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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MON CHEMO
LLC |
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Registered Office : |
58Y-1 Building, 13A, Peace Avenue, Sukhbaatar District, 1 Khoroo, P.O. Box No. 167, Ulaanbaatar 46 |
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Country : |
Mongolia |
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Date of Incorporation : |
19.08.1998 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers, Wholesalers and Distributors of Medical
Equipment and Cosmetics. |
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No of Employees : |
120 |
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 |
Mon Chemo LLC (Correct)
MONCHEMO CO LTD (Requested)
Building : 58Y-1 Building
Street : 13A,
Peace Avenue
Area : Sukhbaatar District, 1 Khoroo
P.O. Box No.: 167
Town : Ulaanbaatar 46
Country : Mongolia
Telephone : (976 11) 315 664 / (976 70) 100 050 /
Mobiles (976 88)
054 936 (Tsogtbilguun Demberelnyamba) /
(976 99) 080
227 / (976 88) 110 057 (D. Boldsuren) /
(976 99) 189
936 (М. Ariunaa)
Fax : (976 70) 100 050
E-Mail : tsogtbilmn@yahoo.com
Trading Style :
Tamedin
Also Known As : Monchemo Co Ltd / Monchemo XXK
Name Position
1. М. Ariunaa (Ms) Chairman
2. D. Boldsuren Executive Director
(son of the above)
3. Tsogtbilguun Demberelnyamba General Manager
Total Employees : 120
No complaints have been heard regarding payments from local
suppliers or banks.
We consider it is acceptable to deal with subject for SMALL amounts, 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. Khan Bank of Mongolia
Peace Avenue
P.O Box-185
Ulaanbaatar
Telephone:
(976 11) 457 880
Fax : (976 11) 457 880
2. Khas Bank
Xac Bank
Building, Ulaanbaatar-14200
Post Branch
20 A
PO Box 72
Ulaanbaatar
14200
Telephone:
(976 11) 318 185
Fax : (976 11) 328 701
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 300,000 – 2013 -
exact
: US DLRS 400,000 –
2014 – projected
Net Profit
: not given but stated to be profitable
Financial year ends 31 December.
Date Started : 19
August 1998
History : The
company was established in Ulaanbaatar on 19 August 1998.
Industrial License No.: YX
03/23/3097
Capital : not given
Limited Liability Company
with the following director and shareholders
Director
D. Boldsuren
(Mongolian national)
Shareholders Percentage
1. М. Ariunaa (Ms) 50%
(Mongolian national)
2. Jamber Neimbaa 50%
(husband of the
above)
The Company is
involved in the following activities :
Trading as importers, wholesalers and distributors of medical
equipment and cosmetics.
NACE Codes : 2120 / 4646 / 4645
Imports from South Korea, China, Russia, Germany and Turkey.
Subject does not export, all sales are domestic.
The Company has
the following facilities :
Rented premises comprising administrative offices located at
the heading address as well as manufacturer unit with storage facilities
located throughout Mongolia.
You inquired on : MONCHEMO CO LTD. Please note that subject is also known by this name. Subject's correct registered name is as per heading.
Interviewed : Tsogtbilguun Demberelnyamba (General Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
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UK Pound |
1 |
Rs.99.61 |
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Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.