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Report No. : |
348232 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BAYASAKH ATLAS LLC |
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Registered Office : |
Bayasakh Group
Building No. 308, Office No. 31, Namyanju Street, Bayanzurkh, District, 14
Khoroo, Ulaanbaatar 210644 |
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Country : |
Mongolia |
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Date of Incorporation : |
May 2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and
retailers of all kinds of building materials including interior and exterior
decoration materials, insulation materials, sanitary ware, ceramic tiles |
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No. of Employees : |
25 (subject) 400 plus (group) |
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 Limits : |
Tugrik 75,400,000 |
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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 – 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 |
Bayasakh
Atlas LLC
Building
: Bayasakh Group Building
No. 308, Office No. 31
Street
: Namyanju Street
Area
: Bayanzurkh District, 14
Khoroo
Town
: Ulaanbaatar 210644
Country
: Mongolia
Telephone
: (976 70) 152 226 / Mobile
(976 88) 114 857 (Bat-Erdene
Ganjorjo)
Fax
: (976 11) 462 226
E-Mail
: construction@bayasakh.mn
Website
: www.bayasakh.mn
Also Known As : Bayasakh Atlas Co. Ltd / Bayasakh Atlas XXK
Name Position
1. Bat-Erdene Ganjorjo Managing Director
2. O. Mandakhzul Administrator
Total Employees : 25 (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.
Associations inspire 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 75,400,000
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
Private companies in Mongolia are not
required to publish or
disclose balance sheets. However, the subject
interviewed offered
the following information :
Sales Turnover :
TUGRIK 2,855,773,611 – 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.
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 Food LLC, subject’s affiliated company :
Sales Turnover :
TUGRIK 2,000,000,000 - 2014 - exact
Net Profit :
not given but stated to be profitable
Financial year ends 31 December.
Date Started :
May 2007
History :
Subject was established in Ulaanbaatar in May 2007.
Tax No. :
5152925
Authorised Capital : TUGRIK 15,000,000
Paid-Up Capital : TUGRIK 15,000,000
Limited Liability Company with the following
director and sole shareholder :
Director
Bat-Erdene Ganjorjo
(Mongolian national)
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 Bayasakh Atlas LLC :
Associates
Subject is a subsidiary of the Bayasakh
Group of companies, Mongolia, which also includes the
following companies :
1. Bayasakh Food LLC
Bayasakh Group Building
Namyanju Street
Bayanzurkh District, 14 Khoroo
Ulaanbaatar
Tax
No. : 5279186
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 :
Trading as importers, wholesalers and retailers
of all kinds of building materials including interior and exterior decoration
materials, insulation materials, sanitary ware, ceramic tiles.
Subject’s main products include :
- ATLAS Insulation system products :
- Dry
adhesive products;
- Paints;
-
Mineral and acrylic type thin-coat render.
- Hand tools KUBALA.
NACE Code: 4613
Imports from Poland.
Subject does not
export, all sales are domestic.
The Company has the following facilities :
Owned premises comprising administrative
offices, a showroom and storage facilities located at the heading address.
The address given by you : “Bayasakh Trade LLC Buil,
Namyanjuu Str Bayanzurkh 14, 210644 Ulanbator” is misspelt. Please note that
the correct spelling is as per heading.
Interviewed : Bat-Erdene Ganjorjo (Managing
Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
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UK Pound |
1 |
Rs.100.55 |
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Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.