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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
HEMEDAN DRUG INDUSTRIES LIMITED |
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Registered Office : |
Block No. 11, Building No. 61, Mashtal Street, Al Ryadh, Khartoum |
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Country : |
Sudan |
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Date of Incorporation : |
2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of drugs and
pharmaceuticals. |
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No of Employees : |
12 |
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 :
HEMEDAN DRUG INDUSTRIES LIMITED
Country of Origin :
Sudan
Legal Form :
Limited Liability Company
Registration Date :
2002
Issued Capital :
SD 2,000,000
Paid up Capital :
SD 2,000,000
Total Workforce :
12
Activities :
Distributors of drugs and pharmaceuticals
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
HEMEDAN DRUG INDUSTRIES LIMITED
Registered &
Physical Address
Building :
Block No. 11, Building No. 61
Street : Mashtal Street
Area : Al Ryadh
Town : Khartoum
Country : Sudan
Telephone : (249-183)
781886 / 762443
Facsimile : (249-183)
781886
Mobile : (249-123)
27774 / (249-120) 762217
Email : gagger_pharma@yahoo.com
Please note that subject’s previous address was, Block No. 15, Building
No. 3, Mashtal Street, Al Ryadh, Khartoum.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Khartoum.
Name Position
Ali Othman Abdul Salam Managing
Director
Mohanad Jabrullah Omar Finance
Manager
Date of Establishment : 2002
Legal Form : Limited Liability
Company
Issued Capital : SD 2,000,000
Paid up Capital : SD 2,000,000
Name of Shareholder (s)
Ali Othman Abdul Salam
Elbadrain Transport Company
Elbadrain Travel & Tourism Agency
Hemedan Soap Factory
Modern Plastic Factory
Elbadrain Flour Milling Company
Al Salam Cement Production Company
El Rabta Limousine
Al Firdose for Land Transport
Pizza Connection
Bain Al Gissrain for Projects Ltd
Al Salam Motors for Trading
Atlanta Investment Co Ltd
Activities: Engaged in the import and distribution of drugs and pharmaceuticals.
Import Countries: Europe and the Far East.
Subject has a workforce of 12 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.
Al Baraka Bank
PO Box: 3583
Khartoum
Tel: (249-183) 783962 / 780688
Fax: (249-183) 778948
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.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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 |
|
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 |
|
<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.