%2027-Mar-2007_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALEXANDRIA OIL
& SOAP COMPANY (AOSCO) |
|
|
|
|
Registered Office : |
76 Canal El
Mahmoudia Street, Karmouz, Moharram Bey, P O Box 402, Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
30.06.2005 |
|
|
|
|
Date of Incorporation : |
1963 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the production
and processing of edible oils and fats, animal feeds, soaps and detergents,
as well as cosmetic and personal hygiene products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ALEXANDRIA OIL & SOAP COMPANY (AOSCO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1963
Authorised Capital : ŁE 200,000,000
Issued Capital : ŁE 151,000,000
Paid up Capital : ŁE 151,000,000
Total Workforce : 3,581
Line of Business : Production of edible oils and fats, as well as soaps,
detergents, cosmetics and animal feed products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALEXANDRIA OIL
& SOAP COMPANY (AOSCO)
ADDRESS
Registered & Physical Address
Street : 76 Canal El Mahmoudia Street
Area : Karmouz, Moharram Bey
PO Box : 402
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3611520 / 4937879 / 3925672 /
3927236 / 3927234 / 4925671
Facsimile : (20-3) 4923999 / 3922220 / 4950144 /
4913222
Email : aosco@menanet.net
Premises
Subject operates
from a large suite of offices that are owned and located in the Suburban
Business Area of Alexandria.
Branch Office (s)
Location Description
·
Kafr El Zayat Owned
factory premises
Gharbeya
Tel: (20-40) 582830 / 587300
Fax: (20-40) 582739
·
El Masnaei Street Owned
factory premises
El Mahla El Kobra,
Kafr Shukr
Kaliubeya
Tel: (20-47) 3224379 / 3224435
Fax: (20-47)
3223845
·
11 Tahrir
Square Sales
Office
Cairo
Tel: (20-2) 5789726
Fax: (20-2) 5762523
KEY PRINCIPALS
·
Ezz El Din
Abdallah Badawy Chairman
·
Salama
Dessouky Ahmed Managing
Director
·
Ibrahim Abd El
Wahab Eied Director
·
Ahmed El
Sawalem Director
·
Abd El Hamid
Abd El Hamid Khattab Director
·
Samir Abd El Azim Director
·
Yagout Naim
Ahmed General
Manager
·
Ahmed El Sahly Finance
Manager
·
Ahmed
Nabil El Sayed Daoud Sales
Manager
·
Mohamed Mohie
El Din Farhoud Purchasing
Manager
·
Samir Abd El
Rehim Hassan Maintenance
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1963
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Authorised
Capital : ŁE 200,000,000
Issued Capital : ŁE 151,000,000
Paid up Capital : ŁE 151,000,000
Name of Shareholder
(s) Percentage
·
Holding Co.
for Food Industries 100%
20 Salem Salem Street
Agouza
Cairo
Tel: (20-2) 7494823 / 7494824
Fax: (20-2) 3604026
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than ŁE 500,000 if shares are
offered to the public and ŁE 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in the production and processing of
edible oils and fats, animal feeds, soaps and detergents, as well as cosmetic
and personal hygiene products.
Subject is ISO 9002 certified.
Export Countries
: Saudi Arabia, Iraq,
Morocco, Algeria, Jordan, India, Germany, Switzerland and CIS states.
Brand Names: MIZO, BONO, KARNAK, VITOLIN, LINA, MADAME
BOMBADOR, NEW NANA, NOBON, EL WARDA, and LUXOR
Operating Trend
: Steady
Subject has a
workforce of 3,581 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (ŁE)
Year
Ending 30/06/04: Year
Ending 30/06/05: *
Net Operating
Revenue ŁE 306,763,000 ŁE 247,919,000
Net Income ŁE 3,778,000 ŁE 11,260,000
Local sources
consider subject’s financial condition to be Good.
* Latest available
figures
BANKERS
·
Bank of
Alexandria
6, Salah Salem Street
Alexandria
Tel : (20-3) 4824056
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Alexandria Oil
& Soap Company (AOSCO) is very well established in the local market, having
been trading for over 40 years. It specialises in the production of edible oils
and fats, as well as soaps, detergents, cosmetics and animal feed products.
Subject is wholly
owned by the Holding Co for Food Industries, which in turn is owned by the
Ministry of Public Enterprises, a department within the Egyptian government. As
such the company is considered trustworthy for respecting its financial trade
commitments.
Maximum suggested
credit figure: US$ 1,000,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)