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MIRA INFORM REPORT
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Report No. : |
493016 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ALMHAMEED TRADING
COMPANY |
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Registered Office : |
Street No. 15
Alamarat Khartoum |
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Country : |
Sudan |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
13030 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is
engaged in the import and distribution of household furniture, doors, ceramics,
marble and granite. |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sudan |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SUDAN - ECONOMIC OVERVIEW
Sudan 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. 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.
Sudan was subject to comprehensive US sanctions, which were lifted in October 2017. Sudan is attempting to develop non-oil sources of revenues, such as gold mining and agriculture, 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 high inflation, which reached 47% on an annual basis in November 2012 but fell to about 35% per year in 2017.
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Source
: CIA |
SUMMARY
Company Name : ALMHAMEED TRADING COMPANY
Country of Origin : Sudan
Legal Form : Limited Liability Company
Registration Date : 1983
Commercial Registration Number : 13030
Issued Capital : SD 200,000
Paid up Capital : SD 200,000
Total Workforce : 30
Activities : Distributors of household furniture, doors, ceramics, marble and granite
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Anoor Rahmatullah, Financial Controller
COMPANY
NAME
ALMHAMEED TRADING COMPANY
ADDRESS
Registered & Physical
Address
Street : Street No. 15
Area : Alamarat
Town : Khartoum
Country : Sudan
Telephone : (249-183) 473355 / 472184
Mobile : (249-912) 301998
Email : almhmeedco@yahoo.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Khartoum.
KEY
PRINCIPALS
Name Position
·
Ibrahim Abdul Hafiz Managing
Director
·
Mohamed Abdul Hafiz Director
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Walid Mohamed Omar General
Manager
·
Anoor Rahmatullah Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 1983
Legal Form :
Limited Liability Company
Commercial Reg. No. : 13030
Issued Capital : SD 200,000
Paid up Capital : SD 200,000
Name of
Shareholder (s)
·
Ibrahim Abdul Hafiz
·
Mohamed Abdul Hafiz
OPERATIONS
Activities: Engaged in the import and distribution of household
furniture, doors, ceramics, marble and granite.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 30 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
·
Sudanese French Bank
El Qasr Avenue
Khartoum
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QNB
Al Mashtal Street
Khartoum
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.05 |
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1 |
INR 90.41 |
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Euro |
1 |
INR 79.83 |
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SDG |
1 |
INR 3.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.