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MIRA INFORM REPORT
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Report No. : |
493626 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MB FASHION LLC |
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Registered Office : |
Dunjingarav 51, 2127 Khan Uul District, 11th Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
May, 2017 |
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Com. Reg. No.: |
9011680082 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Trading as importers of readymade garments. · Agents involved in the sale of textiles, clothing, fur, footwear and leather goods |
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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 : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to business
in infancy stage |
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Status : |
New Business |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. 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.
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Source
: CIA |
Note
In absence of financials, no credit limit could be recommended.
COMPANY NAME
MB FASHION LLC (CORRECT)
M
B FASHION LIMITED LIABILITY COMPANY (REQUESTED)
ADDRESS
Building :
Dunjingarav 51
Area :
2127 Khan Uul District, 11th Khoroo
Town :
Ulaanbaatar
Country :
Mongolia
Mobile :
(976 99) 994 894 (unobtainable)
Also Known
As : M B Fashion Limited
Liability Company
SENIOR COMPANY PERSONNEL
Name Position
Bilguun
Namsrai Founder & CEO
PAYMENTS
Current
trade experience of payments has not been traced.
Subject
is a newly established company incorporated in May 2017.
Our
sources could not contact the company and obtain a direct interview. The mobile
number which you provided : (966 50) 4416 7157 is unobtainable (cannot be
reached). 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.
Opinion on
maximum credit : In the circumstances we recommend international suppliers deal
on a strictly cash or prepaid basis.
Trade risk
assessment : No classification (see above comments).
PRINCIPAL
BANKERS
Details of
subject's bankers have not been learnt.
FINANCIAL
INFORMATION
Balance
sheets are not available. Financial information could not be obtained from
other sources.
LEGAL
STATUS AND HISTORY
Date
Started : May 2017
History :
Subject was established in Ulaanbaatar in May 2017.
C.R. No. :
9011680082
Capital :
not given
Limited
Liability Company with the following shareholders:
1. Bilguun
Namsrai
(Mongolian national)
2.
Undisclosed member
*The exact
shareholding percentage was not disclosed.
ACTIVITIES
The
Company is involved in the following activities :
Registered
activity : Trading as importers of readymade garments.
NACE Code:
4616 - Agents involved in the sale of textiles, clothing, fur, footwear and
leather goods.
Details of
subject’s imports and exports could not be learnt.
FACILITIES
The
Company has the following facilities:
Premises
comprising administrative offices located at the heading address.
SPECIAL
NOTES
You
enquired on: M B FASHION LIMITED LIABILITY COMPANY. Please note that subject is
also known by this name. The subject's correct registered name is as per
heading.
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 65.10 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.59 |
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MNT |
1 |
INR 0.027 |
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
·
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.