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Report No. : |
341672 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ITALI ZAIRMAG LLC |
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Registered Office : |
Tariat Trade Building Bayangol District, 11th Khoroo Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers and distributors of confectionaries
especially Italian ice-cream. |
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No. of Employees : |
36 |
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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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 |
ITALI ZAIRMAG LLC (CORRECT)
ITALIZAIRMAG
XXK MR TUDEVDORJ
(REQUESTED)
Building :
Tariat Trade Building
Area :
Bayangol District, 11th Khoroo
Town :
Ulaanbaatar
Country :
Mongolia
Mobiles :
(976 99) 184 887 (Mr. Yogsol) / (976 91) 997 048 (Enkh
Bayaar) / (976 96) 442 552
/ (976 91) 184 887
E-Mail :
info@zairmag.mn / zairmagmn@yahoo.com
Website :
www.zairmag.mn
Trading Style : Gelato
Also Known As : Itali Zairmag Co.
Ltd / Itali Zairmag XXK
Name
Position
1. Mr. Yogsol General Manager
2. Enkh Bayaar Sales Supervisor
Total Employees : 36
No complaints have been heard
regarding payments from local suppliers or banks.
We consider it is acceptable to
deal with subject for SMALL amounts, however in view of the lack of financial
information we recommend international suppliers exercise a degree of caution.
Although it is normal accepted practice for international suppliers to deal on
secured terms with Mongolian importers.
Trade risk assessment : Normal
NAME
: TRADE AND DEVELOPMENT
BANK OF MONGOLIA
Branch
: Juulnchny Gudamj 7
Town
: Ulaanbaatar 210646
Telephone :
(976 11) 312 362 / 331 133
Fax
: (976 11) 325 449
Private companies in Mongolia are
not required to publish or disclose balance sheets. Balance sheets are not
available from other sources, and the subject interviewed declined to give any
financial information, which the company regards as strictly confidential.
Date Started : 2010
History : Subject was established in Ulaanbaatar in 2010.
Tax Card No. : 5362253 (issue date : 29 April 2011)
Capital : not given
Limited Liability Company with
the following director and shareholders :
Director
Mr. Yogsol
(Mongolian national)
Shareholders
1. T. Monkhzuul
(Mongolian national)
2. Undisclosed members.
* The
exact shareholding percentage was not disclosed.
The Company is involved in the following
activities :
Producers and distributors of
confectionaries especially Italian ice-cream.
NACE Code : 1052
Imports from Italy.
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
manufacturing unit and several branches located throughout Ulaanbaatar (see
‘Branch Office’ below).
Itali Zairmag LLC (Branch)
93 Toot, 5A Bair.
6R Bichel Horoolol, 12-R Khoroo,
Bayangol Duureg
Ulaanbaatar
You enquired on : “ITALIZAIRMAG
XXK MR TUDEVDORJ”. Please note that subject's correct registered name is as per
heading.
The address given by you : “93
Toot, 5A Bair. 6R Bichel Horoolol, 12-R Horoo, Bayangol Duureg” is misspelt and
applies to subject's branch office address. Please note that subject’s correct
administrative office address is as per heading.
Interviewed : Mr. Yogsol (General
Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
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UK Pound |
1 |
Rs.100.32 |
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Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.