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Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
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Name : |
NOMADS SOUVENIR LLC |
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Registered Office : |
40
Street, Building 10, Flat 8, Sukhbaatar District, 1st
Khoroo,
Ulaanbaatar |
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Country : |
Mongolia |
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Year of Establishments: |
2009 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Manufacturers of gifts and souvenirs. · Subject also trading as wholesalers and retailers of gifts and souvenirs. |
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No. of Employees |
06 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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.
|
Source : CIA |
Nomads Souvenir LLC
Street : 40
Street, Building 10, Flat 8
Area : Sukhbaatar
District, 1st Khoroo
Town : Ulaanbaatar
Country : Mongolia
Mobile : (976
88) 110 011 (Ariuntungalag Myagmarjav) / (976 88) 102 600 / (976 99) 104 716
(Bilge
Myagmarjav) / (976 88) 006
141 (Ms. Enkhchineg)
E-Mail : info@souvenirsmongolia.mn
Website : www.souvenirsmongolia.mn
Also
known as : Nomads Suvenir XXK
Name Position
1.
Ariuntungalag Myagmarjav Managing Director
(sister of Bilge Myagmarjav)
2.
Ms. Enkhchineg Manager
Total
Employees : 6
No complaints have been heard regarding payments from
local suppliers or banks.
We consider it is acceptable to deal with subject for
SMALL 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.
NAME : GOLOMT
BANK OF MONGOLIA
Branch : Bodi
Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone:
(976 11) 311 530
Fax (976
11) 312 307
Private companies in Mongolia are not required to publish or disclose balance sheets. Managing Director is currently away on a prolonged holiday, in his absence staff is not authorized to divulge financial information.
Date
Started : 2009
Capital
: not given
Limited Liability Company
with the following shareholders:
Details of subject's shareholding structure could not
be learnt at present.
The Company is involved in the
following activities :
Manufacturers
of gifts and souvenirs.
Subject
also trading as wholesalers and retailers of gifts and souvenirs.
NACE
Code : 3299
Imports
from China.
Subject
does not export, all sales are domestic.
The Company has the
following facilities :
Administrative
offices and a retail outlet located at the heading address.
Interviewed:
Bilge Myagmarjav (Brother of Ariuntungalag Myagmarjav).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.13 |
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UK Pound |
1 |
Rs.101.17 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
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.