MIRA INFORM
REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SAVOLA GROUP COMPANY |
|
|
|
|
Registered Office : |
Saudi Business
Center, 8th Floor, Madinah Road, P O Box 14455, Jeddah 21424 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.06.1979 |
|
|
|
|
Com. Reg. No.: |
4030019708, Jeddah |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Edible oils, sugar, fresh dairy products and restaurants |
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 |
|
Maximum Credit Limit : |
US$ 7,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Saudi Arabia |
a2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : SAVOLA GROUP COMPANY
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 16th June 1979
Commercial Registration Number : 4030019708, Jeddah
Issued Capital : SR 5,000,000,000
Paid up Capital : SR 5,000,000,000
Total Workforce : 17,500
Activities : Edible oils, sugar, fresh dairy products and restaurants.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 7,000,000
COMPANY NAME
SAVOLA GROUP COMPANY
company ADDRESS
Registered & Physical Address
Building : Saudi Business Center, 8th
Floor
Street : Madinah Road
PO Box : 14455
Town : Jeddah 21424
Country : Saudi Arabia
Telephone : (966-2) 6477333 / 6363767
Facsimile : (966-2) 6484119
Email : info@savola.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Jeddah.
KEY PRINCIPALS
Name Position
·
Sulaiman A Al Muhaidib Chairman
·
Dr Abdulraouf Mohamed Manna Managing
Director
·
Abdulaziz Khaled Alghufaily Director
·
Dr Sami Mohsen Baroum Director
·
Mohamed Abdulgadir Alfadl Director
·
Ammar A Al Khudairi Director
·
Ibrahim M Aleasaa Director
·
Muosa Omran Al Omran Director
·
Dr Ghasan A Al Sulaiman Director
·
Yousuf Mohamed Alireza Director
·
Abdullah
M Nour Rehaimi Director
·
Dr
Abdulraouf M Mannaa Director
·
Dr Mohamed Amin Kashgari Manager
- Savola Retail Sector
·
Zouhair Eloudghiri Manager
- Savola Foods Sector
·
Dr Mohamed Ajlan Business
Development Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th
June 1979
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030019708, Jeddah
Issued Capital : SR 5,000,000,000
Paid up Capital : SR 5,000,000,000
Name of
Shareholder (s)
·
Mohammed
I Al Issa
·
Kingdom
Holding Co
·
Abdullah
M A Al Rabiah
·
General
Organization for Social Insurance
·
Over
160,000 shareholders
AFFILIATED COMPANIES
Name Ownership
%
· Savola Packaging
Systems Limited 100.0%
·
Utur Packaging Materials Company Limited 100.0%
·
Savola Trading International Limited 100.0%
·
Tayseer FZCO 100.0%
·
Azizia Panda Trading Company 100.0%
·
Al-Azizia Panda United Company 100.0%
·
Afia International Company 90.6%
·
Herfy Food Services Company Ltd 70.0%
·
Savola Industrial Investments Co 63.5%
·
United Properties Development Company 70.0%
·
Adeem Arabia Company Ltd 100.0%
·
Al Marai Dairy Company Ltd 28.0%
·
Marafiq 30.0%
·
Intaj Capital Limited 49.0%
· Afia Xiwang
International (AXI) 49.0%
·
Golden Hope Investments (Asia Pacific) 40.0%
OPERATIONS
Activities: The Savola Group is now one of
the Kingdom's leading industrial companies. The Group’s major holdings supply
Saudi Arabia, the Middle East and North African countries with edible oils,
sugar, fresh dairy products, and restaurants serving fast foods. The Group also
owns what is considered the largest retail food chain in the Middle East - the
Azizia Panda supermarkets
Savola
currently has market shares of 62% of the Edible Oils market and 68% of the
Sugar market in the Kingdom as well as 79 Retail outlets
(Supermarkets/Hypermarkets) throughout Saudi Arabia.
Import
Countries: Europe, Asia and
the United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 17,500 employees.
FINANCIAL DATA
Financial
highlights provided by outside sources are given below:
Currency: Saudi
Riyals (SR’000)
Consolidated Balance Sheet 31/12/10 31/12/09 31/12/08 31/12/07
Current assets 5,910,643
5,633,507 4,764,430 3,711,339
Current
liabilities 6,724,128
6,313,432 6,001,606 3,138,566
Working capital (813,485)
(679,925) (1,237,176) 572,773
Current assets 5,910,643
5,633,507 4,764,430 3,711,339
Other non-current
assets 7,132,076 6,086,256 5,525,059 4,364,864
Property, plant
and equipment (fixed assets) 4,739,217
5,536,761 4,250,663 3,513,801
Total assets 17,781,936
17,256,524 14,540,152 11,590,004
Current
liabilities 6,724,128
6,313,432 6,001,606 3,138,566
Long-term loans 2,394,807
1,996,202 1,117,136 456,540
Other liabilities
448,133
418,979 284,730 222,221
Total liabilities
9,567,068
8,728,613 7,403,472 3,817,327
Paid-up capital 5,000,000
5,000,000 5,000,000 3,750,000
Retained earnings
and reserves 2,020,037 1,960,628 1,389,165 3,406,901
Shareholders’
equity 7,020,037
6,960,628 6,389,165 7,156,901
Minority
interests 1,194,831
1,567,283 747,515 615,776liabilities and
Consolidated Income Statement
Revenues—net 21,029,472 17,917,202
13,821,377 10,409,530
Cost of sales (17,614,233)
(14,809,887) (12,007,054) (8,705,859)
Gross profit 3,415,239
3,107,315 1,814,323 1,703,671
Share of profits
(loss) of associates and
jointly
controlled entity and dividend income 459,522
352,799 335,174 243,753
Other income—net 97,340
79,877 110,526 82,057
Total income 3,972,101
3,539,991 2,260,023 2,029,481
Selling &
Marketing (1,870,153)
(1,533,574) (1,123,033) (839,516)
General and Administrative
(603,138) (628,783) (465,491) (456,794)
Total expenses (2,473,291)
(2,162,357) (1,588,524) (1,296,310)
Income (loss)
from Operations 1,498,810
1,377,634 671,499 733,171
Gain (loss) on
Disposal of Investments 195,055
318,116 147,980 863,982
Impairment of
Assets & Projects Written-off (283,716)
(221,596) (442,406) (110,482)
Financial
charges—net (244,260)
(227,337) (153,658) (33,326)
Income (loss)
before Zakat and income tax
and minority
interests 1,165,889
1,246,817 223,415 1,453,345
Zakat and income
tax (140,146)
(63,323) (53,387) (115,463)
Net income before
minority interests 1,025,743
1,183,494 170,028 1,337,882
Share of minority
interests in the net income
(loss) of
consolidated subsidiaries (139,041) (231,929) 32,330 (107,858)
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Arab
National Bank (ANB)
King Faisal Street
North Morabbaa
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
·
United
Saudi Bank
Malaz Branch
PO Box: 2804
Riyadh 11461
Tel: (966-1) 4772033
Fax: (966-1) 4773709
·
Saudi
British Bank
PO Box: 109
Jeddah 21411
Tel: (966-2) 6512121
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction June
2007 June
2008
Credit amount 17,000 25,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
GENERAL COMMENTS
The Savola Group is now one of the Kingdom's leading
industrial companies. It currently has market shares of 62% of the Edible Oils market and
68% of the Sugar market in the Kingdom as well as 79 Retail outlets
(Supermarkets/Hypermarkets) throughout Saudi Arabia.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.