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MIRA INFORM REPORT
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Report No. : |
485134 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
IKH TIIN
LLC |
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Registered Office : |
Ikh Tiin Group Building 23, Students Street (Oyutny), Sukhbaatar
District, 8th Khoroo, Ulaanbaatar 20, 14192 |
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Country : |
Mongolia |
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Year of Establishment : |
1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject
operates through its subsidiaries with the following activities : - Import, assembly, installation and maintenance of
medical equipment; - Working on environmental and infrastructural
projects; - Specialized in transportation engineering and urban
development, and economic and institutional consultancy services. |
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No. of Employees : |
3
(Administrative Staff) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured 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 NAME
IKH TIIN LLC
ADDRESS
Building : Ikh Tiin Group Building 23
Street : Students Street (Oyutny)
Area : Sukhbaatar District, 8th Khoroo
Town : Ulaanbaatar 20, 14192
Country : Mongolia
Telephone : (971 11) 329 997 / Mobile (976 99) 817 096
Fax : (971 11) 329 912
E-Mail : ikhtiin.group.llc@gmail.com
Website : www.ikhtiin.com
Also Known
As : Ikh Tiin Co. Ltd / Ikh Tiin XXK
SENIOR
COMPANY PERSONNEL
Name Position
1.
Batsaikhan Sodov General Director
2. Khangal
Luvsandorj Business Developer & Consultant
3. Mrs
Byambaa Administrative
Coordinator
Total
Employees : 3 (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.
Trade risk
assessment: High
PRINCIPAL
BANKERS
Subject
declined to name its bankers.
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 : 1992
History : Subject
was established in Ulaanbaatar in 1992.
Tax No. :
2027259
Capital :
not given
Limited
Liability Company with the following director and shareholders :
Director
Khangal
Luvsandorj
Shareholders
1.
Batsaikhan Sodov
(Mongolian national)
2. Undisclosed
members
*The exact
shareholding percentage was not disclosed.
Affiliated
companies of the Ikh Tiin LLC :
Subsidiaries
1. Tiin
Medical Services LLC
Ulaanbaatar
2. Tiin
Logistic Engineer LLC
Ulaanbaatar
3. Egis
Tiin Mongolia LLC
Ulaanbaatar
Associates
4. Easy
Wall LLC
Ulaanbaatar
5.
Microcity Irrigation LLC
Ulaanbaatar
6. Gerleer
Tetgegch LLC
Ulaanbaatar
ACTIVITIES
The
Company is involved in the following activities:
Subject
operates through its subsidiaries with the following activities:
- Import,
assembly, installation and maintenance of medical equipment;
- Working
on environmental and infrastructural projects;
-
Specialized in transportation engineering and urban development, and economic
and institutional consultancy services.
NACE Code
: 6420 - Activities of holding companies
Subject
declined to provide its imports and exports details.
FACILITIES
The
Company has the following facilities:
Premises comprising
administrative offices located at the heading address.
SPECIAL
NOTES
The
address given by you: STUDENTS STREET (OYUNY) is misspelt. Please note that the
correct spelling is as per heading.
Interviewed
: Khangal Luvsandorj (Business Developer & Consultant).
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 87.18 |
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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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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
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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
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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.