MIRA INFORM REPORT

 

 

Report Date :

22.10.2014

 

IDENTIFICATION DETAILS

 

Name :

GUFRAN INTERNATIONAL CO

 

 

Registered Office :

Al Shingiti Street, 2003, Omdurman

 

 

Country :

Sudan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1990

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the import and distribution of plastic, PVC and rubber products.

 

 

No of Employees :

20

 

 

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

SUMMARY

 

Company Name                                    : GUFRAN INTERNATIONAL CO

Country of Origin                                   : Sudan

Legal Form                                           : General Partnership

Registration Date                                  : 1990

Partners Capital                                     : SD 1,500,000

Total Workforce                                    : 20

Activities                                               : Distributors of plastic, PVC and rubber products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

GUFRAN INTERNATIONAL CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Shingiti Street

PO Box            : 2003

Town                : Omdurman

Country : Sudan

Telephone         : (249-187) 554214 / 551440

Facsimile          : (249-187) 555481

Mobile              : (249-12) 235078

Email                : ayman2002gabal308@hotmail.com / dirdiri2@yahoo.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Suburban Business Area of Omdurman.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Motaz Ali Al Derderi                                                                          Managing Partner

 

·       Ali Ali Al Derderi                                                                               Partner

 

·       Ayman Abogabal                                                                              General Manager

 

·       Haneen Shah                                                                                    Commercial Manager

 

·       Hala Mohamed                                                                                 Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1990

 

Legal Form                  : General Partnership

 

Partners Capital           : SD 1,500,000

 
Name of Partner (s)

 

·       Motaz Ali Al Derderi

 

·       Ali Ali Al Derderi

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of plastic, PVC and rubber products.

 

Import Countries:         India and the United Arab Emirates.

 

International Suppliers:

 

·       MPC International FZC                      United Arab Emirates

·       Gujrat Trading Co                             India

 

Operating Trend:          Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Sudanese Dinars (SD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                SD 50,000,000                          SD 53,150,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Al Morada

Sheikan Building, Block 4/1, Plot No. 617

Omdurman

Tel: (249-187) 569165

Fax: (249-187) 569051

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.30

UK Pound

1

Rs.99.16

Euro

1

Rs.78.59         

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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%)

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