MIRA INFORM REPORT

 

 

Report Date :

20.03.2014

 

IDENTIFICATION DETAILS

 

Name :

SAMO TRADING LTD

 

 

Registered Office :

9 Koursh & Abd El Shaife Street Nasr City Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1976

 

 

Com. Reg. No.:

18718, Port Said

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in the import and distribution of general foodstuffs including dried fruits, nuts, tuna, pineapple and mushrooms.

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EGYPT - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                     : SAMO TRADING LTD

Country of Origin                                    : Egypt

Legal Form                                            : Private Limited Company

Registration Date                                   : 1976

Commercial Registration Number            : 18718, Port Said

Issued Capital                                        : £E 5,000,000

Paid up Capital                                      : £E 5,000,000

Total Workforce                                     : 250

Activities                                               : Distributors of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

SAMO TRADING LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 9 Koursh & Abd El Shaife Street

Area                 : Nasr City

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22750940 / 22752045 / 22751007

Facsimile          : (20-2) 22750946

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       187 Area of Choueifat, El Tagamoa Al Khames                                    Warehouse premises

El Qahira El Gedida

Helwan

Tel: (20-2) 26181830 / 26181831 / 26181832 / 26181833 / 26181834

Fax: (20-2) 26181835

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mossaad Auf Hamada                                                        Managing Director

 

·       Mohamed Mahmoud                                                                          Financial Manager

 

·       Magdy Ahmed Darwish                                                                      Area Manager

 

·       Ossama El Badry                                                                              Foreign Affairs Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1976

 

Legal Form                  : Private Limited Company

 

Commercial Reg. No.  : 18718, Port Said

 

Issued Capital              : £E 5,000,000

 

Paid up Capital            : £E 5,000,000

 

Name of Shareholder (s)                                    

 

·       Mohamed Mossaad Auf Hamada

 

·       Ahmed Mohamed Mossaad

 

·       Ayman Mohamed Mossaad

 

·       Fatma Hassan El Ghazal

 

·       Mohamed Mohamed Mossaad

 

·       Samya Mohamed Mossaad

 

·       Sanaa Mohamed Mossaad

 

·       Soaad Mohamed Mossaad

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs including dried fruits, nuts, tuna, pineapple and mushrooms.

 

Import Countries: Turkey, Syria, Greece, United States of America, India, China, United Arab Emirates and Pakistan.

 

Export Countries: Saudi Arabia and United Arab Emirates.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                £E 88,600,000                           £E 95,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial International Bank (CIB)

El Gomhouria Street

Port Said Free Zone

Port Said

Tel: (20-66) 336801

Fax: (20-66) 325956

 

·       National Bank of Abu Dhabi

El Salam Tower

Sultan Mahmoud Street

Tahar El Bahar, No. 4

Port Said

Tel: (20-66) 223797

Fax: (20-66) 224984

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.10

UK Pound

1

Rs.101.41

Euro

1

Rs.84.08

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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%)

 

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.