MIRA INFORM REPORT

 

 

Report No. :

337323

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SANA FOR TRADING AGENCIES SAE

 

 

Registered Office :

26B Fawzy Moaaz Street, Apt No. 103, Smouha, Alexandria

 

 

Country :

Egypt

 

 

Date of Incorporation :

31.08.2014

 

 

Com. Reg. No.:

6792

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the import and distribution of raw materials and ingredients for sweets and general foodstuffs.

 

 

No. of Employee :

18

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business 

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

B2

B2

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : SANA FOR TRADING AGENCIES SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 31st August 2014

Commercial Registration Number           : 6792

Tax Card Number                                  : 479-644-624

Issued Capital                                       : £E 2,000,000

Paid up Capital                                     : £E 2,000,000

Total Workforce                         : 18

Activities                                               : Distributors of raw materials and ingredients for sweets and general

                                                            foodstuffs.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Hazem Mahfouz, Purchasing Officer

 

COMPANY NAME

 

SANA FOR TRADING AGENCIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 26B Fawzy Moaaz Street, Apt No. 103

Area                 : Smouha

Town                : Alexandria

Country : Egypt

 

Telephone         : (20-3) 4292674 / 4292671

Facsimile          : (20-3) 4292675

Mobile              : (20-100) 6799151 / (20-102) 6060810

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Ahmed Mostafa Al Saeedi                                                 Managing Director

 

·       Amir Ahmed Mostafa Al Saeedi                                                         Director

 

·       Saeed Ahmed Mostafa Al Saeedi                                                      Director

 

·       Kamel El Sayed Al Saeedi                                                                Director

 

·       El Sayed Mostafa El Sayed Al Saeedi                                               Director

 

·       Hazem Mahfouz                                                                                Purchasing Officer

 

·       Mohamed Hosny                                                                              Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st August 2014

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 6792

 

Tax Card No.                : 479-644-624

 

Issued Capital              : £E 2,000,000

 

Paid up Capital            : £E 2,000,000

 

Name of Shareholder (s)

 

·       Mohamed Ahmed Mostafa Al Saeedi

 

·       Amir Ahmed Mostafa Al Saeedi

 

·       Saeed Ahmed Mostafa Al Saeedi

 

·       Kamel El Sayed Al Saeedi

 

·       El Sayed Mostafa El Sayed Al Saeedi

 

 

AFFILIATED COMPANIES

 

·       Sana for Import and Export

75A Fawzy Moaaz Street

Smouha

Alexandria

Tel: (20-3) 9576797

Fax: (20-3) 9576979

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of raw materials and ingredients for sweets and general foodstuffs.

 

Import Countries: Europe and India

 

International Suppliers:

 

·       V P & Sons              India

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Bank of Egypt

21 Tosson Street

Alexandria

Tel: (20-3) 4824802 / 4825715

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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%)

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