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MIRA INFORM REPORT
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Report No. : |
509097 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SUDAN RAILWAYS
CORPORATION |
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Registered Office : |
Tabya Street, P O
Box: 1812, Khartoum |
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Country : |
Sudan |
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Year of Establishment : |
1897 |
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Legal Form : |
Government Corporation |
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Line of Business : |
Operators of the
National Railway |
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No. of Employees : |
Approximately
10,000 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 : SUDAN
RAILWAYS CORPORATION
Country of Origin : Sudan
Legal Form : Government
Corporation
Registration Date : 1897
Total Workforce :
10,000
Activities :
Operators of the national railway
Financial Condition : Undetermined
Payments :
Regular
COMPANY NAME
SUDAN RAILWAYS
CORPORATION
ADDRESS
Registered & Physical Address
Location : Tabya Street
PO Box : 1812
Town : Khartoum
Country : Sudan
Telephone : (249-183) 784133 / 774009 / (249-113)
546897
Facsimile : (249-183) 775044 / (249-113) 546898
Mobile : (249-912) 972528 / 363658 / (249-92) 576220
Email : info@sudanrailways.gov.sd / sudanrail@hotmail.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central Business
Area of Khartoum.
KEY PRINCIPALS
Name Position
·
Ibrahim
Fadul Abdallah AlNur Managing
Director
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Hamza
Mohamed Osman Director
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Omer El
Faroog Ahmed Director
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Mohamed
Ahmed El Tayeb Director
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Ahmed
Abdel Rahman Director
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Mohamed
El Fatih Hassan Director
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Abbas
El Khidir El Hussein Director
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Osman
Salman Mohammed Noor Director
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Tal El
Sir Mohammed El Hussein Director
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Mohamed Hamad General
Manager
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Abdul Majed Al Basheer Technical
Manager
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Mohamed Taha Assistant
Finance Manager
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Abdulraheem
Mohamed Infrastructure
Manager
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Moosa Al Qoum Purchasing
Manager
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Majdi
Mohamed Bilal Coordination
Manager
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Musa
Mohamed Musa Eastern
Region Manager
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El Sir
Babikir Ahmed Northern
Region Manager
· Ali El Tayeb Central
Region Manager
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Musa El
Goam Southern
Region Manager
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Siddig
Hussein Western
Region Manager
OPERATIONS
Date of Establishment : 1897
Legal Form : Government Corporation under the supervision of the
Ministry of Transport &
Communications
Activities : Subject operates a 4,725 km railway from
Port Sudan via Atbara to Khartoum with an
alternate
link between Haya and Sennar via Kassala.
The latest
extensions include new lines for transportation of Sudanese crude oil
constructed between EL Mujlad and Abu Jabra (52 kms) and between the refinery
in Abu Khiraiz and EL Obeid station (10 kms), and Merwi Dam branch line from EL
Ban station all completed between the years 1996 and 2002.
SRC owns at present
130 mainline locomotives, 54 shunting locomotives, 4187 freight wagons, 910
tank wagons and 167 passenger coaches. Main workshops for heavy repairs of
rolling stock, signalling and telecommunication’s equipment are concentrated in
Atbara. This besides a cresting plant and an Oxygen- Acetylene Factory. The
city also accommodates a workshop for wagons’ rehabilitation and maintenance, in
addition to the other two subsidiary ones in Khartoum and port Sudan.
Signalling system in the main trunk Port Sudan/Khartoum up to Sennar and
Kassala is double wire mechanical system.
Telecommunication
operates by an open- wire system. In addition to VHF. Tablet and token system
is operated by open-wire lines.
To develop railway line and train
infrastructure, the Ministry of Transport, Roads, and Bridges represented in
the Sudan Railways Corporation is initiating several promising projects. In
February 2012, the Concrete Sleeper Factory was opened with a production
capacity of 2000 sleepers a day. These sleepers will first be used to maintain
and repair the Khartoum-Atbara railway, Atbara-Port Sudan railway, and
Babanusa-Abu Jabra railway.
The Railway Corporation also bought five new
locomotives, three for cargo trains with 2200 horse power each and two for
passenger trains with 1800 horse power each. A contract was also signed August
15, 2012 to repair and rehabilitate the Abu Jabra-Nyala double railway.
Contracts were signed to import passenger wagons
to transport passengers to and from Wad Medani, Khartoum, and Atbara,
comprising 200 cargo wagons and spare parts to repair 50 cargo wagons. Eight
German trains will also be imported and assembled in the Atbara railway
workshops by South Korean and Sudanese experts. Five Chinese locomotives will
be imported in 2013.
The Sudan Railway Corporation also bought the
satellite server and program through which it will be able to operate and
monitor trains in real time. The program will enable the corporation to
activate electronic tracking systems. Passengers would be able to book train
tickets online.
Subject has a
workforce of approximately 10,000 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
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Bank of
Khartoum
8 Gamhouria Avenue
PO Box: 1008
Khartoum
Tel: (249-183) 772880
PAYMENT HISTORY
Subject’s payments
have been reported to be regular.
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 67.83 |
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1 |
INR 91.68 |
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Euro |
1 |
INR 80.29 |
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SDD |
1 |
INR 3.75 |
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 : |
NIT |
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
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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.