MIRA INFORM REPORT

 

 

Report No. :

307254

Report Date :

11.02.2015

 

IDENTIFICATION DETAILS

 

Name :

JEWEL ENTERPRISES FOR IMPORT AND EXPORT

 

 

Registered Office :

Local Market South Terminal, Rabak Khartoum

 

 

Country :

Sudan

 

 

Date of Incorporation :

01.06.2000

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and Distribution of Pesticides and Jute Bags.

 

 

No. of Employees :

8

 

 

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 – 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

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                                    : JEWEL ENTERPRISES FOR IMPORT AND EXPORT

Country of Origin                                   : Sudan

Legal Form                                           : Limited Liability Company

Registration Date                                  : 1st June 2000

Issued Capital                                       : SD 1,000,000

Paid up Capital                                     : SD 1,000,000

Total Workforce                         : 8

Activities                                               : Distributors of pesticides and jute bags

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Fath El Rahman El Sadiq, Managing Director

 

COMPANY NAME

 

JEWEL ENTERPRISES FOR IMPORT AND EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Local Market South Terminal, Rabak

 

Town                : Khartoum

Country : Sudan

 

Mobile              : (249-912) 342753 / 432825 / (249-918) 236000 / (249-572) 824603

Email                : jewel.agrol13@gmail.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Khartoum.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Fath El Rahman El Sadiq                                                                  Managing Director

 

·       Dafallah El Sadiq                                                                             Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st June 2000

 

Legal Form                  : Limited Liability Company

 

Issued Capital              : SD 1,000,000

 

Paid up Capital            : SD 1,000,000

 

Name of Shareholder (s)

 

·       Fath El Rahman El Sadiq

 

·       Dafallah El Sadiq

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pesticides and jute bags.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Bank of Khartoum

8 Gamhouria Avenue

PO Box: 1008

Khartoum

Tel: (249-183) 772880

 

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.96

UK Pound

1

Rs.94.41

Euro

1

Rs.70.20

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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