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Report No. : |
316120 |
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Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN SWEET CO LTD |
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Registered Office : |
UUlvar Center 9, Bayangol District Khoroo 9, 3rd Micro District Ulaanbaatar |
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Country : |
Mongolia |
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Year of Incorporation : |
2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors of foodstuff, stationary and household goods. |
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No. of Employees : |
50 plus (subject) 1,000 (Circle LLC including subject) |
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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Maximum Credit Limit : |
TUGRIK 200,000,000 |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Mongolia |
B2 |
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 (FDI). 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 strong economic growth because of market reforms 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. 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 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 2014, Mongolia purchased nearly 90% of its gasoline and diesel fuel from Russia. A drop in FDI has put pressure on Mongolia's external finances. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
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Source
: CIA |
CO. NAME : Golden Sweet Co Ltd
ADDRESS
Building : Circle LLC Building
Street : Ikh Mongol State Street
Area : District Bayanzurkh, 26th khoroo
P.O. Box No. : 161
Town : Ulaanbaatar 210523
Country : Mongolia
Telephone : (976 77) 073 034 / (976 70) 113 034 / Mobiles (976 96) 663 345 / (976 99) 994 098
Fax : (976 70) 112 880
E-Mail : import1@orgil.mn
Website : www.orgil.mn
Shortform Name : GS
Also Known As : Golden Sweet LLC
Name Position
1. Jambal Ganbaatar Group Chairman
2. Jambal Naraantuya Chief Executive Officer
3. Mr. Togi Foreign Relations Manager
4. Amar-Erdene Gurjav Import Supervisor
Total Employees : 50 plus (subject)
1,000 (Circle LLC including subject
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a subsidiary of the Circle LLC, Mongolia, was founded in 1996 and since then it has been operating in 3 trading fields foreign trade, retail and construction. Circle LLC has been awarded TOP 100 companies from Mongolian Commerce Chamber 6 year in row and employing more than 1,000 people.
We consider it is acceptable to deal with subject for MEDIUM amounts, however in view of the lack of financial information we recommend international suppliers exercise a degree of caution. Although it is normal accepted practice for international suppliers to deal on secured terms with Mongolian importers.
Opinion on maximum credit : TUGRIK 200,000,000 (higher amounts may be considered with full fiscal disclosure)
Trade risk assessment: Normal
NAME : SCHNEIDER SCHREIBGERÄTE GMBH
Street : Tennenbronn, Schwarzenbach 9
Town : D-78144 Schramberg
Country : Germany
Telephone : (49) 7729 8880
Fax : (49) 7729 888880
NAME : ROSHEN CONFECTIONERY CORPORATION
Street : 26/9 Electricov Street
Town : 04176 Kiev
Country : Ukraine
Telephone : (38 44) 351 7100
Fax : (38 44) 351 7110 / 351 7120
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. Golomt Bank of Mongolia
Main Branch
Bodi Tower, Sukhbaatar Square
Ulaanbaatar
Telephone : (976 11) 311 530
Fax : (976 11) 312 307
2. Khan Bank of Mongolia
Peace Avenue
P.O Box-185
Ulaanbaatar
Telephone : (976 11) 457 880
Fax : (976 11) 457 880
Private companies in Mongolia are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.
Date Started : 2005
History : Subject was established in Ulaanbaatar in 2005.
Tax No. : 5031621 (issue date : 23 January 2006)
Capital : not given
Limited Liability Company with the following directors and sole shareholder :
Directors
1. Jambal Ganbaatar
2. Jambal Naraantuya
Shareholder
Circle LLC 100%
Circle LLC Building
Ikh Mongol State Street
District Bayanzurkh, 26th khoroo
P.O. Box 161
Ulaanbaatar 210523
Telephone : (976 77) 073 034 / (976 70) 113 034 / Mobiles (976 96) 663 345 / (976 99) 994 098
Fax : (976 70) 112 880
Email : circle1@orgil.mn / import1@orgil.mn
Tax No. : 2659018
Affiliated companies of the Golden Sweet Co Ltd :
Associates
1. Monnider LLC
Seekl Building
Great Mongolian State Street
Bayanzurkh district, 26 Khoroo, Inkanto Town
Ulaanbaatar
Telephone : (976 11) 304 381 / 304 381 / 305 407
Fax : (976 11) 305 646
E-mail : monnider@orgil.mn / mng.new@gmail.com
Website : www.orgil.mn
Director : B. Khishigjargal
2. Camder LLC
Ulaanbaatar
3. Northline LLC
The Company is involved in the following activities :
Trading as importers, wholesalers and distributors of foodstuff, stationary and household goods.
NACE Codes: 4617 / 4618
Imports from Russia, Ukraine, Denmark, Czech Republic, Austria, Belgium, Germany, Vietnam, South Korea, China, Canada and Brazil.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Owned premises comprising administrative offices and storage facilities located at the heading address.
UUlvar Center 9
Bayangol District Khoroo 9, 3rd Micro District
Ulaanbaatar
The address given by you: Bayangol District Khoroo 9, 3rd Micro District UUlvar Center 9 is incorrect and applies to subject's registered office address. Please note that subject’s correct administrative office address is as per heading.
Interviewed : Mr. Togi (Foreign Relations Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.92.15 |
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Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.