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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ALTANGADAS TRADE
LLc |
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Registered Office : |
Enkhtaivan Avenue A/46, 5-Khoroo, 15th Khoroolol, Bayanzurkh District, Ulaanbaatar 51 |
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Country : |
Mongolia |
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Date of Incorporation : |
20.04.1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importers, wholesalers and retailers of general food and
consumer products such as olive oil, tea, tobacco, electronic items, mobile phones,
TV sets and refrigerators. |
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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 : |
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) |
|
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.
|
Source
: CIA |
Altangadas Trade
LLC (Correct)
ALTANGADAS TRADE
CO LTD (Requested)
Street : Enkhtaivan Avenue 54-1, 5-Khoroo, 15th Khoroolol
Area : Bayanzurkh District
Town : Ulaanbaatar
Country Mongolia
Telephone: (976 11) 455 328 / 457 962 / Mobile (976 91) 111 025
(Khenvedikh Batchuluun) / (976 96) 023 525 (Batbuyan Bold)
/ (976 96) 212 025
Fax : (976 11) 460 052
E-Mail : altangadas@mongol.net / decez6@yahoo.com /
babulya_0106@yahoo.com / buyanaa0106@yahoo.com
Also Known As : Altangadas Trade Co Ltd / Altangadas Trade XXK
Name Position
1. Khenvedikh Batchuluun General Director
2. Batbuyan Bold Sales Manager
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 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 : Bodi Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
The company also
has an account with:
Trade and Development Bank Mongolia Ltd
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 3,000,000 - 2008 - exact
: US DLRS 5,000,000 - 2009
- exact
: US DLRS 5,000,000 - 2010 - exact
: US DLRS 6,700,000 - 2011 – exact
: not given - 2012
: US DLRS 7,000,000 - 2013 - exact
: US DLRS 7,000,000 - 2014 - projected
Net Profit : US DLRS 200,000 - 2010 - exact
: US DLRS 400,000 - 2011 - exact
Financial year ends 31 December.
Date Started : 20 April 1996
History : The company was established in Mongolia on 20 April 1996 with sole shareholder Khenvedikh Batchuluun.
In 2009 subject’s shareholding structure changed to
present style.
Tax No.: 2044811 (issue date : 23 September 1996)
Authorised Capital : US DLRS 4,000,000 (increased from US DLRS 2,000,000 in 2013)
Paid-Up Capital : US DLRS 4,000,000 (increased from US
DLRS 2,000,000 in 2013)
Limited Liability
Company with the following shareholders :
Percentage
1. Khenvedikh Batchuluun 60%
2. Jargal Khan 20%
3. Ms. Ulzi Saikhan 20%
The Company is
involved in the following activities :
Trading as importers, wholesalers and retailers of general
food and consumer products such as olive oil, tea, tobacco, electronic items, mobile phones,
TV sets and refrigerators.
NACE Codes : 4617 / 4635 / 4633 / 4652
Subject is distributor for : LG Electronics (South
Korea), SG Corporation (South Korea) and KT&G Corporation (South Korea).
Imports from South Korea, Italy, Japan, France and Spain.
Subject does not export, all sales are domestic.
The Company has
the following facilities :
Rented premises comprising administrative offices, a retail outlet and storage facilities located at the heading address as well as one branch office located elsewhere in Ulaanbaatar.
Until 2011 subject
was located at :
Enkhtaivan Avenue A/46, 5-Khoroo, 15th Khoroolol
Bayanzurkh District
Ulaanbaatar 51
Enkhtaivan Avenue A/46, 5-Khoroo, 15th Khoroolol
Bayanzurkh District
Ulaanbaatar 51
You enquired on : ALTANGADAS TRADE CO LTD. Please note that this name applies to an also known as of the subject’s name. Subject’s correct registered name is as per heading.
Interviewed : Batbuyan Bold (Sales Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.43 |
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UK Pound |
1 |
Rs.98.28 |
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Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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.