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MIRA INFORM REPORT
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Report No. : |
506495 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
UTOS HEALTH CARE LLC |
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Registered Office : |
New Progress Group Building, Songino Khairkhan District, 4th Khoroo, Ulaanbaatar |
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Country : |
Mongolia |
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Date of Incorporation : |
June 2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The
company is involved in the following activities: Trading as
Importers and Distributors of Pharmaceuticals, Medical Equipment and
Supplies. |
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No. of Employees : |
25 |
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 (30.09.2017) |
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 Norovyn
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 |
COMPANY REPORT
CO. NAME: UTOS HEALTH CARE LLC
ADDRESS
Building
: New Progress Group Building
Area
: Songino Khairkhan District, 4th Khoroo
Town
: Ulaanbaatar
Country
: Mongolia
Mobiles
: (976 99) 247 575 (Mr. Undral) / (976 99) 976 797
E-Mail
: info@utos-healthcare.com
Website
: www.utos-healthcare.com
Also Known As : Utos Healthcare LLC
SENIOR
COMPANY PERSONNEL
Name
Position
1. Dr. Tsevegsuren Nanzad Chief Executive Officer
2. Mr. Undral Sales Manager
Total Employees : 25
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
: GOLOMT BANK OF MONGOLIA
Branch
: Bodi Tower, Sukhbaatar Square
Town
: 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. 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 : June 2007
History : Subject was established in
Ulaanbaatar in June 2007.
Tax No. : 6061001
Capital : not given
Limited Liability Company with the following
director and shareholders:
Director
Dr. Tsevegsuren Nanzad
Shareholders
1. B. Bayarmaa
(Mongolian national)
2. Dr. Tsevegsuren Nanzad
(Mongolian
national)
*The exact shareholding percentage was not
disclosed.
ACTIVITIES
The company is involved in the following
activities:
Trading as importers and distributors of
pharmaceuticals, medical equipment and supplies.
NACE Code : 4618 - Agents specialized in the
sale of other particular products
Subject declined to provide its imports and
exports details.
FACILITIES
The Company has the following facilities :
Rented premises comprising administrative
offices located at the heading address as well as a showroom located in 15-6
Bayanzurkh District in Ulaanbaatar.
SPECIAL
NOTES
The address given by you: ULLANBAATAR is
misspelt. Please note that the correct spelling is as per heading.
Interviewed : Mr. Undral (Sales Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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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 : |
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
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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.