MIRA INFORM REPORT
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Report No. : |
308301 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TTEM LLC |
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Formerly Known As : |
TTEM Co Ltd / TTEM XXK |
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Registered Office : |
Khanburgedei Trading Centre Zamchid Street 3 Bayangol District, 4th Khoroo Ulaanbaatar 210535 |
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Country : |
Mongolia |
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Date of Incorporation : |
2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and distributors
of household appliances and cosmetics. |
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No. of Employee : |
15 |
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 – 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
.
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 |
Company name
TTEM LLC
ADDRESS
Building : Khanburgedei Trading Centre
Street : Zamchid Street 3
Area : Bayangol District, 4th Khoroo
Town : Ulaanbaatar 210535
Country
: Mongolia
Telephone : (976 11) 367 054 / Mobile (976 99)
113 323 (Enkhzul Sandagdorj)
Fax : (976 11) 366 856
E-Mail :
enkhzul@khanburgedei.mn
Also Known As
TTEM
Co Ltd / TTEM XXK
SENIOR COMPANY PERSONNEL
Name Position
Enkhzul
Sandagdorj (Mrs) Chief
Executive Officer
Total
Employees : 15 (subject)
280 (parent and its affiliate)
PAYMENTS
No
complaints have been heard regarding payments from local suppliers or banks.
Subject
is a subsidiary of Khanburgedei LLC, Mongolia, The parent company employs more
than 280 people.
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
PRINCIPAL BANKERS
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 :
Golomt
Bank of Mongolia
Main
Branch
Bodi
Tower, Sukhbaatar Square
Ulaanbaatar
Telephone : (976 11) 311 530
Fax :
(976 11) 312 307
FINANCIAL INFORMATION
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
3,000,000 - 2014 - exact
: US DLRS 4,000,000 - 2015 - projected
Net Profit : not
given but stated to be profitable
Financial year ends 31 December.
The
following financial information applies to subject’s parent company :
Sales
Turnover : US DLRS 5,000,000 - 2008 - approx
: US DLRS 6,000,000 - 2009 - approx
: not
given - 2010
: TUGRIK
17,500,000,000 - 2011 - exact
: TUGRIK 22,114,000,000 - 2012 – exact
: TUGRIK 28,500,000,000 - 2013 – exact
: TUGRIK
31,000,000,000 - 2014 – projected
Net
Profit : TUGRIK
4,800,000,000 - 2012 - exact
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 2011
History
: Subject was established in Ulaanbaatar in 2011.
Capital
: not given
Limited
Liability Company with the following director and sole shareholder :
Director
Enkhzul
Sandagdorj (Mrs)
Shareholder
Khanburgedei
LLC 100%
Khanburgedei
Trading Centre
Zamchid
Street 3
Bayangol
District, 2nd Khoroolol
P.O.
Box : 47; UB-35
Ulaanbaatar
210535
Telephone : (976 11) 367 054 / 361
959 / Mobile (976 99) 116 156 /
(976 99) 113 323 (Enkhzul Sandagdorj) / (976
99) 156 583 /
(976
88) 706 655 / (976 55) 253 075
Fax : (976 11) 366 856
E-Mail :
khanburgedei@mobinet.mn
/ info@khanburgedei.mn
/
Website :
www.khanburgedei.mn
C.R.
No. : 9011029067
Tax
No. : 2086271
Sole
Shareholder : Jambal
Sandagdorj
Affiliated
company of Khanburgedei LLC :
Associate
Dagina-Ekh
Co Ltd
Khanburgedei
trade center
Bayangol_district,
2 khoroolol, 4 khoroo,
Ulaanbaatar
Telephone : (976 11) 361 959
Fax : (976 11) 366 856
Est. : 1996-10-01
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers, wholesalers and distributors of household appliances and
cosmetics.
NACE
Codes: 4645 / 4649
Imports
from Italy, Germany, UK and Sri Lanka.
Subject
does not export, all sales are domestic.
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices and storage facilities located at
the heading address as well as a branch office located elsewhere in Ulaanbaatar.
REGISTERED OFFICE
Khairkhnii
68-4
25th
Khoroo
Ulaanbaatar
SPECIAL NOTES
The
address given by you: Khairkhnii 68-4, 25th Khoroo, Ulaanbaatar applies to the
subject’s registered address. Please note that the correct address is as per heading.
Interviewed
: Enkhzul Sandagdorj (Chief Executive Officer).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.79 |
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1 |
Rs.95.42 |
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Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ANK |
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.