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Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KENANA SUGAR COMPANY LTD |
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Registered Office : |
Obaid Khatim Street, Plot No. 22, Block 846, Taif, PO Box 2632, Khartoum |
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Country : |
Sudan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
March, 1975 |
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Com. Reg. No.: |
G/1151 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers, processors and distributors of sugar. |
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No. of Employees : |
8,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Sudan |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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. Services and utilities have played an increasingly
important role in the economy. Agricultural production continues to employ 80%
of the work force and contributes a third of GDP. 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 and shortages
of foreign exchange continue. Sudan also faces rising inflation, which has led
to a number of small scale protests in Khartoum in recent months. 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 :
KENANA SUGAR COMPANY LTD
Country of Origin :
Sudan
Legal Form :
Limited Liability Company
Registration Date : March 1975
Commercial Registration Number :
G/1151
Issued Capital :
SD 560,545
Paid up Capital :
SD 560,545
Total Workforce :
8,500
Activities :
Producers, processors and distributors of sugar.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Fareed Omar Madan, Executive Manager
KENANA SUGAR COMPANY LTD
Registered &
Physical Address
Street : Obaid Khatim
Street, Plot No. 22, Block 846
Area : Taif
PO Box : 2632
Town : Khartoum
Country : Sudan
Telephone : (249-183)
224703 / 224704 / (249-187) 152000
Facsimile : (249-183)
220563
Mobile : (249-912)
397224
Email : info@kenana.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Khartoum.
Branch Office (s)
Location Description
Kenana City Processing
& production facilities
Plot No. 6 Processing
& production facilities
Block VII
PO Box 477
Port Sudan
Tel: (249-311) 824837
Fax: (249-311) 824729
Name Position
Al Zubair Ahmed El Hassan Chairman
Mohamed Al Mardi Al Tegani Managing
Director
Ibrahim Ali Mussalam Director
Abdo El Said Taha Finance
Manager
Abdullah Abu Al Qassim Planning
Manager
Hassan Hashem Arwq Marketing
Manager
Fareed Omar Madan Executive
Manager
Date of Establishment : March 1975
Legal Form : Limited Liability Company
Commercial Reg. No. : G/1151
Authorised Capital : SD 590,000
Issued Capital : SD 560,545
Paid up Capital : SD 560,545
Name of
Shareholder (s) Percentage
Government of Sudan
35.33%
Kuwait Real Estate Investment Consortium 30.64%
Government of Saudi Arabia 10.97%
Arab Investment Company 6.99%
Sudan Development Corporation 5.69%
Arab Authority for Agricultural Investment & Development
5.59%
Consortium of Sudanese local banks 4.47%
Soujiz Corporation 0.16%
Japan
Gulf Fisheries Co WLL 0.16%
Mahaseel Agricultural Investment Fund
White Nile Sugar Company (WNSC)
Kenana Engineering and Technical Services (KETS)
Kenana Integrated Agricultural Solutions (KIAS)
Kenana Friesland Dairy (KFD)
Activities: Engaged in the production,
processing, distribution and export of sugar, including silver cane sugar and
green cane sugar.
The plantation area has been expanded to
over 100,000 feddans of sugar cane fields. Two more pumping stations have been
recently added to the existing four at a total inward investment of around US$
270 million.
Along with Sudanese Sugar Co Ltd the subject
produces 100% of the sugar cane grown in Sudan.
Production Capacity: 400,000
metric tonnes of sugar per annum
Import Countries: Europe
and the Far East
Export Countries: Africa,
Middle East and India
Subject has a workforce of approximately 8,500 permanent employees with
a further 8,000 seasonal workers for the duration of the crop.
Financial highlights provided by local sources are given below:
Currency: Sudanese Dinars (SD)
Year Ending 31/12/11:
Total Sales SD
65,519,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Fareed Omar Madan, Executive
Manager
Bank of Khartoum
Intersection of Al Gamhouria St. with Al Qasr Street
PO Box: 1008
Khartoum
Tel: (249-183) 770170 / 775955 / 777521
Fax: (249-183) 781120
Email: bok@sudanmail.net
Sudanese French Bank
Branch No. 2
PO Box: 6640
Khartoum
Tel: (249-183) 461107 / 471628
Fax: (249-183) 471627
Email: info@sfbank.net
No complaints regarding subject’s payments have been reported.
Date of transaction March
2005
Credit amount 10,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Kenana Sugar Company Ltd is the largest single integrated producer of
white sugar in the world operating a plantation area of over 100,000 feddans of
sugar cane fields.
The company is run in a professional manner and enjoys the full support
of its shareholders, which include the Sudanese and Saudi Arabian governments.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.64 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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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.