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Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
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Name : |
YAGNESH TRADING ENTERPRISES |
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Registered Office : |
House No. 16, Block No. 11, Al Amarat Street
51, Wilayat Al Khartum,
Khartoum 11111 |
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Country : |
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Date of Incorporation : |
2011 |
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Legal Form : |
Sole Proprietorship |
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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. |
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No of Employees : |
5 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sudan |
C1 |
C2 |
|
Risk Category |
ECGC
Classification |
|
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 |
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 : 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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.