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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CLIMAX INTERNATIONAL LLC |
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Formerly Known As : |
CLIMAX
INTERNATIONAL XXK |
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Registered Office : |
Akva Tern, Teevrchid Street 48, Industry Area (aka Uildveriin baruun), Bayangol District, 1st Khoroo, 16030, Central Post Office, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
09.10.2006 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Trading as importers, wholesalers, retailers and distributors of construction materials, supply and installation of heating systems and water and sewage supply systems for all types of building and constructions. |
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No. of Employees |
25 |
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
|
Source
: CIA |
Climax International LLC
Building : Akva Tern
Street : Teevrchid Street 48, Industry Area (aka Uildveriin
baruun)
Area : Bayangol District, 1st Khoroo
P.O. Box : 16030, Central Post Office
Town : Ulaanbaatar
Country : Mongolia
Telephone : (976 70) 118 505 / Mobile (976 99) 112 556 (Batnaran
Ochirbat) / (976 99) 117 833 / (976 99) 908 505 / (976
95) 958 505 (Mr. Battsengel) / (976 99) 018 505
(Narangerelrn Ochirbat)
Fax : (976 70) 119 299
E-Mail : climax@mongol.net
Also known As : Climax International XXK
Name Position
1. Batnaran Ochirbat Managing Director
2. Mr. Battsengel Import Manager & Sales Director
3. Narangerelrn Ochirbat (Mrs) Administrative Manager
Total Employees : 25
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
Acc. No. : 4524 30176 (USD)
The company also has an account with :
Golomt Bank of Mongolia
Main Branch
Bodi Tower, Sukhbaatar Square
Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
Private companies in Mongolia are not required to publish or
disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover : EURO 100,000 - 2006 - exact *
: EURO 1,000,000 - 2007 - exact
: EURO 1,300,000 - 2008 - exact
: EURO 1,800,000 - 2009 - exact
: EURO 2,500,000 - 2010 – exact
: not given - 2011 & 2012
: EURO 2,500,000 - 2013 - exact
: EURO 3,000,000 - 2014 - projected
Profit Before Tax : EURO 150,000 - 2007 - exact
: EURO 113,000 - 2008 - exact
: EURO 120,000 - 2009 - exact
: EURO 160,000 – 2010 – approx.
Financial year ends 31 December.
Date Started : 9 October 2006
History : The company was established in Ulaanbaatar on 9 October 2006.
Tax No.: 5088518
Certificate. No.: 9011061053
Authorised Capital : TUGRIK 284,990,000
Paid up Capital : TUGRIK 284,990,000
Limited Liability Company with the following sole shareholder :
Batnaran Ochirbat 100%
(Mongolian national)
The Company is involved in the following activities :
Trading as importers, wholesalers, retailers and distributors of construction materials, supply and installation of heating systems and water and sewage supply systems for all types of building and constructions.
NACE Codes : 4613 / 4674
Imports plastic pipes of sewage /inside and outside/, fittings and
valves, radiators, heating accessories, thermostats, thermostat
valves, balancing valves, aluminium plastic pipes, mixers and
bathtubs as well as flowers.
Imports from Poland, Italy, Spain, Germany, Turkey and South Korea.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Rented administrative office and storage facilities located at the heading address as well as rented warehouse, 1 rented and one owned retail outlets located elsewhere in Ulaanbaatar.
Until 2010 subject was located at :
Itgelt-Orshih Center, Room 703
Chingeltei district, 2 Khoroo, Ikh toiruu 29/3
Ulaanbaatar
Interviewed: Mr. Battsengel (Import Manager & Sales Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.58.42 |
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1 |
Rs.98.28 |
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Euro |
1 |
Rs.80.11 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.