|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUDAN RAILWAYS
CORPORATION |
|
|
|
|
Registered Office : |
Tabya Street, P O
Box 1812, Khartoum |
|
|
|
|
Country : |
Sudan |
|
|
|
|
Year of Establishment : |
1897 |
|
|
|
|
Legal Form : |
Government Corporation under the supervision of the Ministry of Transport & Communications |
|
|
|
|
Line of Business : |
·
Operators of the national railway ·
Subject
operates a 4,578km railway from Port Sudan via Atbara to Khartoum with an
alternate link between Haya and Sennar via Kassala |
|
|
|
|
No of Employees : |
10,000 (approximately) |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Sudan |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
Sudan ECONOMIC OVERVIEW
Sudan is an extremely poor
country that has experienced protracted social conflict, civil war, and, in
July 2011, the loss of three-quarters of its oil production due to the secession
of South Sudan. The oil sector had driven much of Sudan's GDP growth since
1999. For nearly a decade, the economy boomed on the back of rising oil
production, high oil prices, and significant inflows of foreign direct
investment. Since the economic shock of South Sudan's secession, Sudan has
struggled to stabilize its economy and make up for the loss of foreign exchange
earnings. The interruption of oil production in South Sudan in 2012 for over a
year and the consequent loss of oil transit fees further exacerbated the
fragile state of Sudan’s economy. Sudan is also subject to comprehensive US
sanctions. Sudan is attempting to develop non-oil sources of revenues, such as
gold mining, while carrying out an austerity program to reduce expenditures. The
world’s largest exporter of gum Arabic, Sudan produces 75-80% of the world’s
total output. Agriculture 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, but subsided to 25% in 2013. 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
keep close to half of the population at or below the poverty line.
|
Source
: CIA |
Company Name : SUDAN RAILWAYS CORPORATION
Country of Origin : Sudan
Legal Form : Government Corporation
Registration Date : 1897
Total Workforce : 10,000
Activities : Operators of the national railway
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Taha, Assistant Finance Manager
SUDAN RAILWAYS
CORPORATION
Registered &
Physical Address
Location : Tabya Street
PO Box : 1812
Town : Khartoum
Country : Sudan
Telephone : (249-183) 784133 / 774009
Facsimile : (249-183) 775044
Mobile : (249-912) 972528 / 363658
Email : info@sudanrailways.gov.sd / sudanrail@hotmail.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central Business
Area of Khartoum.
Name Position
·
El Sir
Mohammed Ahmed Chairman
·
Hamza
Mohamed Osman Director
·
Omer El
Faroog Ahmed Director
·
Mohamed
Ahmed El Tayeb 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
·
Mohamed Hamad General
Manager
·
Abdul Majed Al Basheer Technical
Manager
·
Mohamed Taha Assistant
Finance Manager
·
Abdulraheem
Mohamed Infrastructure
Manager
·
Moosa Al Qoum Purchasing
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
Date of Establishment : 1897
Legal Form : Government 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.
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
Khartoum
8 Gamhouria Avenue
PO Box: 1008
Khartoum
Tel: (249-183) 772880
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.