|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
N G FASTENER FACTORY |
|
|
|
|
Registered Office : |
Plot No. 11/18,
19, Soba Industrial Area, Khartoum |
|
|
|
|
Country : |
Sudan |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
813, Khartoum |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is
engaged in the manufacture of bolts, nuts and washers. |
|
|
|
|
No. of Employees : |
50 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Sudan |
C1 |
C2 |
|
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 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 : N G
FASTENER FACTORY
Country of Origin : Sudan
Legal Form :
Sole Proprietorship
Registration Date : 2006
Commercial
Registration Number : 813,
Khartoum
Invested Capital :
SD 5,000,000
Total Workforce : 50
Activities :
Manufacturers of bolts, nuts and washers.
Financial Condition : Undetermined
Payments : Nothing
detrimental uncovered
Person Interviewed : N D Patel,
Assistant General Manager
N G FASTENER
FACTORY
Building : Plot No. 11/18, 19
Area : Soba Industrial Area
Town : Khartoum
Country : Sudan
Telephone : (249-183) 566772
Facsimile : (249-183) 566772
Mobile : (249-912) 248593 / (249-923)
577244
Email : ghebtia@yahoo.com
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Khartoum.
Name Nationality Position
·
Umesh N
Ghebtia Sudanese Proprietor
& General Manager
·
N D
Patel - Assistant
General Manager
Date of Establishment : 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial
Reg. No. : 813, Khartoum
Invested Capital
: SD 5,000,000
Mr Umesh N Ghebtia
is the sole proprietor of the business.
Activities: Engaged in the manufacture of bolts, nuts
and washers.
Import
Countries: Europe and the
Far East
Brand Names: TASHA
Subject has a
workforce of 50 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
business 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.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.