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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SUMMIT COMPUTER
TECHNOLOGY CO LTD |
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Registered Office : |
PC Mall, Building No. 10, 4th Floor, Ikh Surguuli Street (aka University Street), Sukhbaatar District, 6 Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Year of Establishment : |
2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importers, wholesalers and retailers of Computers, Home Electrical Appliances, IP Security Cameras and Web Development. |
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No of Employees : |
160 |
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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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 |
Summit Computer Technology Co LTD
Building : PC Mall, Building No. 10, 4th Floor
Street : Ikh Surguuli Street (aka University Street)
Area : Sukhbaatar District, 6 Khoroo
Town : Ulaanbaatar
Country : Mongolia
Telephone : (976 11) 311 644 / Mobile (976 99) 020 298 (Munkhorgil Mingbayar)
Fax : (976 11) 327 593
E-Mail : munkhorgil@summit.mn / info@summit.mn
Website : www.summit.mn
Also Known As : Summit Computer Technology LLC / Summit Computer Technology XXK
Name Position
1. G. Ganbatt General Director
2. Dolgion Batbold Head of Marketing and Retail
Sales
3. Darsbold Branch Manager of PC Mall
4. Munkhorgil Mingbayar Marketing Manager
Total Employees : 160
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. 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 600,000 - 2013 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
Date Started : 2003
History : The Company was established in Ulaanbaatar in 2003.
Capital : not given
Limited Liability
Company with the following shareholders :
1. G. Ganbatt
(Mongolian national)
2. Ganzorig
(Mongolian national)
The exact shareholding percentage was not disclosed.
The Company is
involved in the following activities :
Trading as importers, wholesalers and retailers of computers, home electrical appliances, IP security cameras and web development.
NACE Codes : 4651 / 4741 / 6201
Subject’s main
brands are as follows :
- Sumsung Epson;
- CISCO;
- DELL;
- SONY, IKEGAMI, PANASONIC and MIRAND;
- Haier Intl HK;
- HP;
- Intel;
- Kodicom;
- BOSE;
- Apple.
Subject completed
projects with the following :
- KHAAN Bank – Server upgrading and updating;
- Newtel LLC - C service center's virtual system;
- Office of the President – Delivery and Installment of the network
facilities to the library in the honor of President of Mongolia
(2013);
- Procurement Agency of the Government, delivery and installment of
network facilities and equipment to Aimag and District Courts
(2013);
- Ministry of Education and Science– setting up the internet,
supplying IT facilities and furniture to all schools and
kindergartens of Sukhbaatar District (2012);
- Supply of computers and other IT accessories to Prosecutor
General’s Office and the General Council of Courts under the
investment from the Deutsche Gesellschaft für Internationale
Zusammenarbeit (GIZ);
- General Authority for State Registration – 2012 Parliament
Election’s equipment and facilities;
- Millennium Challenge Account Mongolia – Professional education and
training project TVET (2011);
- Newtell LLC – EqualLogic system (2010);
- Med Impex LLC - Scope screening information data software;
- МInformation Communication Technology and Post Authority – MIX
network (2010).
Imports mainly from Korea, Singapore, Hong Kong, Malaysia and USA.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned administrative offices, a retail outlet with storage facility located at the heading address as well as 33 showrooms located throughout Mongolia.
Interviewed : Munkhorgil Mingbayar (Marketing Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
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UK Pound |
1 |
Rs.98.41 |
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Euro |
1 |
Rs.80.03 |
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.