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MIRA INFORM REPORT
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Report No. : |
484746.2 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL MOGUL MINING LLC |
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Registered Office : |
Building No. 12, Zaisan 25, Khan-Uul District, 15th Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
25.03.2015 |
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Com. Reg. No.: |
9011538095 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Registered activity: Providing Consultation Services for
Mining Field. Trade in Spare Parts for Machines. |
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No. of Employees : |
Not Available |
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 : |
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
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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, 2.3% in 2015, and 1% in 2016.
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
REPORT
CO. NAME: CENTRAL MOGUL MINING LLC
ADDRESS
Building : Building No. 12
Street : Zaisan 25
Area : Khan-Uul District, 15th Khoroo
Town : Ulaanbaatar
Country : Mongolia
Mobile : (976 99) 980 956 (unobtainable)
SENIOR
COMPANY PERSONNEL
Name Position
Altankhuyag
Ailush General Director
PAYMENTS
Current
trade experience of payments has not been traced.
Our
sources could not contact the company and obtain a direct
interview.
Our show the following mobile number listed for the subject : (976 99) 980 956.
This number is unobtainable (out of service). No other telephone or fax numbers
are listed for the subject at the local telephone directory.
Information
in this report was obtained from the third party sources only.
Trade risk
assessment : No classification (see above comments).
PRINCIPAL
BANKER
NAME : KHAN BANK OF MONGOLIA
Branch : Peace Avenue
P.O. Box :
185
Town : Ulaanbaatar
Telephone:
(976 11) 457 880
Fax : (976 11) 457 880
Account
No. : 5001349091
According to
our records, the subject's banker is as above. This bank has been approached a
number of times but no reply has been received.
FINANCIAL
INFORMATION
Balance
sheets are not available. Financial information could not be obtained from
other sources.
LEGAL
STATUS AND HISTORY
Date
Started : 25 March 2015
History :
Subject was established in Ulaanbaatar on 25 March 2015.
C.R. No. :
9011538095
Tax No. :
5785707
Authorized
Capital : TUGRIK 100,000
Paid Up
Capital : TUGRIK 100,000
Limited
Liability Company with the following sole shareholder :
Altankhuyag
Ailush 100%
(Mongolian
national)
ACTIVITIES
The company is involved in the
following activities:
Registered
activity: Providing consultation services for mining field. Trade in spare
parts for machines.
NACE Code
: 7112 - Engineering activities and
related technical consultancy
4618 - Agents specialized in the sale
of other particular products
Details of
subject’s imports and exports could not be learnt.
FACILITIES
The
Company has the following facilities :
Registered
office located at the heading address.
REGISTERED
OFFICE
Building
No. 12
Zaisan 25
Khan-Uul
District, 15th Khoroo
Ulaanbaatar
Mobile: (976
99) 980 956
SPECIAL
NOTE
Interviewed
: Third Party Sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.17 |
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Euro |
1 |
INR 77.45 |
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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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NIS |
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Report Prepared
by : |
TPT |
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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.