MIRA INFORM REPORT

 

 

Report Date :

19.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SUDAN RAILWAYS CORPORATION

 

 

Registered Office :

Tabya Street, P O Box 1812, Khartoum

 

 

Country :

Sudan

 

 

Year of Establishments:

1897

 

 

Legal Form :

Public Corporation

 

 

Line of Business :

Operators of national railway

 

 

No. of Employees :

10000

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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. 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 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. 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

 

 

SUMMARY

 

Company Name                                     : SUDAN RAILWAYS CORPORATION

Country of Origin                                    : Sudan

Legal Form                                            : Public Corporation

Registration Date                                   : 1897

Total Workforce                                     : 10,000

Activities                                               : Operators of national railway

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

SUDAN RAILWAYS CORPORATION

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Tabya Street

PO Box             : 1812

Town                 : Khartoum

Country             : Sudan

Telephone         : (249-183) 784133

Facsimile          : (249-183) 775044

Email                : info@sudanrailways.gov.sd

 

Premises

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Khartoum.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       El Sir Mohammed Ahmed                                                                  Chairman

·       Hamza Mohamed Osman                                                                  Director

·       Omer El Faroog Ahmed                                                                     Director

·       Mohamed Ahmed El Tayeb                                                                Director

·       Barnaba Domo Wani                                                                         Director

·       Ahmed Abdel Rahman                                                                       Director

·       Mohamed El Fatih Hassan                                                                 Director

·       Abbas El Khidir El Hussein                                                                Director

·       Osman Salman Mohammed Noor                                                       Director

·       Tal El Sir Mohammed El Hussein                                                       Director

·       Abdulhaleem Ahmeidi Taha                                                                Assistant General Manager

·       Samel Ahmed Samel                                                             Technical Manager

·       Gaafar Huballa Saeed                                                                        Finance Manager

·       Abdulraheem Mohamed                                                                     Infrastructure Manager

·       Majdi Mohamed Bilal                                                                         Coordination Manager

·       Musa Mohamed Musa                                                                       Eastern Region Manager

·       El Sir Babikir Ahmed                                                                         Northern Region Manager

·       Ali El Tayeb                                                                                      Central Region Manager

·       Musa El Goam                                                                                  Southern Region Manager

·       Siddig Hussein                                                                                  Western Region Manager

 

 

OPERATIONS

 

Date of Establishment  : 1897

 

Legal Form                  : Public Corporation under the supervision of the Ministry of Transport & Communications

 

Activities: Subject operates a 4,578km railway from Port Sudan via Atbara to Khartoum with an alternate link

     between Haya and Sennar via Kassala.

 

The latest extensions include new lines for transportation of Sudanese crude oil constructed between EL

Mujlad and Abu Jabra (52 kms) and between the refinery in Abu Khiraiz and EL Obeid station (10 kms),

and Merwi Dam branch line from EL Ban station all completed between the years 1996 and 2002.

 

SRC owns at present 130 mainline locomotives, 54 shunting locomotives, 4187 freight wagons, 910 tank

wagons and 167 passenger coaches. Main workshops for heavy repairs of rolling stock, signalling and

telecommunication’s equipment are concentrated in Atbara. This besides a cresting plant and an Oxygen-

Acetylene Factory. The city also accommodates a workshop for wagons’ rehabilitation and maintenance,

in addition to the other two subsidiary ones in Khartoum and port Sudan. Signalling system in the main

trunk Port Sudan/Khartoum up to Sennar and Kassala is double wire mechanical system.

Telecommunication operates by an open- wire system. In addition to VHF. Tablet and token system is

operated by open-wire lines.

 

To develop railway line and train infrastructure, the Ministry of Transport, Roads, and Bridges represented

in the Sudan Railways Corporation is initiating several promising projects. In February 2012, the Concrete

Sleeper Factory was opened with a production capacity of 2000 sleepers a day. These sleepers will first be

used to maintain and repair the Khartoum-Atbara railway, Atbara-Port Sudan railway, and Babanusa-Abu

Jabra railway.

The Railway Corporation also bought five new locomotives, three for cargo trains with 2200 horse power

each and two for passenger trains with 1800 horse power each. A contract was also signed August 15,

2012 to repair and rehabilitate the Abu Jabra-Nyala double railway.

Contracts were signed to import passenger wagons to transport passengers to and from Wad Medani,

Khartoum, and Atbara, comprising 200 cargo wagons and spare parts to repair 50 cargo wagons.

Eight German trains will also be imported and assembled in the Atbara railway workshops by South

Korean and Sudanese experts. Five Chinese locomotives will be imported in 2013.

The Sudan Railway Corporation also bought the satellite server and program through which it will be able

 to operate and monitor trains in real time. The program will enable the corporation to activate electronic

tracking systems. Passengers would be able to book train tickets online.

 

Subject has a workforce of approximately 10,000 employees.

 

 

FINANCIAL DATA

 

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

 

·       Bank of Khartoum

8 Gamhouria Avenue

PO Box: 1008

Khartoum

Tel: (249-183) 772880

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.29

UK Pound

1

Rs.81.93

Euro

1

Rs.70.01

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.