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Report No. : |
310713 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
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Name : |
TENGER CO LTD |
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Registered Office : |
Auto-28, Bayanzurkh District, 8-Khoroolol, 120, PO-51, |
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Country : |
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Date of Incorporation : |
10.06.1990 |
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Com. Reg. No.: |
2040271 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, exporters and wholesalers of confectionery items, vegetables, coffee, jam, canned food and household items. |
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No of Employees : |
Not Available |
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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Maximum Credit Limit : |
Tugrik 140,000,000 |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Tenger Co Ltd
Area : Auto-28, Bayanzurkh
District, 8-Khoroolol
P.O. Box No. :
120, PO-51
Town : Ulaanbaatar 211051
Country : Mongolia
Telephone : (976 11) 452 660 / 451 942
Fax : (976 11) 450 334
E-Mail : trade@tenger-group.mn
Website :
www.tenger.mn / www.tenger-group.mn
Shortform Name :
"Tenger"
Also Known As :
Tenger XXK / Tenger LLC
Formerly Known As : Tenger Trade Co Ltd
Name Position
1. Tumurbaatar Magsarjaw President
2. Enkhbaatar Magsarjaw Vice
President
(brother of the
above)
3. Liidaa Magsarjaw General
Manager
(sister of the
above)
Total Employees : 120
No complaints have been heard regarding payments from local
suppliers or banks.
Subject is a well-established company, operating since 1990.
We consider it is acceptable to deal with subject for MEDIUM
amounts, although it is normal accepted practice for international suppliers to
deal on secured terms with Mongolian importers.
Opinion on maximum credit : TUGRIK 140,000,000
Trade risk assessment : Normal
NAME : TRADE AND DEVELOPMENT
BANK OF MONGOLIA
Branch : 7-11 Khudaldaany Gudamj
Town : Ulaanbaatar
Telephone :
(11) 321171
Fax : (11) 325449
Subject also has an account with the following banks :
1. Golomt Bank of Mongolia
4th Floor,
Sukhbaatar Square 3
P.O. Box 11
Ulaanbaatar 210620A
Telephone: (976 11)
311 530 / 311 971
Fax : (976 11) 311 958 / 312 307
2. Khan Bank Of Mongolia
Peace Avenue
P.O. Box 185
Ulaanbaatar-51
Telephone: (976 11) 457 880
Fax : (976 11) 457 880
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 4,000,000 - 2013 -
exact
: US DLRS
3,500,000 - 2014 - exact
Net Profit
: not given but stated to
be profitable
Financial year ends 31 December.
The following financial information applies to subject and
its subsidiary company, Baatrund Tenger Co Ltd (latest available):
Sales Turnover : US DLRS 6,000,000 - 2004 - exact
: US DLRS 6,000,000 - 2005 - exact
: US DLRS 8,000,000 - 2006 - exact
: US DLRS 9,500,000 - 2007 - exact
: US DLRS 7,400,000 - 2008 - exact
:
US DLRS 5,300,000 - 2009 - exact
: US DLRS 9,000,000 - 2010 - exact
Net Profit : US DLRS 2,000,000 - 2006 - exact
: US DLRS 2,400,000 - 2007 - exact
: US DLRS 2,500,000 - 2008 - exact
Financial year ends 31 December.
Date Started :
10 June 1990
History : The subject was
established in Ulaanbaatar on 10 June 1990 under the name Tenger Trade Co Ltd.
On 24 April
1996, subject acquired the present style.
C.R. No. :
2040271 (issue date : 07/01/1998)
Authorised Capital :
US DLRS 5,000,000
Paid up Capital :
US DLRS 2,500,000 (increased from US DLRS 1,000,000)
Limited Liability Company with the following sole
shareholder :
Tumurbaatar Maksarjal 100%
(Mongolian national)
Affiliated companies of Tenger Co Ltd :
Associates
1. Baatrund Tenger Co Ltd
Auto-28, Bayanzurkh
District, 8-Khoroolol
P.O. Box 120, PO-51
Ulaanbaatar 211051
Mongolia
Telephone: (976 77)
008 080
Fax : (976 11) 450 334 / 633 737
(exporters of horse
meat and lamb to European Union)
2. Tenger Plaza LLC
Ulaanbaatar
3. Tenger Tour LLC
Ulaanbaatar
4. Darkhan Makh Foods LLC
Ulaanbaatar
The Company is involved in the following activities :
Trading as importers, exporters and wholesalers of
confectionery items, vegetables, coffee, jam, canned food and household items.
Principal overseas suppliers :
- PASTA-ZARA-Via Castellana
Italy;
- Rosman
The Netherland
- Lesieur;
France
- Jutrzenka S.A.
Poland;
- Urbani Mishko
Poland.
NACE Cods : 4617 / 4632
Imports from China, The Netherlands, France, Italy, Poland,
Turkey, Russia, Bulgaria, Hungary, Hong Kong, Taiwan, Ukraine, Brazil, Argentina,
Pakistan, Latvia, Sri-Lanka, Ukraine and Vietnam.
Exports beef and horse meat to Russia.
The Company has the following facilities :
Owned office premises (900 sq. m.), a wholesale outlet
(1,512 sq. m.) and storage facilities(1,200 sq. m.) located at the heading
address. Subject shares premises with its affiliated company, Baatrund Tenger
Co Ltd.
Interviewed : Liidaa Maksarjal
(General Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.74 |
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1 |
Rs. 94.60 |
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Euro |
1 |
Rs. 67.09 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.