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Report No. : |
331873 |
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Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MEKHLOPAT LLC |
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Registered Office : |
15-13, Bayangol District,
1st Khoroo, 2nd Sub District, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
31.08.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers,
wholesalers, retailers and distributors of the following :
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No. of Employees : |
25 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 emerged from the crisis with a stronger banking sector and needed reforms to the government’s fiscal management. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi (OT) mine, considered to be among the world's largest untapped copper-gold deposits. However, Mongolia's ongoing dispute with foreign investors developing Oyu Tolgoi has called into question the attractiveness of Mongolia as a destination for foreign investment. This caused a loss of investor confidence, a severe drop in FDI, and a slowing economy, leading to the dismissal of Prime Minister ALTANKHUYAG in November. The new government has made restoring investor trust and reviving the economy its top priority, but it will be challenged to unwind the monetary and fiscal stimulus programs in use since 2013 to counteract the fall in foreign investment. In December 2014 the government awarded a deal to develop the massive Tavan Tolgoi (TT) coal field to a consortium comprising Energy Resources/MCS (Mongolia), Shenhua (China), and Sumitomo (Japan); talks continue to hammer out the financing and the operating details. The economy grew more than 10% per year since 2010, largely on the strength of commodity exports to nearby countries and high government spending domestically, before slowing to 7.8% in 2014. Mongolia's economy 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 nearly 62% of Mongolia's total external trade - China receives some 90% of Mongolia's exports and supplies Mongolia with more than one-third of its imports. Mongolia has relied on Russia for energy supplies, leaving it vulnerable to price increases; in 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 |
Mekhlopat LLC
Building :
Grand Plaza Office Centre, Suite 801
Area :
Bayangol District, 2nd Khoroo
Town :
Ulaanbaatar 14253
Country :
Mongolia
Telephone :
(976 70) 124 648 / 125 524 / 114 648 / Mobiles (976 99)
098 427 / 069 648 / (976 88) 605 272
(Munktuul
Amartaivan) / (976 96) 001 102
Fax :
(976 70) 124 648 / 114 648 / 123 555
E-Mail :
info@mekhlopat.mn / munktuul@mekhlopat.mn /
mekhlopat@yandex.ru / amgalan@mekhlopat.mn
Website :
www.mekhlopat.mn
Also Known As : Mekhlopat XXK
Name Position
1. Baatarsuren J. Executive
Director
2. Ganbat Dulamsuren Chief
Executive Officer
3. Munkhtuul
Amartaivan Foreign Trade Manager
(on maternity leave)
4. Mrs. Munkhamglan Foreign
Trade Manager
5. Mr. Battsonmon Sales
Manager
6. Bilguun Checheg Financial Manager
7. Khashaa Ts Engineering
Total Employees : 25
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a member of
Namir Invest Group.
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
MEKHLOPAT LLC AWARDEDOT’S
BEST SUPPLIER FOR "SOCIAL RESPONSIBILITY PERFORMANCE"
On 2 May 2014
(www.mekhlopat.mn) : Mekhlopat LLC named as OyuTolgoi’s best supplier for social
responsibility. OyuTolgoi LLC recognized and celebrated the success of its best
Mongolian suppliers. The fifth Gobi Gem - Supplier Recognition Awards ceremony
took place at the National Opera and Ballet Theatre in Ulaanbaatar with
Mekhlopat LLC and other 8 companies named as OyuTolgoi’s best supplier.
Through its Corporate
Social Responsibility strategy, Mekhlopat LLC implemented a number of programs
in collaboration with the School of Mining Engineering, Municipal Authority for
Children, National Garden Park, Edu-relief NGO and Lotus Children Centre NGO.
We also provided student scholarships & internships in mining and
mechanical engineering fields and donated library and computer equipment to
Khyalganatsoum of Bulgan province of Mongolia. We also supported a program
producing eco-bags run by disabled people. Mekhlopat LLC sent sales and
technical employees to Holland, China and Australia to study.
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
Subject 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
Private companies in
Mongolia are not required to publish or disclose balance sheets. However, the
subject interviewed offered the following information :
Sales Turnover : TUGRIK 3,500,000,000 - 2010 -
exact
: TUGRIK 4,500,000,000 - 2011 - exact
: TUGRIK 5,500,000,000 - 2012 – exact
: TUGRIK 5,400,000,000 - 2013 – exact
: TUGRIK 4,500,000,000 - 2014 – approx *
Net Profit :
TUGRIK 500,000,000 - 2010 - exact
: TUGRIK
700,000,000 - 2011 – exact
: not given - 2012/2014
* Decrease in sales turnover in 2014 was due to unfavorable market
conditions.
Financial year ends 31
December.
Date Started : 31 August
2003
History :
Subject was established in Ulaanbaatar on 31 August 2003, however origins of
subject's business activities can be
traced back to 2002.
C.R. No. :
9011074115 (issue date : 16 June 2006)
Tax No. : 2682354
Authorised Capital : TUGRIK 4,500,000,000
Paid-Up Capital : TUGRIK 4,500,000,000
Limited Liability Company with
the following sole shareholder :
Baatarsuren J. 100%
(Mongolian national)
Affiliated companies of the
Mekhlopat LLC :
Associates
Subject is a member of
Namir Invest Group of companies, Mongolia, which also includes the following
companies :
1. Namir Invest LLC
Grand Plaza Office Centre, Office 807-809,
2nd Khoroo
Bayangol District
Ulaanbaatar 210628
Telephone: (976 70) 125 524 / 125 524
Fax
: (976 70) 123 555
E-Mail
: naming@yandex.ru / enkhzul@namir.mn
Website
: www.namir.mn
Managing Director: Baatarsuren J.
Est.: 12 August 2002
2. Amore international LLC
Grand Plaza Office Centre, Office 1406, 2nd
Khoroo
Bayangol District
Ulaanbaatar 210628
Telephone: (976 70) 127 535
Fax
: (976 70) 137 535
3. Namir LLC
(Zippo Mongolia)
Maxmall Supermarket, 1st Floor
Baruun Road 4
Ulaanbaatar
Telephone: (976 50) 888 866
4. Montermo LLC
Ulaanbaatar
5. Reduktor LLC
1st Service Centre, 1st Horoolol,
Songinokhairkhan District,
Ulaanbaatar
Telephone: (976 70) 125 524
Fax
: (976 70) 123 555
The Company is involved in
the following activities :
Trading as importers,
wholesalers, retailers and distributors of the following :
- Equipment and spare parts
for mining machineries;
- Excavators;
- Dump trucks;
- GET tools;
- Steel wire ropes,
industrial and high voltage mining cables;
- Hose reels;
- Tire protection chains;
- Underground mining cable tray
systems;
- Heavy duty vehicle
washing systems;
- Drilling tools;
- OTR tires;
- Underground mining
ventilation systems.
Subject provides
procurement services to meet specific needs and requirements of clients also
provides sourcing, assembling, installation and complete range of sales after
services.
Subject’s main brands
include :
- Eurotire;
- Hensley Industries;
- MMK Metiz;
- AmerCable;
- Pewag Chains;
- InterClean Equipment Inc.
Subject’s main services include :
- Supply, assembly and service of mining equipment’s;
- On-demand procurement and sourcing of mining equipment’s and
spare
parts;
- Supply, installation and
service of spare parts and related
Components;
- Full range of after-sales services and support;
- Training for assembly, installation and service of spare parts
and
mining consumables;
- Product procurement, selection and purchasing planning services;
- Warehouse leasing and product storage services.
Subject is ISO 9001:2008
certified.
NACE Codes : 3312 / 3320 /
4663 / 4614 / 4662
Imports from Europe,
Ukraine, Romania, Russia, Germany, China, South Korea, USA, India and Canada.
Subject does not export,
all sales are domestic.
The Company has the
following facilities :
Owned premises comprising
administrative offices located at the heading address as well as owned retail
outlet and storage facilities located near Power Plant, Bayangol District,
Ulaanbaatar.
Subject previously had
storage facilities located at :
Near TETS-4
20th Khoroo
Bayangol District
Ulaabaatar
15-13, Bayangol District,
1st Khoroo, 2nd Sub district
Ulaanbaatar
Telephone: (976 11) 367 512
/ Mobile (976 99) 097 959
Fax : (976 11) 319 155
The address given by you : “15-13,
Bayangol District, 1st Khoroo, 2nd Sub district” applies to subject’s registered office
address. Please note that subject’s correct administrative office address is as
per heading.
Interviewed : Mrs.
Munkhamglan (Foreign Trade Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.89 |
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UK Pound |
1 |
Rs.99.10 |
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Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
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.