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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AKUMA ERIN LLC |
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Registered Office : |
Akuma Centre, Ajilchin Street 4, Bayangol District, 5 Khoroo, 10 Khoroolol, Ulaanbaatar 210526 |
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Country : |
Mongolia |
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Date of Incorporation : |
01.09.1995 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers,
wholesalers and retailers of automobile spare parts, lubricants, tyres and
car batteries |
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No. of Employees |
40 |
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 |
|
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
|
Source
: CIA |
Akuma Erin LLC
ADDRESS
Building : Akuma Centre
Street : Ajilchin Street 4
Area : Bayangol District, 5 Khoroo, 10 Khoroolol
Town : Ulaanbaatar 210526
Country : Mongolia
Telephone : (976 70) 005 648 / 009 966 / 003 305 / Mobiles (976 99)
992 591 (Tugserdene Battulga) / (976 99) 905 082 / (976 99) 240 372
Fax : (976 70) 006 464
E-Mail : tugserdene@akuma.mn / info@akuma.mn / bdoro4u@yahoo.com
/ narantsetseg@akuma.mn / uuganchimeg@akuma.mn
Website : www.akuma.mn
Also Known As : Akuma Erin XXK / Akuma Erin Co. Ltd
Name Position
1. Jamiyansuren Battulga General Director
2. Tugserdene Battulga General Manager
3. Narantsetseg Administrative Officer
4. Uuganchimeg Administrative Officer
Total Employees : 40 plus
No complaints have been heard regarding payments from local suppliers or banks.
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 : GOLOMT BANK OF MONGOLIA
Branch : 4th Floor, Sukhbaatar Square 3
P.O. Box : 11
Town : Ulaanbaatar 210620A
Telephone: (976 11) 311 530 / 311 971 / 326 535
Fax : (976 11) 311 958 / 312 307
The company also has an account with :
Trade and Development Bank of Mongolia
Juulnchny Gudamj 7
Ulaanbaatar 210646
Telephone: (976 11) 312 362 / 331 133
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 : US DLRS 4,500,000 - 2012 - exact
: US DLRS 4,500,000 - 2013 – exact
: US DLRS 5,000,000 - 2014 – projected
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
Date Started : 1 September 1995
History : The company was established in Mongolia on 1 September 1995, however origins of its business activities can be traced back to 1992.
Tax No.: 2040034
Authorised Capital : US DLRS 220,000
Paid-Up Capital : US DLRS 220,000
Limited Liability Company with the following sole shareholder :
Jamiyansuren Battulga 100%
(Mongolian national)
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of automobile spare parts, lubricants, tyres and car batteries.
Subject also provides repair services.
NACE Code : 4532
Subject’s main services as follows :
- Lubricant services :
- Change engine oil and oil filter;
- Change automotive or manual transmission;
- Change differential oil;
- Change hydraulic fluid by dedicatory equipment;
- Change Anti-Freeze fluid;
- Change fuel filter;
- Clean automotive transmission filter;
- Change brake pad;
- Change shock absorber.
- Accumulator.
Subject’s main brands as follows :
- KIXX;
- ATF;
- GEARTEC;
- GEAR OIL HD;
- GS ULTRA;
- BRAKE FLUID SHD;
- Golden Pearl;
- GS Liplex;
- CX/AF Coolant;
- GS LLC Supplement;
- KUMHO;
- ABRO.
Subject’s main products with the following :
- Oil Material;
- Accumulator;
- Tires;
- Auto Chemie;
- Oil Filter.
Imports from South Korea, Japan and Russia.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned premises comprising administrative offices, a showroom and storage facilities located at the heading address as well as owned 7 branch offices located in Ulaanbaatar and one in South Gobi Region (see ‘Branch Offices’ below).
Subject previously used the following telephone and fax numbers :
Telephone : (976 11) 683 305 / 685 648
Fax : (976 11) 686 464
Akuma Centre
Ajilchin Street 4
Bayangol District, 5 Khoroo, 10 Khoroolol
Ulaanbaatar 210526
1. Akuma Erin LLC (Branch)
Da Khuree Street, 39-1
Byanzurkh District, 19
khoroo
Ulaanbaatar
Telephone: (976 99) 051 265 / (976 96) 051 265
2. Akuma Erin LLC (Branch)
Altai 1-6
Songino Khairkhan District, 9 khoroo
Ulaanbaatar
Telephone: (976 11) 334 488 / Mobile (976 91) 919 197
3. Akuma Erin LLC (Branch)
8th group, Straight front of new market back doors
Darkhan
Telephone: (976 99) 017 103
4. Akuma Erin LLC (Branch)
Tsagaan chuluut, 49-1
Erdenet
Telephone: (976 99) 359 046
5. Akuma Erin LLC (Branch)
1st group, Agent of Erdenet
Bayanhongor
Telephone: (976 99) 077 405
6. Akuma Erin LLC (Branch)
Khovsgol
Telephone: (976 99) 904 500
7. Akuma Erin LLC (Branch)
5th group, 1-A12
Zuunmod soum
Tov province
Telephone: (976 98) 602 351
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
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|
1 |
Rs.99.70 |
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Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.