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Report No. : |
321805 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
EURO ELECTRONICS CO LTD |
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Registered Office : |
DB Building, 2nd Floor, Uildverchnii Evleliin Street, 43-1, Songinokhairhan District, 18th Khoroo, 21 Khoroolol, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
17.04.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers of
electrical household appliances. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
TUGRIK 60,000,000 |
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Status : |
Satisfactory |
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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 (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 has largely emerged from the crisis. 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 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 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 |
EURO ELECTRONICS CO
LTD
Building : DB Building, 2nd Floor
Street : Uildverchnii Evleliin Street, 43-1
Area : Songinokhairhan District, 18th Khoroo, 21 Khoroolol
Town : Ulaanbaatar
Country : Mongolia
Telephone: (976 77) 008 080 / Mobiles (976 88) 109 797 / (976 99) 015
216 / (976 88) 037 776 / (976 91) 111 040 (Bat Bold) /
(976 88) 078 877 / (976 99) 173 209
Fax : (976 70) 003 939
E-Mail : batbold@doloonbolog.mn
Also Known As : Euro Electronics LLC / Euro Electronics ХХК
Name Position
1. Ganbaatar Sandan Chairman
2. Ganbat Sandan Chief Executive Officer
(brother of the above)
3. Bat Bold General Manager
Total Employees : 30 (subject)
220 (subject and its affiliated company)
No complaints have been heard regarding payments from local suppliers or banks.
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.
Opinion on maximum credit : TUGRIK 60,000,000
Trade risk assessment: Normal
NAME : GOLOMT BANK OF MONGOLIA
Branch : Bodi Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
Account No.: 1801228211
The company also has an account with the following banks :
1. Khan Bank
Sukhbaatar District
Ulaanbaatar 14200
Telephone: (976 11) 318 185
Fax : (976 11) 328 701
Account No.: 5040003745
2. Trade and Development Bank Mongolia Ltd
Juulnchny Gudamj 7
Ulaanbaatar 210646
Telephone: (976 11) 312 362 / 331 133
Fax : (976 11) 325 449
Account No.: 499184286
Private companies in Mongolia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :
Sales Turnover : TUGRIK 3,000,000,000 – 2014 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
The following financial information applies to Doloon Boldog LLC (latest available) :
Sales Turnover : EURO 5,944,096 - 2011 - exact
Net Profit : EURO 1,921,030 - 2011 - exact
Financial year ends 31 December.
Date Started : 17 April 2006
History : Subject was established in Ulaanbaatar on 17 April 2006.
C.R. No. : 9011041093
Tax No.: 5056683 (issue date : 15 February 2007)
Capital : not given
Limited Liability Company with the following directors and shareholders :
Directors
1. Ganbaatar Sandan
(Mongolian national)
2. Ganbat Sandan
(brother of the above)
Shareholders Percentage
1. Ganbaatar Sandan 70%
(Mongolian national)
2. Chavkhlan Bold 30%
(Mongolian national)
Affiliated company of the Euro Electronics Co Ltd :
Associate
Doloon Boldog LLC
Uildverchnii Evleliin Street 43-1
Songinokhairkhan District, 18th Khoroo, 21 Khoroolol
Ulaanbaatar
Telephone: (976 11) 636 464
Fax : (976 11) 636 464
Tax No.: 2819449
Capital : TUGRIK 51,000,000
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of electrical household appliances.
Subject's main brands are Hansa, Тека, Gorenje and Elon.
NACE Codes : 4643 / 4754
Imports from Spain, Slovenia, Poland and China.
Subject does not export, all sales are domestic.
The Company has the following facilities :
Rented premises comprising administrative offices located at the heading address as well as 4 retail outlets located elsewhere in Ulaanbaatar (see 'Branch Offices' below).
Bayanzurkh District
Ulaanbaatar
1. Germes Center, 2 Vavh, 15th Pavilion
10th Khoroolol, 4th Khoroo
Ulaanbaatar
Mobile: (976 88) 067 790 / (976 88) 097 747
2. Amarsanaagiyn gud, 4th Khoroolol
17th Khoroo
Ulaanbaatar
Mobile: (976 88) 079 077
3. Kitchen all delguur
Chingis Avenue
2nd Khoroo
Ulaanbaatar
Mobile: (976 88) 065 077
4. Misheel Ekspo
Chingis Avenue
2nd Khoroo
Ulaanbaatar
Mobile: (976 88) 064 077
The address given by you : DB Building, 2nd Fl Uildverchini Evel Street No 43 Ulaanbaatar Songino Khairkah District 18th Khoroo is misspelt. Please note that the correct spelling is as per heading.
Interviewed : Bat Bold (General Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
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|
1 |
Rs.99.86 |
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Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.