|
|
|
MIRA INFORM REPORT
|
Report No. : |
501946 |
|
Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
BAIGAL
HOUSE LLC |
|
|
|
|
Registered Office : |
Shangrila Mall, Flat No. 1208,19A-C Olympic Street, Sukhbaatar District, 1st Khoroo, Ulaanbaatar |
|
|
|
|
Country : |
Mongolia |
|
|
|
|
Year of Establishment : |
2014 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Trading as retailers of jewelry. · Retail sale of watches and jewellery in specialised stores |
|
|
|
|
No. of Employees : |
4 (Administrative Staff) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Mongolia |
B2 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MONGOLIA - ECONOMIC OVERVIEW
Foreign direct investment in Mongolia's extractive industries – which are based on extensive deposits of copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten - has transformed Mongolia's landlocked economy from its traditional dependence on herding and agriculture. Exports now account for more than 40% of GDP. Mongolia depends on China for more than 60% of its external trade - China receives some 90% of Mongolia's exports and supplies Mongolia with more than one-third of its imports. Mongolia also relies on Russia for 90% of its energy supplies, leaving it vulnerable to price increases. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
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 WTO 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 by the global financial crisis and Mongolia's real economy contracted 1.3% in 2009. In early 2009, the IMF reached a $236 million Stand-by Arrangement with Mongolia and it emerged from the crisis with a stronger banking sector and better fiscal management. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi (OT) mine, among the world's largest untapped copper-gold deposits. However, a dispute with foreign investors developing OT called into question the attractiveness of Mongolia as a destination for foreign investment. This caused a severe drop in FDI, and a slowing economy, leading to the dismissal of Prime Minister Norovyn ALTANKHUYAG in November 2014. The economy had grown more than 10% per year between 2011 and 2013 - largely on the strength of commodity exports and high government spending - before slowing to 7.8% in 2014, and falling to the 2% level in 2015. Growth rebounded from a brief 1.6% contraction in the third quarter of 2016 to 5.8% during the first three quarters of 2017, largely due to rising commodity prices.
The May 2015 agreement with Rio Tinto to restart the OT mine and the subsequent $4.4 billion finance package signing in December 2015 stemmed the loss of investor confidence. The current government has made restoring investor trust and reviving the economy its top priority, but has failed to invigorate the economy in the face of the large drop-off in foreign direct investment, mounting external debt, and a sizeable budget deficit. Mongolia secured a $5.5 billion financial assistance package from the IMF and a host of international creditors in May 2017, which is expected to improve Mongolia’s long-term fiscal and economic stability as long as Ulaanbaatar can advance the agreement’s difficult contingent reforms, such as consolidating the government’s off-balance sheet liabilities and rehabilitating the Mongolian banking sector.
|
Source
: CIA |
Company NAME
BAIGAL HOUSE LLC
ADDRESS
Building : Shangrila Mall, Flat No. 1208
Street : 19A-C Olympic Street
Area :
Sukhbaatar District, 1st Khoroo
Town :
Ulaanbaatar
Country : Mongolia
Telephone :
(976 77) 225 566 /
Mobiles : (976 99) 116 698 (O. Baigal) /
(976 88) 119 688 (Mrs. Oyoungerel) / (976 99) 025 123 / (976 89) 008 460 / (976
99) 107 780 / (976 99) 887 233
E-Mail :
baigal0430@gmail.com / info@baigalhouse.com / oyungerel@goyoljewelry.mn
/ mongolia@baigalhouse.com /
Website :
www.baigalhouse.com
Trading
Style : Baigal Jewelry
SENIOR
COMPANY PERSONNEL
Name Position
1. O.
Baigal Managing Director
2. Mrs.
Oyoungerel Executive Manager
Total Employees: 4 (Administrative
Staff)
PAYMENTS
Current
trade experience of payments has not been traced.
Subject
declined to give any financial, general background or antecedent information or
to reveal the extent of the company’s operation.
Information
in this report was obtained from third party sources.
Opinion
on maximum credit : We have insufficient basis on which to speak for unsecured
credit and recommend international suppliers deal cash or pre- paid basis.
Trade
risk assessment : High
PRINCIPAL
BANKER
NAME : KHAN BANK OF MONGOLIA
Branch : Peace Avenue
PO
Box : 185
Town : Ulaanbaatar
Telephone:
(976 11) 457 880
Fax : (976 11) 457 880
FINANCIAL
INFORMATION
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.
LEGAL
STATUS AND HISTORY
Date
Started : 2014
History :
Subject was established in Ulaanbaatar in 2014.
Capital :
not given
Limited
Liability Company with the following shareholders :
1. O.
Baigal
(Mongolian national)
2.
Undisclosed members
*The exact
shareholding percentage was not disclosed.
Personal
profile on O. Baigal :
O. Baigal
wife of the Mongolian Former Prime Minister Saikhanbileg Chimed.
Affiliated
company of the Baigal House LLC :
Associate
Baigal
Beauty LLC
Orgil Star
58B
Khan-Uul
District, 11th Khoroo
Ulaanbaatar
Telephone:
(976 77) 336 688
Tax
No. : 5033918
ACTIVITIES
The Company
is involved in the following activities:
Trading as
retailers of jewelry.
NACE Code
: 4777 - Retail sale of watches and jewellery in specialised stores
Subject
declined to provide its imports and exports details.
FACILITIES
The
Company has the following facilities:
Rented
premises comprising administrative offices and a retail shop located at the
heading address as well as one retail shop located in Ulaanbaatar.
SPECIAL
NOTES
The
address given by you : 19A-C Olympic Str, Sukhbaatar Distr., Ulaanbaatr is
misspelt. Please note that the correct spelling is as per heading.
Interviewed:
O. Baigal (Managing Director).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.94 |
|
|
1 |
INR 91.75 |
|
Euro |
1 |
INR 79.90 |
|
MNT |
1 |
INR 36.79 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.