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Report No. : |
330785 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
COASTAL SHIPPING
AGENCIES CO LTD |
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Registered Office : |
Marine Building, Stadium Street, P O Box: 311, Port Sudan |
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Country : |
Sudan |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
26693, Khartoum |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in the provision of maritime, clearing, forwarding and shipping
agency services. |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Sudan |
C2 |
D |
|
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 37% in 2014. 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 : COASTAL
SHIPPING AGENCIES CO LTD
Country of Origin : Sudan
Legal Form :
Limited Liability Company
Registration Date : 2000
Commercial
Registration Number : 26693,
Khartoum
Issued Capital : SD
250,000
Paid up Capital : SD
250,000
Total Workforce : 18
Activities :
Providers of maritime, clearing, forwarding and shipping agency
services
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Hassan Gendeel, Document Manager
COASTAL SHIPPING
AGENCIES CO LTD
Building : Marine Building
Street : Stadium Street
PO Box : 311
Town : Port Sudan
Country : Sudan
Telephone : (249-311) 825870 / 832984
Facsimile : (249-311) 823241
Mobile : (249-916) 613706 / (249-912)
936589 / (249-922) 942024
Email : operations@coastalsudan.com / coastal@coastalsudan.com
Subject operates
from a small suite of offices that are rented and located in the Port Area of
Port Sudan.
Name Position
·
Mohamed
Abu Mohamed Managing
Director
·
Hassan Gendeel Document
Manager
·
Hassan Ali Operations
Manager
Date of Establishment : 2000
Legal Form :
Limited Liability Company
Commercial Reg. No. : 26693,
Khartoum
Issued Capital : SD 250,000
Paid up Capital : SD 250,000
·
Mohamed
Abu Mohamed 100%
Activities: Engaged in the provision of maritime,
clearing, forwarding and shipping agency services.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 18 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.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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|
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Report Prepared
by : |
NIT |
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.