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MIRA INFORM REPORT
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Report No. : |
505452 |
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Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
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Name : |
OMDURMAN MEDICAL AGENCIES |
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Registered Office : |
Omdurman Industrial Zone, Block 1773/3 2.5, PO Box 645, Omdurman |
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Country : |
Sudan |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
18312, Khartoum |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of pharmaceuticals,
medical and baby products. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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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 :
OMDURMAN MEDICAL AGENCIES
Country
of Origin :
Sudan
Legal
Form :
Sole Proprietorship
Registration
Date :
1976
Commercial
Registration Number : 18312,
Khartoum
Invested
Capital :
SD 500,000
Total
Workforce :
20
Activities :
Distributors of pharmaceuticals, medical and baby products
Financial
Condition :
Undetermined
Payments : Unknown
Company
name and address
COMPANY
NAME:
OMDURMAN MEDICAL AGENCIES
ADDRESS
Registered
& Physical Address
Location : Omdurman Industrial Zone, Block
1773/3 2.5
PO
Box : 645
Town : Omdurman
Country : Sudan
Telephone : (249-183) 773577
Facsimile : (249-183) 785256
Mobile :
(249-912) 392835 / (249-120) 762378
Email :
oma_b_allam@yahoo.com
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Khartoum.
KEY
PRINCIPALS
Name Position
Dr
Badawi Sayed Allam Proprietor
& General Manager
Dr Gada Arabi Assistant
General Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 1976
Legal
Form :
Sole
Proprietorship
Commercial
Reg. No. : 18312, Khartoum
Invested
Capital : SD 5,000,000
Dr
Badawi Sayed Allam is the sole proprietor of the business.
OPERATIONS
Activities : Engaged in the import and
distribution of pharmaceuticals, medical and baby products.
Import
Countries : Europe and the Far East
Subject
has a workforce of 20 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
Mashreq
Bank PSC
PO Box: 371
Baldia Street
Khartoum
Tel: (249-183) 772881
Fax: (249-183) 772969
PAYMENT
HISTORY
subject’s
payments have been reported to be Unknown
GENERAL
COMMENTS
Please
note that we were unable to contact the subject directly during our
investigation.
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 business 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 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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SDD |
1 |
INR 3.62 |
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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VIV |
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Report Prepared
by : |
DNS |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.