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MIRA INFORM REPORT
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Report No. : |
490532 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KHANTENGER
TRAVEL LLC |
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Registered Office : |
Khantenger Travel LLC Building, Ard Ayush Avenue,
Bayangol District, 7th Khoroo, Ulaanbaatar 16092 |
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Country : |
Mongolia |
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Year of Establishment: |
2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Trading as importers and distributors of general merchandise including foodstuffs. · Agents involved in the sale of a variety of goods |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 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 through 2017, even though government spending remained high.
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 dropoff in foreign direct investment, mounting external debt, and a sizeable budget deficit. However, Mongolia reached staff-level agreement with the IMF in February 2017 on an Extended Fund Facility program, and once approved by the IMF Board, the program is expected to improve Mongolia’s long-term fiscal and economic stability.
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Source
: CIA |
COMPANY NAME
KHANTENGER
TRAVEL LLC
ADDRESS
Building : Khantenger Travel LLC Building
Street : Ard Ayush Avenue
Area : Bayangol District, 7th Khoroo
Town : Ulaanbaatar 16092
Country : Mongolia
Mobiles : (976 99) 100 763 (L. Gerelmaa) / (976
80) 000 450 (Mrs. Bayarmaa)
E-Mail : khantenger@gmail.com
Website : www.khantenger.com (under maintenance)
SENIOR
COMPANY PERSONNEL
Name
Position
1. L.
Gerelmaa General Director
2. Mrs Bayarmaa Administrator
Total Employees : 8
PAYMENTS
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. It is normal accepted practice for international
suppliers to deal on secured terms with Mongolian importers.
Trade risk
assessment : Normal
PRINCIPAL
BANKER
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
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 : 2011
History :
Subject was established in Ulaanbaatar in 2011.
Capital :
not given
Limited
Liability Company with the following sole shareholder:
L.
Gerelmaa (100%)
(Mongolian
national)
ACTIVITIES
The
Company is involved in the following activities :
Trading as
importers and distributors of general merchandise including foodstuffs.
NACE Code
: 4619 - Agents involved in the sale of a variety of goods
Imports
from Poland.
Subject
does not export, all sales are domestic.
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices and storage facilities located at
the heading address.
SPECIAL
NOTES
The
address given by you: Bayangol 7-r Khoroo Ard Ayush Avenue V1aanbaatar 16092 is
misspelt. Please note that the correct spelling is as per heading.
Interviewed
: Mrs Bayarmaa (Administrator).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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MNT |
1 |
INR 0.026 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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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.