaatar District Chinggis Avenue,
Ulaanbaatar
Subject previously used the following telephone and
fax numbers :
Telephone: (976 11) 324 414
Fax : (976 11) 324 414
38 Building, Office 66
Bayanzurkh District, 18 Khoroo
Ulaanbaatar
You enquired on : HYUNDAI ELEVATOR MONGOLIA
INCH LLC. Please note that the correct name is as per heading.
The telephone number which you provided :
(976 11) 7015 3333 is incorrect. Please note that subject's correct
administrative office telephone numbers are as per heading.
The address given
by you : MD-1 BLDG 5TH
Khoroo, Sukhbaatar Dist is misspelt. Please note that the correct spelling is
as per heading.
Interviewed : Khishigbatar
Chimeddorzh (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.60.28 |
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1 |
Rs.102.28 |
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Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
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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.