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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SIGMA MONGOLIA CO LTD |
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Registered Office : |
Sigma Mongolia Building B. Dorj’s Street
42 Bayanzurkh District, 2nd
Khoroo, On the left side of 805
Military Unit Ulaanbaatar 51 |
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Country : |
Mongolia |
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Date of Incorporation : |
10.05.2004 |
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Com. Reg. No.: |
9019015080 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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Importers and wholesalers of
elevators and escalators as well as construction materials ·
Subject also provides installation
and maintenance services |
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No. of Employees |
70 |
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 : |
Unknown |
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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 |
SIGMA
MONGOLIA CO LTD
Building : SIGMA MONGOLIA BUILDING
Street : B. Dorj’s Street 42
Area : Bayanzurkh District, 2nd
Khoroo, On the left side of 805
Military Unit
Town : Ulaanbaatar 51
Country : Mongolia
Telephone: (976
11) 450 713 / 450 315 / 453 643 / Mobile (976 91) 119
669 (Ho Sun Park) / (976 99) 096 167
/ (976 99) 852 372 /
(976 96) 656 821
Fax : (976 11) 450 713 / 453 643
E-Mail : sigma@mongol.net /
baisapark@hanmail.net /
yanja_sigma@yahoo.com /
yanjindulam@sigma.mn /
enkhee_9mn@yahoo.com
Also Known As : Sigma Mongolia XXK / Sigma Mongolia
LLC
Name Position
1. Pak Hu Son President
2. G. Yanjindulam General Manager
3. Sukhbataar En. Executive Director
4. Ms. Uurin Tzolmon Chief Accountant
5. Ts. Enkhtsetseg Sales Manager
6. Ms. Oyuun Bayer Marketing Manager
7. Ms. Halunaa Administrative
Total Employees : 70
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.
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. 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.
The following financial information is the latest
available on the
Subject :
Sales Turnover
: US DLRS 5,000,000 - 2008
- exact
: US
DLRS 2,500,000 - 2009 - exact
: US
DLRS 2,300,000 - 2010 - exact
: US DLRS 3,500,000 - 2011 - exact
Net Profit :
US DLRS 63,000 - 2010 - exact
: US DLRS 86,000 -
2011 – exact
Value of current contracts : US DLRS 3,500,000 (as of July
2012)
Total Value of Stock Held : US DLRS 102,300 (as of July
2012)
Total Capital Investment : US DLRS 412,600 (as of July 2012)
Financial year ends 31 December.
Date Started : 10 May 2004
History : The company was established in Ulaanbaatar on
10 May 2004.
C. R. No.: 9019015080
Tax No.: 2829517
Authorised Capital : US DLRS 120,000
Paid-Up Capital : US
DLRS 120,000
Limited Liability Company with the following
shareholders :
Shareholders Percentage
1. Pak Hu Son 90.23%
(South Korean
national)
2. Sukhbataar En. 9.77%
(Mongolian
national)
The Company is involved in the following activities :
Importers and wholesalers of elevators and escalators
as well as
construction materials.
Subject also provides installation and maintenance
services.
NACE Codes : 4613 / 4329
Distributors for Sigma Elevator Company (South Korea),
LG International Corp (South Korea) and OTIS (South Korea).
Imports from South Korea and China.
Subject does not export, all sales are domestic.
The Company has the following facilities :
2,000 sq. m. owned premises
comprising administrative offices, a retail outlet, a service centre and
storage facilities located at the heading address.
Until 2009 subject was located at
:
Namyangju Cultural Centre
Ikh Toiruu 43, 14th Khoroo
Bayanzurkh District
Ulaanbaatar 210348
On the left side of 805 Military Unit
B. Dorj Street 42
Bayanzurkh District, 2nd Khoroo
Ulaanbaatar
The address which you provided :
NAMYANGJU CULTURAL CENTER, Sigma Office F1, BAYANZURKH DIST, ULAANBAATAR 210348
applies to subject's former address. Please note that subject's current
administrative office address is as per heading.
Interviewed : Ms.
Oyuun Bayer (Marketing Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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.