|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
YAGNESH TRADING ENTERPRISES |
|
|
|
|
Registered Office : |
House No. 16, Block No. 11, Al Amarat Street 51, Wilayat Al Khartum,
Khartoum 11111 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2011 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of heavy
equipment and seeds. Subject’s products include hibiscus flowers, gum Arabic,
water melon seeds, chromite, generators, automotive spare parts and rickshaw
parts. |
|
|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Sudan |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUDAN - ECONOMIC OVERVIEW
Sudan is an extremely poor country that has had to deal with social conflict, civil war, and the July 2011 secession of South Sudan - the region of the country that had been responsible for about three-fourths of the former Sudan's total oil production. The oil sector had driven much of Sudan's GDP growth since it began exporting oil in 1999. For nearly a decade, the economy boomed on the back of increases in oil production, high oil prices, and significant inflows of foreign direct investment. Following South Sudan''s secession, Sudan has struggled to maintain economic stability, because oil earnings now provide a far lower share of the country''s need for hard currency and for budget revenues. Sudan is attempting to generate new sources of revenues, such as from gold mining, while carrying out an austerity program to reduce expenditures. Agricultural production continues to employ 80% of the work force. Sudan introduced a new currency, still called the Sudanese pound, following South Sudan''s secession, but the value of the currency has fallen since its introduction. Khartoum formally devalued the currency in June 2012, when it passed austerity measures that included gradually repealing fuel subsidies. Sudan also faces rising inflation, which reached 47% on an annual basis in November 2012. Ongoing conflicts in Southern Kordofan, Darfur, and the Blue Nile states, lack of basic infrastructure in large areas, and reliance by much of the population on subsistence agriculture ensure that much of the population will remain at or below the poverty line for years to come.
|
Source
: CIA |
Company Name :
YAGNESH TRADING ENTERPRISES
Country of Origin :
Sudan
Legal Form :
Sole Proprietorship
Registration Date :
2011
Invested Capital :
SD 100,000
Total Workforce :
5
Activities :
Distributors of heavy equipment and seeds
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Yagnesh Mandalia, Proprietor & General Manager
YAGNESH TRADING
ENTERPRISES
Registered &
Physical Address
Building : House No.
16, Block No. 11
Street : Al Amarat
Street 51
Area : Wilayat Al
Khartum
Town : Khartoum
11111
Country : Sudan
Mobile : (249-912)
172798 / 285302 / 972798
Email : yagneshmandalia@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Khartoum.
Name Position
Yagnesh Mandalia Proprietor
& General Manager
Date of Establishment : 2011
Legal Form : Sole
Proprietorship
Invested Capital : SD 100,000
Mr Yagnesh Mandalia is the sole proprietor of the business.
Activities: Engaged in the import and
distribution of heavy equipment and seeds. Subject’s products include hibiscus
flowers, gum Arabic, water melon seeds, chromite, generators, automotive spare
parts and rickshaw parts.
Import Countries: South
Korea, China and Belgium
International Suppliers:
Top Global South
Korea
East Power Equipment Ltd China
TVH Belgium
Subject has a workforce of 5 employees.
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.
Mashreq Bank PSC
PO Box: 371
Baldia Street
Khartoum
Tel: (249-183) 772881
Fax: (249-183) 772969
No complaints regarding subject’s payments have been reported.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.