|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUDANESE SUGAR CO LTD |
|
|
|
|
Registered Office : |
El Gamaa Street, Hai Elshatti, Square No. 7 PO Box 511 Khartoum |
|
|
|
|
Country : |
Sudan |
|
|
|
|
Year of Incorporation : |
1962 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Producers and refiners of sugar and molasses |
|
|
|
|
No. of Employees : |
10,500 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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. 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 : SUDANESE SUGAR CO LTD
Country of Origin : Sudan
Legal Form : Public Limited Company
Registration Date : 1962
Issued Capital : SD 7,022,000
Paid up Capital : SD 7,022,000
Total Workforce : 10,500
Activities : Producers and refiners of sugar and molasses
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Seham Siddiq, Assistant Procurement Manager
SUDANESE SUGAR CO LTD
Location : El Gamaa
Street, Hai Elshatti, Square No. 7
PO Box : 511
Town : Khartoum
Country : Sudan
Telephone : (249-183)
778439 / 774773 / 778647 / 779350 / 778439
Facsimile : (249-183)
778271
Email : info@ssc.sd
/ sukar@sudanmail.net
/ procurement@ssc.sd
Subject operates from a large suite of offices and a factory that are
owned and located in the Suburban Business Area of Khartoum.
Branch Office (s)
Location Description
· Halfa City Owned
factory premises
· Sennar City Owned
factory premises
· Al Guneid Owned factory premises
· Assalaya City Owned
factory premises
Name Position
·
Abdul Wahab Othman Minister
of Industry
·
Baker Mahgoob Mohamed Ali Chairman
· Jad Al Rab Khalid Financial
Manager
· Othman Zayan Technical
Section Manager
· Farha Mohiddine Procurement
Manager
· Seham Siddiq Assistant
Procurement Manager
Date of
Establishment : 1962
Legal Form : Public Limited
Company
Issued Capital : SD 7,022,000
Paid up Capital : SD 7,022,000
· Government of
Sudan
· SSC Khartoum Central Foundry
Activities: Engaged in the production, refining and marketing of sugar and molasses.
The company has a production capacity of approximately 310,000 tonnes per
annum.
Along with Kenana Sugar Company Ltd the
subject produces 100% of the sugar cane grown in Sudan.
Subject has a workforce of approximately 10,500 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.
·
Bank of Sudan
Al Gamhuria Street
Khartoum
Tel: (249-183)
780268 / 780123
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 company is considered to be 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 : |
PRL |
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.