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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SUMMIT MEDICAL SERVICE LLC |
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Registered Office : |
Lux Center Building, 4th Floor, Office No. 404, Chagdarjav Street 46, Sukhbaatar District, 1st Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
May, 2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors of medical
equipment and pharmaceuticals. |
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No. of Employees : |
14 |
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
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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 |
SUMMIT MEDICAL
SERVICE LLC
Building : Lux Center Building,
4th Floor, Office No. 404
Street : Chagdarjav Street 46
Area : Sukhbaatar District,
1st Khoroo
Town : Ulaanbaatar
Country : Mongolia
Mobiles : (976 98) 111 296 (S.
Batzorig) / (976 99) 101 187
E-Mail :
s.batzorig@summitms.mn / info@summitms.mn /
pharmacie@summitms.mn / service@summitms.mn
Also Known As : Summit Medical Service XXK / Summit Medical Service
Name Position
1. B. Tuvshinjargal Chairman
2. S. Batzorig General Manager
3. Orkhoon Chimeg Accountant
Total Employees : 14
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 : TRADE AND DEVELOPMENT
BANK OF MONGOLIA
Branch : Juulnchny Gudamj 7
Town : Ulaanbaatar 210646
Telephone: (976 11) 312 362 / 331 133
Fax : (976 11) 325 449
The company also has an account with the following banks :
1. Golomt Bank of Mongolia
Main Branch
Bodi Tower, Sukhbaatar Square
Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
2. Khan Bank LLC
Seoul Street 25
Sukhbaatar District
PO Box 192
Ulaanbaatar 210644
Telephone: (976 11) 332 333 /
332 334
Fax : (976 70) 117 023
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 2,000,000 – 2013 - exact
: US DLRS 3,000,000 – 2014 – projected *
Net Profit :
not given but stated to profitable
* Projected increase in sales turnover in 2014 is due to favorable
market conditions.
Financial year ends 31 December.
Date Started : May
2011
History : The
company was established in Ulaanbaatar in May 2011.
Tax No.: 5465249
Authorized Capital : US DLRS
100,000
Paid Up Capital : US
DLRS 100,000
Limited Liability Company with the following sole shareholder :
B. Tuvshinjargal 100%
(Mongolian national)
The Company is involved in the following activities :
Trading as importers, wholesalers and distributors of medical equipment
and pharmaceuticals.
NACE Codes : 4646 / 8621
Imports from Germany, the Netherlands, Kazakhstan, South Korea.
Subject does not export, all sales are domestic.
Distributors for Philips Health Care, Germany.
The Company has the following facilities :
Rented premises comprising administrative offices located at the heading
address as well as warehouse unit storage located in west of Ulaanbaatar (see
‘Branch Office’ below).
Warehouse unit
Hannuh Building
Seula Street
Bayangol District
Ulaanbataar 211213
Interviewed : S. Batzorig (General Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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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
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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 |
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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.