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Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
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Name : |
MONGOL EMIMPEX CONCERN LLC |
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Formerly Known As : |
MONGOLEMIMPEX CONCERN JSC |
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Registered Office : |
MEIC Building, Teeverchdiin Street 39, Sukhbaatar
District, 3rd Khoroo, Ulaanbaatar 14253 |
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Country : |
Mongolia |
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Date of Incorporation : |
09.05.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading is importers, wholesalers and retailers
of pharmaceutical products and medical equipment. |
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No. of Employees : |
387 (Subject), 1,700 (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Mongolia |
C1 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
Mongol Emimpex Concern LLC (Correct)
MONGOLEIMPEX (Requested)
Building : MEIC Building
Street :
Teeverchdiin Street 39
Area
: Sukhbaatar District, 3rd Khoroo
Town
: Ulaanbaatar 14253
Country : Mongolia
Telephone : (976 11) 323 961 / 315 541 / 322 695
(International Relations Department) / Mobiles (976 99) 029 333 (Tserendash Orshikh) / (976 99) 096
978 (Tserendash Orshikh) / (976 99) 119 600 / (976 99) 084 810 (Munkherdene Battur)
Fax :
(976 11) 323 877
E-Mail :
info@meic.mn / munkherdene.b@meic.mn / inkhtuya.ts@meic.mn
Website :
www.meic.mn
Shortform Name : MEIC
Trading Style : MEIC LLC
Also Known As : Mongol Em Impex Concern Co. Ltd / Mongolemimpeks
Kontsern / MEIC (Mongolemimpex Concern)
Formerly Known As : Mongolemimpex
Concern JSC
Name Position
1. Agvaanjamba Arunbold President
2. Badbayar Bolormaa (Mrs) Chief Executive Officer
3. Munkherdene Battur Manager of Foreign
Affairs & Supply
4. Tserendash Orshikh (Mrs) Chief Accountant
5. Inkhtuya Tserenpurev International Relations
Manager
Total Employees : 387
(subject)
1,700 (group)
No complaints have been heard
regarding payments from local suppliers or banks.
Subject is a member of the Bishrelt
Group which was established in 1993, comprising 14 companies and employing
1,700 people with annual revenues in the region of US DLRS 360 million in 2009.
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
MEIC HAS SUPPLIED NECESSARY MEDICINE
TO OPERATION PACIFIC ANGEL
ON 25 August 2014 (subject's website)
: ”Operation Pacific Angel,” held in Ulaanbaatar city, Orkhon and Bulgan
province between August 4-18th.
Operation Pacific Angel,” a humanitarian assistance exercises involving an
estimated 70 military personnel from Air
Force of the U.S. Pacific Command kicks
off in Mongolia.
This is the first time that such
exercises, which include medical, dental, optometry, and engineering programs
as well as various subject-matter expert exchanges are held in Mongolia. Local
medical specialists and staffs of Defense Ministry of Mongolia, medical center
for Law Enforcement University, and National Trauma Orthopedic Research Center
will be involved in the humanitarian assistance exercises to provide civilians
with medical care. Medical professionals
from around the Air Force set up engineering services to restore the II general
education school and family clinic in Bayan-Undur sum in Orkhon province, and
the IV kindergarten in Bulgan province in collaboration with 170 military servicemen
from local military units and armed forces of Mongolia.
MEIC has provided necessary medicine
to the humanitarian operation.
MEIC SIGNED AGREEMENT WITH DONG-A
SOCIO HOLDING TO ESTABLISH THE PHARMACEUTICAL JOINT FACTORY
On 12 June 2014 (subject's website):
MEIC signed agreement with Dong-A Socio holding to establish the pharmaceutical
joint GMP standards factory.
NAME :
CAPITAL BANK OF MONGOLIA
Branch :
Sambuugiin Street 48
Town
: Ulaanbaatar 211238
Telephone : (976 11) 319 247 / 315 500
Fax
: (976 11) 310 833
The company also has an account with :
Khan Bank LLC
Seoul Street 25
P.O. Box 192
Sukhbaatar District
Ulaanbaatar 210644
Telephone : (976 11) 332 333
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 : TUGRIK
6,000,000,000 - 2008 - exact
: TUGRIK 7,000,000,000 -
2009 - exact
: TUGRIK 11,000,000,000 - 2010 – approx
: TUGRIK 13,091,868,000 - 2011 - exact
: TUGRIK 15,244,000,000 - 2012 – exact
: TUGRIK 20,826,000,000 - 2013 – exact
: TUGRIK 23,000,000,000 - 2014 – projected
Net Profit : TUGRIK 200,000,000 - 2010 - exact
: TUGRIK 224,000,000 -
2011 – exact
: TUGRIK 64,000,000 - 2012 - exact
: TUGRIK 515,000,000 -
2013 - exact
Financial year ends 31 December.
The following financial information
applies to the Bishrelt Group (latest available) :
Sales Turnover : US DLRS 400,000,000 -
2008 - exact
: US DLRS 360,000,000 - 2009 - exact
Net Profit : not given, but stated to be
profitable
Financial year ends 31 December.
Date Started : 9 May 2006
History : The subject was established
in Mongolia on 9 May 2006 on the basis of a state owned Pharmaceutics
Preparation Facility which was in existence since 1923.
By the end of 2006, the subject has
been privatized to “Bishrelt Holding” and was converted into a Joint Stock
Company with the following shareholders structure :
- Agvaanjamba Arunbold }
- Undermaa Batbayar (wife of
Agvaanjamba Arunbold)} 95%
- Son and daughter of Agvaanjamba
Arunbold }
- Girmit Gotov 5%
In 2014, subject was converted into a
Limited Liability Company with the present name and shareholders structure.
C.R. No.: 9012001020
Tax No. : 2116847
Capital : TUGRIK 4,000,000,000
Limited Liability Company with the following
director and shareholders :
Director
Agvaanjamba Arunbold
Shareholders
1. Agvaanjamba Arunbold }
}
2. Undermaa Batbayar (wife of
Agvaanjamba Arunbold)} Majority
}
3. Son and daughter of Agvaanjamba
Arunbold }
4. Badbayar Bolormaa (Mrs)
* The exact shareholding percentage
was not disclosed.
Affiliated companies of Mongol Emimpex
Concern`s LLC :
Associates
Subject is a member of the Bishrelt
Group headed by :
Bishrelt Holding Co Ltd
Sambuugiin Street 48
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 322 742 / 326 250
Fax : (976 11) 326 250 / 313 798
Est.: 13 June 1993
Tax No. : 2554534
Other members of the group include the
following companies :
1. Bishrelt Plaza LLC
Bishrelt Plaza Hotel
Liberty Sq. 3/1
Chingeltei District
POB-104
Ulaanbaatar 211238,
Telephone: (976 11) 313786
Fax : (976 11) 313792
2. Capital Bank of Mongolia
Sambuugiin Street 48
Chingeltei District
Ulaanbaatar 211238
Telephone: (976 11) 319247
Fax : (976 11) 310833
3. Mongol Meat Expo LLC
Songinokhairkhan District
Ulaanbaatar 211137
Telephone: (976 11) 634875 / 633924
Fax : (976 11) 326250 /
634875
4. Mongol Buukhai Daatgal LLC
Liberty Square 3/1
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 324965
Fax : (976 11) 324965
5. Unico Construction LLC
Tumurchii Street 1/1
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 318227
Fax : (976 11) 318273
6. Gooddoor LLC
Tumurchii Street 1/1
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 318273
Fax : (976 11) 326250 /
318273
7. Bishrelt Cosmetics LLC
Sambuugiin Street 48
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 322742 / 324185
Fax : (976 11) 313798 / 32625
8. Bishrelt Industrial LLC
Sambuugiin Street 48
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 322742 / 324185
Fax : (976 11) 313798 / 32625
9. MonDiscovery Tours LLC
Sambuugiin Street 48
Chingeltei District
POB-104
Ulaanbaatar 211238
Telephone: (976 11) 322742 / 324185
Fax : (976 11) 313798 /
326250
10.Bishrelt Trade LLC
3/1 Liberty Square (aka Erkh Cholonii Talbai 3/1)
Chingeltei Duureg
P.O. Box 104
Ulaanbaatar 211238
Telephone: (976 11) 324 185 / 324 990 / (976 99) 119 600
Fax : (976 11) 313 792 / 326
250 / 313 798
E-Mail: info@bishreltholding.mn
11.Unico LLC
Teeverchdiin Street 39, 3rd Khoroo
Sukhbaatar District
Ulaanbaatar-28
Telephone: (976 11) 318 273 / 363 392
Fax : (976 11) 318 273
Managing Director : Baddurdj Taamdin
Est.: 17 February 2011
Tax No.: 5448735
12.Bishrelt Palace Hotel LLC
13.Chinggis Cashmere LLC
The Company is involved in the
following activities :
Trading is importers, wholesalers and
retailers of pharmaceutical products and medical equipment.
Subject is an official distributor of
GlaxosmithKlein, Galenika, KRKA, Krasfarma, EGIS, IDA, Actavis, Neon
Laboratories, Panacea biotech and Protex biosystems.
Subject's awards are as follows :
- Mongolian Chamber for Commerce and
Industry - “Business excellence
award”;
- UNFPA - “Collaborating partner appreciation award”;
- Mongolian Chamber for Commerce and
Industry – “Top Importer”;
- Voted as one of TOP-100 business
entities of Mongolia five years in
a row;
- Certificate of “Trusted Enterprise”
by the of Mongolian Customs
Authority;
- Official title “The Reliable Tax
Payer” by Mongolian National
Taxation Authority;
- 61st place in the list of the
Top-150 business entities of Mongolia
2011;
- International Women’s
Entrepreneurial Challenge 2011;
- Mongolian Lady Entrepreneur – 2011;
- Voted as one of the Top – 150
business entities of Mongolia – 2012;
- Voted as one of the Top – 150
business entities of Mongolia -2013.
NACE Code : 4646
Imports from Germany, Austria,
Switzerland, Bulgaria, Ukraine, Japan, Norway, the Netherlands, Russia, Italy,
Slovenia, Hungary, India and South Korea.
Subject does not export, all sales are
domestic.
The Company has the following
facilities :
Owned 2-storey building comprises
administrative offices, a retail pharmacy and storage facilities located at the
heading address as well as 80 additional retail pharmacies located throughout
Mongolia (see ‘Branch Offices’ below).
Teeverchdiin Street 39
Sukhbaatar District, 3rd Khoroo
Ulaanbaatar-28
1. Medicine supplier center 1
Teeverchid street-39
Ulaanbaatar-28
2. Medicine supplier center 2
Bomdogor trade center
Chingeltei district
3. Pharmacy 1
Teeverchid street-39,MEIC
Ulaanbaatar-2
4. Pharmacy 2
Behind of the State Department Store
Ulaanbaatar
5. Pharmmarket 1
Left the Bishrelt center
Chingeltei disrect
6. Pharmmarket 2
Wellmart supermarket
ofitseruudiin ordon
Bayanzurkh district
7. Pharmmarket 3
Left the Tumen plaza
III khoroolol
Bayangol district
8. Pharmmarket 4
Piramid center
15th khoroo, Songino Khairkhan district
9. Pharmmarket 6
Right the Bus station
18th khoroo, tavan shar
Songino Khairkhan district
10.Pharmmarket 7
Wellmart supermarket
botanic bus station, Bayanzurkh disrict
You enquired on : “MONGOLEIMPEX”
Please note that subject's correct registered name is as per heading.
Interviewed : Munkherdene Battur
(Manager of Foreign Affairs & Supply).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.98.06 |
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Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.