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Report No. : |
315435 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
RAHEEG MEDICAL COMPANY LTD |
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Registered Office : |
323 Al Sitteen Street, Al Firdous North, SQ No. 58, PO Box 7374 &
1937, Khartoum |
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Country : |
Sudan |
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Date of Incorporation : |
1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of pharmaceuticals and medicine
products. |
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No. of Employees : |
43 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Sudan |
C2 |
C2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 :
RAHEEG MEDICAL COMPANY LTD
Country of Origin :
Sudan
Legal Form :
Limited Liability Company
Registration Date :
1999
Issued Capital :
SD 500,000
Paid up Capital :
SD 500,000
Total Workforce : 43
Activities :
Distributors of pharmaceuticals and medicine products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
RAHEEG MEDICAL COMPANY LTD
Registered &
Physical Address
Street : 323 Al
Sitteen Street
Area : Al Firdous
North, SQ No. 58
PO Box : 7374 & 1937
Town : Khartoum
Country : Sudan
Telephone : (249-155)
181912 / 181913
Facsimile : (249-155) 181911
Mobile : (249-912)
206487 / (249-913) 515567
Email : raheeg_secr@yahoo.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Khartoum.
Name Position
Farooq Al Tayeb Ahmed Managing
Director
Anwar Al Tayeb Ahmed Director
Asim Abdullah Administration
Manager
Osama Mostafa Accounts
Manager
Date of Establishment : 1999
Legal Form : Limited Liability
Company
Issued Capital : SD 500,000
Paid up Capital : SD 500,000
Name of Shareholder (s)
Farooq Al Tayeb Ahmed
Anwar Al Tayeb Ahmed
Activities: Engaged in the import and distribution of pharmaceuticals and medicine
products.
Import Countries: United States of America, United Kingdom, France,
Egypt, Pakistan, Turkey, Syria and India.
International Suppliers:
Medtronic United
States of America
Morningside Pharmaceutical Ltd United
Kingdom
Laboratoire Renaudin France
Bilim Pharmaceutical A.S Turkey
AL Saad Pharmaceutical Industries Syria
Glenmark Pharmaceutical Ltd India
Hilton Pharma Pakistan
ATCO Laboratories Ltd Pakistan
Star Laboratories (PVT) Ltd Pakistan
Rivapharma Egypt
Subject has a workforce of 43 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.62.33 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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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 |
-- |
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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.