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Report No. : |
350833 |
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Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
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Name : |
PL EURO KHUNS CO. LTD. |
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Registered Office : |
Building No. 19, Office No. 39, Bayangol District, 4th Khoroo,
Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
October 2015 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as Importers, Wholesalers and Retailers of Fruits and
Vegetables. |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 : PL EURO
KHUNS CO. LTD. (CORRECT)
EURO KHUNS CO LTD (REQUESTED)
Building : Building No. 19, Office No. 39
Area : Bayangol District, 4th Khoroo
Town : Ulaanbaatar
Country : Mongolia
Mobiles : (976 94) 997 979 (Davaa Derj) /
(976 99) 720 567 / (976
99) 174 604
E-Mail : foods_pl@yahoo.com
Also Known As : PL Eurokhuns Co. Ltd. / PL Eurokhuns
LLC
Name Position
Davaa Derj
Managing Director
Total Employees : 13
No trade experience of payments is available.
Subject is a newly established company incorporated in October 2015.
Opinion on maximum credit : As the company has recently commenced
trading and has no financial or
payment track record, we recommend
dealing on fully secured terms
Trade risk assessment : High (see above comments)
It is normal accepted practice for international suppliers to deal on
secured terms with Mongolian importers.
NAME : GOLOMT BANK OF MONGOLIA
Branch : Bodi Tower, Sukhbaatar Square
Town : Ulaanbaatar
Telephone: (976 11) 311 530
Fax : (976 11) 312 307
As the Subject has only recently commenced trading, relevant financial
information is not available.
Date Started : October
2015
History : Subject
was established in Ulaanbaatar in October 2015.
Tax No. : 5754615
Capital : Not
Given
Limited Liability Company with the following director and shareholders:
Davaa Derj
(Mongolian national)
Shareholders Percentage
1. Davaa Derj
50%
(Mongolian national)
2. Jovoo Munkh
50%
(Mongolian national)
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of fruits and
vegetables.
NACE Codes : 4631 / 4721
Imports from Poland.
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 a retail shop located in Bayanzurkh District in Ulaanbaatar.
You enquired on : “EURO KHUNS CO LTD”. Please note that subject's
correct registered name is as per heading.
The address given by you : “Bayangol Duureg, 4-R Khoroo 19-39, Ulan
Bator” is misspelt. Please note that the correct spelling is as per heading.
Interviewed : Davaa Derj (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.55 |
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|
1 |
Rs.100.64 |
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Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
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.