MIRA INFORM REPORT

 

 

Report No. :

509084

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MUSTAFA BARAKAT ENTERPRISES

 

 

Registered Office :

Khartoum South, P O Box: 5208, Khartoum

 

 

Country :

Sudan

 

 

Year of Establishment :

1992

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import and Distribution of Automotive Spare Parts and Related Accessories.

 

 

No. of Employees :

8

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sudan

D

D

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : MUSTAFA BARAKAT ENTERPRISES

Country of Origin                                   : Sudan

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 1992

Invested Capital                                                : SD 100,000

Total Workforce                                                : 8

Activities                                               : Distributors of automotive spare parts and related accessories

Financial Condition                                : Undetermined

Payments                                             : No Complaints

 

COMPANY NAME

 

MUSTAFA BARAKAT ENTERPRISES

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Khartoum South

 

PO Box                        : 5208

 

Town                : Khartoum

Country             : Sudan

 

Telephone         : (249-183) 466756

Mobile              : (249-912) 787347

 

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

 

·       Mustafa Barakat                                                                               Proprietor & General Manager

 

·       Motaz Mustafa Barakat                                                                     Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : SR 100,000

 

Mr Mustafa Barakat is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of automotive spare parts and related accessories.

 

Import Countries: Europe and the Far East

 

International Suppliers:

 

·       UMC Auto Industries Pvt Ltd             India

 

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

 

·  Mashreq Bank PSC

     PO Box: 371

     Baldia Street

     Khartoum

     Tel: (249-183) 772881

Fax: (249-183) 772969

 

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

SDD

1

INR 3.75

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.