MIRA INFORM REPORT

 

 

Report No. :

494248

Report Date :

27.02.2018

 

 

 

 

·         Correct Name of the Company Is “PERFFECTCON LLC”

·         Correct address of the company is Basarkhan Building, Chingeltei District, 5th Khoroo, Ulaanbaatar

 

IDENTIFICATION DETAILS

 

Name :

PERFFECTCON LLC

 

 

Registered Office :

Basarkhan Building, Chingeltei District, 5th Khoroo, Ulaanbaatar

 

 

Country :

Mongolia

 

 

Date of Incorporation :

09.10.2001

 

 

Com. Reg. No.:

9011173143

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·         Trading as importers, wholesalers and distributors of building materials, equipment and its spare parts.

·         Subject provides general contracting services including interior & exterior decoration services.

 

 

No. of Employees :

12

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

TUGRIK 10,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 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 And Address          

 

Perffectcon LLC (Correct)

PERFECT CON CO LTD (Requested)

 

 

ADDRESS

 

Building    : AAABB Building, 3rd Floor

 

Area        : Chingeltei District, 8th Khoroo

 

Town        : Ulaanbaatar 15141

Country     : Mongolia

 

Telephone   : (976 11) 320 860 / Mobiles (976 99) 093 520 (Dulmaa

               Otgonbayar) / (976 88) 115 573

Fax         : (976 11) 320 860

E-Mail      : d.otgonbayar@gmail.com / perffect_con@yahoo.com

 

Also Known As : Perffect Con LLC / Perffect Con XXK / Perffect Con

Co Ltd / Perfect Con Co Ltd

 

 

SENIOR COMPANY PERSONNEL

 

Name                                         Position

 

Dulmaa Otgonbayar                      Managing Director

 

Total Employees : 12

 

 

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,

although it is normal accepted practice for international suppliers to deal on secured terms with Mongolian importers.

 

Opinion on maximum credit : TUGRIK 10,000,000

 

Trade risk assessment : Normal

PRINCIPAL BANKERS

 

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

 

Subject also has an account with :

 

Golomt Bank of Mongolia

Main Branch

Bodi Tower, Sukhbaatar Square

Ulaanbaatar

Telephone: (976 11) 311 530

Fax      : (976 11) 312 307

 

 

FINANCIAL INFORMATION

 

Private companies in Mongolia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover : US DLRS    1,000,000 - 2014 - exact

                        : US DLRS    1,000,000 - 2015 - approx

                        : TUGRIK 1,000,000,000 – 2016 – exact

                        : TUGRIK   500,000,000 – 2017 – exact

                        : TUGRIK 1,000,000,000 – 2018 – projected

 

Net Profit              : not given but stated to be 30% of the sales

                          turnover

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 9 October 2001

 

History : Subject was established in Ulaanbaatar on 9 October 2001 as a Limited Liability Company with the following shareholding structure:

 

- Dulmaa Otgonbayar                         50%

  (Mongolian national)

- Zinguu Khunjaw                            50%

  (cousin of the above)

 

In 2016, subject’s shareholding structure changed to the present.

 

C.R. No. : 9011173143

 

Tax No. : 2676842 (issue date : 16/05/2002)

 

Authorized Capital : TUGRIK 40,000,000

 

Paid-Up Capital : TUGRIK 40,000,000

 

Limited Liability Company with the following sole shareholder :

 

Dulmaa Otgonbayar                  (100%)

(Mongolian national)

 

Affiliated companies of the Perffectcon LLC :

 

Associates

 

1. Gunju LLC

   Mongolia

 

2. DAB LLC

   Mongolia

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and distributors of building materials, equipment and its spare parts.

 

Subject provides general contracting services including interior & exterior decoration services.

 

Subject’s main brands are as follows :

 

- Sopro;

- Caparol;

- Vogelundnoot.

 

NACE Codes :

4299 - Construction of other civil engineering projects  n.e.c.

4613 - Agents involved in the sale of timber an  building materials

4614 - Agents involved in the sale of machinery,

industrial equipment, ships and aircraft

 

Imports from Germany, Poland, Denmark and the Netherlands.

 

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 as well as one branch office located in Bayanzurkh District.

 

 

REGISTERED OFFICE

 

Basarkhan Building

Chingeltei District, 5th Khoroo

Ulaanbaatar

Telephone: (976 11) 320 860

Fax      : (976 11) 320 860

E-Mail   : perfect_con@yahoo.com

 

 

SPECIAL NOTES

 

You enquired on : PERFECT CON CO LTD. Please note that subject is also known by this name. Subject's correct registered name is as per heading.

 

The address which you provided : CHINGGIS AV 34, ULAN BATOR is could not be identified. Please note that subject’s correct registered address is as per heading.

 

The telephone/fax number given by you : +97611 305311 is unobtainable. Please note that subject’s correct telephone and fax numbers are as per heading.

 

Interviewed : Dulmaa Otgonbayar (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.66

UK Pound

1

INR 90.65

Euro

1

INR 79.70

MNT

1

INR 0.027

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

KET

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.