MIRA INFORM REPORT

 

 

Report No. :

338124

Report Date :

26.08.2015

 

IDENTIFICATION DETAILS

 

Name :

TASHI COMMERCIAL CORPORATION

 

 

Registered Office :

P.O. Box. – 78, T. C. C. Complex Building Phentsholing

 

 

Country :

Bhutan

 

 

Date of Incorporation :

05.02.1980

 

 

Legal Form :

Partnership

 

 

Line of Business :

Trading of Electrical Appliances, TV and Radio

 

 

No. of Employees :

2000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bhutan

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BHUTAN - ECONOMIC OVERVIEW

 

Bhutan's economy, small and less developed, is based largely on hydropower, agriculture, and forestry, which provide the main livelihood for more than half of the population. Because rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult and expensive, industrial production is primarily of the cottage industry type. The economy is closely aligned with India's through strong trade and monetary links and is dependent on India for financial assistance and migrant laborers for development projects, especially for road construction. Multilateral development organizations administer most educational, social, and environment programs, and take into account the government's desire to protect the country's environment and cultural traditions. For example, the government, in its cautious expansion of the tourist sector, encourages visits by upscale, environmentally conscientious tourists. Complicated controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment. Bhutan’s largest export - hydropower to India - could spur sustainable growth in the coming years if Bhutan resolves chronic delays in construction. Bhutan currently taps only 5% of its 30,000-megawatt hydropower potential and is behind schedule in building 12 new hydropower dams with a combined capacity of 10,000 megawatts by 2020 in accordance with a deal signed in 2008 with India. The high volume of imported materials to build hydropower plants has expanded Bhutan's trade and current account deficits. However, Bhutan and India in April 2014 agreed to begin four additional hydropower projects, which would generate 2,120 megawatts in total. A declining GDP growth rate in each of the past three years in the absence of new hydropower facilities has constrained Bhutan’s ability to institute economic reforms. Bhutan inked a pact in December 2014 to expand duty-free trade with Bangladesh, the only trade partner with which Bhutan enjoys a surplus.

 

Source : CIA

 

 

Company name and address

 

M/s TASHI COMMERCIAL CORPORATION

P.O. Box. – 78, T. C. C. Complex Building

Phentsholing, Bhutan.

 

Telephone :       00975 5 252568

Fax         :         00975 5 252110

 

 

Company Summery

 

Year of Establishment   :           05.02.1980

 

Type of Concern           :           Partnership

 

Name of Director           :           (1)        Mr. Tasho T. Dorji

(2)           Mr. Kazi Dorji

(3)           Mr. Tashu Wangchuk Dorji

 

Bankers                        :           (1)        Bhutan Bank Ltd. Phuentsholing, Bhutan

                       

Auditors                        :           Dorgi and Co., Phuentsholing, Bhutan

 

Business                       :           They are engased electrical appliances, T.V. & Radio, Primary MAICS..   

Electricals and electronic appliance, television and radio set merchant wholeseller. Also construction and civil work.

 

 

No. of Staff                  :           2000 (Approximately)

 

Trade Terms                  :           Tatung company of America Inc

 

Digital product international U.S.A.

 

Brothers International Corp., U.S.A.

 

Financial                       :           Capital Investment  - Nu 30 crores

 

                                                Sales Turnover    2014 - Nu.58 crores                                        

 

Remarks                       :           Well established, respectable and reputed concern. Payments are reported to be

                                                correct and regular.

 

Payment terms              :           Purchase          -  L/C for 30 days ; Credit – 30 days

                                                Sales                -  L/C for 30 days ; Credit – 30 days

 

Supplier                        :           Digital Product International

                                                Brothers International Corp

                                                Tatung Company of America Inc.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Subir Pabar

Designation :

Manager

Contact No.:

0009755252246

Date :

24.08.2015

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.71

UK Pound

1

Rs.105.10

Euro

1

Rs.77.11

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

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

 

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

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

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

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.