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MIRA
INFORM REPORT
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Report Date : |
21st
June 2005 |
IDENTIFICATION
DETAILS
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Name : |
THE SUDAN COTTON COMPANY LTD (SCCL) |
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Registered Office : |
Parliament
Street 1672,
Khartoum, Sudan |
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Country : |
Sudan |
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Date of Incorporation : |
1970 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the business of marketing and export of Sudanese cotton |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$
500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
THE SUDAN COTTON COMPANY LTD (SCCL) |
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Country of Origin |
Sudan |
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Legal Form |
Limited Liability Company |
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Registration Date |
1970 |
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Issued Capital |
SD 500,000,000 |
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Paid up Capita |
lSD 500,000,000 |
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Total Workforce |
150 |
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Line of Business |
Marketing and export of Sudanese cotton |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
THE
SUDAN COTTON COMPANY LTD (SCCL)
ADDRESS
Registered
& Physical Address
Location : Parliament Street
PO Box : 1672
Town : Khartoum
Country : Sudan
Telephone : (249-183) 775755
/ 771567 / 779573
Facsimile : (249-183) 770703
Email : sccl@sudanmail.net
Premises
Subject
operates from a large suite of offices that are rented and located in the
Central Business Area of Khartoum.
KEY PRINCIPALS
Abbas Abdul Bagi Hammad Chairman
Dr. Abdin Mohamed Ali Al Faki Director
General
Kamal Ali Madani Director
Bader El Din Mohamoud Abbas Director
Gamal Dafalla Taha Director
Salah Eldin Elmurdi Director
Al Nuwairi Massad Director
Mohamed Osman Mahgoub Al Subaie Director
Jamal Hassan Ahmed Director
Awad Alkarim Babiker Ahmed Director
Mohamed Wagie Alla Mohamed Director
Abdul Rahman Abdullah Ali Marketing
Manager
Omer Yagoub M. Ali Finance
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 1970
History : Subject was established in 1970 under the name of the “Cotton Public Corporation (CPC)”, which was wholly owned by
the Sudanese government.
In 1986 the company was re-registered under
the current name of “The Sudan Cotton
Company Ltd (SCCL)”.
In 1993 the government transferred its
ownership of the company to the current shareholders.
Legal
Form : Limited Liability Company
Issued
Capital : SD 500,000,000
Paid
up Capital : SD 500,000,000
Name of
Shareholder (s)
Gezira farmers
Rahad farmers
New Halfa farmers
Farmers' Commercial Bank
National Pension Fund
LINE OF BUSINESS
Operations: Engaged in the marketing and export
of Sudanese cotton, including the following varieties; Barakat, Barac
67/B, Nuba Albar/Acrain.
Export
Countries:
Egypt, Bangladesh, China, Thailand, Germany, Italy,
India, Pakistan, Taiwan, Japan, Belgium, Spain, Portugal, and Indonesia.
Subject
has a workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Sudan are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
Al
Baraka Bank
PO Box : 3583
Khartoum
Tel : (249-183) 783962 / 780688
Fax : (249-183) 778948
Omdurman National Bank
PO Box : 11522
El Kasr Street
Khartoum
Tel : (249-183) 770400
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1970, The Sudan Cotton Company Ltd (SCCL) is responsible for marketing and
exporting Sudanese cotton.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 500,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |