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Report No. : |
348000 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BAYASAKH FOOD LLC |
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Registered Office : |
Bayasakh
Group Building No. 308, Namyanju Street, Bayanzurkh District, 14, Khoroo,
Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processors of foodstuff. |
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No. of Employees : |
Not Available |
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 Limits : |
Tugrik
40,000,000 |
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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 – March 31, 2015
|
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 |
CO. NAME : Bayasakh
Food LLC (Correct)
BAYASAKH
KHUNT CO LTD (Requested)
Building :
Bayasakh Group Building No. 308
Street :
Namyanju Street
Area :
Bayanzurkh District, 14 Khoroo
Town :
Ulaanbaatar
Country :
Mongolia
Telephone :
(976 70) 001 010 / Mobiles (976 99) 908 274 (Saugaa
Lkhavga) / (976 88) 047 292
Fax :
(976 11) 462 227
E-Mail :
foods@bayasakh.mn / info@bayasakh.mn /
manager@bayasakh.mn
Website :
www.bayasakh.mn
Trading Style : Bagro
Also Known As : Bayasakh Food XXK
/ Bayasakh Food Co. Ltd / Bayasakh
Khunt Co Ltd
Name
Position
1. Densmaa Batbold Group Managing
Director
2. Densmaa Enkhbold General Manager
(brother of the above)
3. Saugaa Lkhavga (Mrs) Foreign Relations Manager
Total Employees : 180 (subject)
400 plus (group)
No complaints have been heard regarding
payments from local suppliers or banks.
Subject is a subsidiary of
Bayasakh Trade Co LTD which is the flagship company of Bayasakh Group which is
one of the top economic entities in Mongolia, Bayasakh Group is a wholly owned
local company doing business in foreign and domestic trade, food manufacturing,
crop farming, construction materials sales, production, and construction. The
group employs more than 400 people.
Association inspires confidence
and 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 40,000,000
Trade risk assessment : Normal
NAME :
TRADE AND DEVELOPMENT BANK OF MONGOLIA
Branch :
Khudaldaany gudamj-7
Town :
Ulaanbaatar-11
Telephone : (976 11) 321 171
Fax :
(976 11) 325 449
Subject also has an account with the
following banks :
1. Golomt Bank of Mongolia
Main
Branch
Bodi Tower, Sukhbaatar Square
Ulaanbaatar
Telephone : (976 11) 311 530
Fax : (976 11) 312 307
2. Khan Bank of Mongolia
Peace Avenue
P.O Box-185
Ulaanbaatar
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 :
TUGRIK 2,000,000,000 - 2014 - exact
Net Profit :
not given but stated to be profitable
Financial year ends 31 December.
The following financial
information applies to Bayasakh Trade Co LTD, subject’s parent company :
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 Bayasakh Atlas LLC, subject’s affiliate company :
Sales Turnover :
TUGRIK 2,855,773,611 – 2013 - exact
: TUGRIK 3,769,765,856 – 2014 - exact
: TUGRIK 4,765,243,500 – 2015 - projected
Net Profit :
TUGRIK 1,247,401,187 – 2013 - exact
:
TUGRIK 1,221,774,123 – 2014 - exact
: TUGRIK 1,244,450,900 - 2015 - projected
Financial year ends 31 December.
Date Started : 2008
History : Subject was established in Ulaanbaatar in 2008.
Tax No. : 5279186 (issue date : 7 April 2010)
Capital : not given
Limited Liability Company with
the following sole shareholder :
Bayasakh Trade Co LTD 100%
Bayasakh Group Building
Namyanju Street
Bayanzurkh District, 14 Khoroo
P.O. Box 44
Ulaanbaatar 13370
Telephone: (976 70) 001 010 / (976 11) 462 226 /
Mobiles (976 99)
114 857 / 143 367
Fax :
(976 11) 462 227
E-Mail :
bayasakh@bayasakh.mn / nomindari@bayasakh.mn /
info@bayasakh.mn / battsetseg@bayasakh.mn
Tax Card No. : 2570394
Shareholder :
Densmaa Batbold 100%
(Mongolian national)
Affiliated companies of the
Bayasakh Food LLC :
Associates
Subject is a subsidiary of the Bayasakh Group of
companies, Mongolia, which also includes the following companies :
1. Bayasakh Atlas Co., Ltd
Bayasakh Group Building
Namyanju Street
Bayanzurkh District, 14 Khoroo
P.O. Box 44
Ulaanbaatar
Tax No. : 5152925
2. Bayasakh
Urguu Co., Ltd
Ulaanbaatar
Retail Sales through Supermarkets
3. Bayasakh Building
Ulaanbaatar
Investment, construction
4. Naran Zug Co., Ltd
Ulaanbaatar
Agriculture
5. Bayasakh Standard Co., Ltd
Ulaanbaatar
Food Manufacturing
The Company is involved in the
following activities :
Processors of foodstuff.
Subject’s processing capacity of
23.0 thousand tons of fruits and vegetables per annum.
NACE Code : 1039
Imports fruits and vegetables from
India, Poland and Czech Republic.
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 a
manufacturing unit and storage facilities located elsewhere in Ulaanbaatar (see
'Branch Office' below).
Manufacturing Unit
B’Agro Food Complex
Khan Uul District
Ulaanbaatar
Telephone: (976 11) 480 226
Fax : (976 11) 462 227
You enquired on : “BAYASAKH KHUNT
CO LTD”. Please note that subject’s also known by this name. Subject’s correct
registered name is as per heading.
Interviewed : Saugaa Lkhavga
(Foreign Relations Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.35 |
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UK Pound |
1 |
Rs.100.28 |
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Euro |
1 |
Rs.71.30 |
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.