|
Report No. : |
304501 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEM NET LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
05.08.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Providers of national and local information and communication
networks. Subject's main services are as follows : - International Transit Service; - Internet Wholesale; - Channel Rent. |
|
|
|
|
No. of Employee : |
90 Plus |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Mongolia |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
GEM NET LLC (CORRECT)
GAMNET (Requested)
Street : Teeverchnii Street 2
Area : Bayangol District
1st Khoroo
P.O. Box No.: 39
Town : Ulaanbaatar 210535
Country : Mongolia
Telephone : (976 21) 250 044 /
250 033 / Mobiles (976 93) 110 022
(Tsedendamba Baterdene) / (976 93) 110 012 /
(976 93)
110 088
Fax : (976 21) 250 044
E-Mail : tsbaterdene@gemnet.mn
/ oyunbat@gemnet.mn /
mungunzul@gemnet.mn
/ delgersaikhan@gemnet.mn /
rentsenkhand@gemnet.mn
/ batbileg@gemnet.mn /
dorjkhand@gemnet.mn
/ mungunzul@gemnet.mn
Website : www.gemnet.mn
Also Known As : Gemnet LLC
Name Position
1. Tsedendamba Baterdene Managing Director
2. Mungunzul Olziibayar Marketing Manager
Total Employees : 90 plus
No complaints have been heard regarding payments from local suppliers or
banks.
We consider it is acceptable to deal with subject for SMALL 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 : MNT 110,000,000 (higher amounts may be
considered with full
fiscal disclosure)
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
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 : 5 August 2008
History : Subject was established in Ulaanbaatar on 5 August 2008.
C.R. No.: 5274478 (issue date : 29 October 2009)
Communication network license No: 626/A1/ICN 04
Capital : not given
Limited Liability Company with the following director and shareholders :
Director
Tsedendamba Baterdene
(Mongolian national)
Shareholders
1. Tsedendamba Baterdene
(Mongolian national)
2. Other undisclosed members.
* The exact shareholding percentage was not
disclosed.
The Company is involved in the following activities :
Providers of national and local information and communication networks.
Subject's main services are as follows :
- International Transit Service;
- Internet Wholesale;
- Channel Rent.
Subject's main partners with the following :
- TransTelecom of Russian Federation;
- Megaphone Cinterra;
- China Telecom of China;
- Level3;
- Global Crossing;
- Interoute Companies of USA.
NACE Code : 6399
Imports from China and Russia.
Subject only sells locally and does not engage in re-export business.
The Company has the following facilities :
Premises comprising administrative offices, a retail outlet, a
manufacturing unit and storage facilities located at the heading address.
You enquired on : “GAMNET”. Please note that subject's correct
registered name is as per heading.
The address given by you : Mongolia 16052 is incorrect. Please note that subject’s correct administrative office
address is as per heading.
Interviewed : Tsedendamba Baterdene (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.