MIRA INFORM REPORT

 

 

Report Date :           

29.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AFIA INTERNATIONAL CO SAE (AIC)

 

 

Registered Office :

17 Joseph Tito Street, El Nozha El Gadida, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

351

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Production of oil, ghee and butter.

 

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$ 1,000,000

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

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                         : AFIA INTERNATIONAL CO SAE (AIC)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1992

Commercial Registration Number            : 351

Issued Capital                                        : £E 154,651,000

Paid up Capital                                      : £E 154,651,000

Total Workforce                                     : 1,000

Activities                                               : Production of oil, ghee and butter.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

 

 

COMPANY NAME

 

AFIA INTERNATIONAL CO SAE (AIC)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 17 Joseph Tito Street

Area                 : El Nozha El Gadida

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 26220866 / 26220846 / 26220831

Facsimile          : (20-2) 26220847

Email                : tkhedr@savola.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       El Adly Street                                                                                   Office premises 

     El Adel Omar Tower

     Gharb District

     Assyout

     Tel: (20-88) 2304960

 

·       36 El Dobat Building                                                                          Office premises

Mostafa Kamel

       Alexandria

       Tel: (20-3) 5435905

 

·       9 El Masanea Street                                                                          Office premises

Industrial Zone

District No. 6

Nasr City

Cairo

Tel: (20-2) 24012254 / 24012391

Fax: (20-2) 24014231

 

·       Plot No. 7                                                                                         Factory premises

Industrial Zone

Sharkeya

10th of Ramadan City

Tel: (20-15) 411203 / 411212

Fax: (20-15) 411207 / 411205

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Samy Mohsen Baroum                                                                  Chairman

 

·       Zakaria Okil                                                                                      Vice Chairman

 

·       Zuhair El Waghoury                                                                           Director

 

·       Alaa El Saba                                                                                    Director

 

·       Maged Karim                                                                                    Director

 

·       Dr Mohamed Nagy Shatla                                                                  Director

 

·       Ghada Sulaiman                                                                               Administration Manager

 

·       Moharram Fouad                                                                               Finance Manager

 

·       Magdy Qandil                                                                                   Production Manager

 

·       Ihab Khayat                                                                                      Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 351

 

Industrial Reg. No.       : 272057

 

Issued Capital              : £E 154,651,000

 

Paid up Capital            : £E 154,651,000

 

Name of Shareholder (s)                                         Percentage

 

·       Savola Group                                                            95%

     Saudi Business Center, 8th Floor

     Madinah Road

     PO Box: 14455

     Jeddah 21424

     Tel: (966-2) 6573333

     Fax: (966-2) 6484119

 

·       Local businessmen and private investors                       5%

 

 

AFFILIATED COMPANIES

 

·       Saudi Arabian Glass Co Ltd (Sagco)

Road No. 408/409

Industrial Area, Phase IV

PO Box: 17900

Jeddah 21494

Saudi Arabia

Tel: (966-2) 6376051 / 6364959

Fax: (966-2) 6377462

 

·       Herfy Food Services Co Ltd

PO Box: 86958

Riyadh 11632

Saudi Arabia

Tel: (966-1) 4542496

Fax: (966-1) 4550708

 

·       National United Supermarkets Ltd

Al Rabwa

PO Box: 60931

Riyadh 11555

Saudi Arabia

Tel: (966-1) 4916964

 

·       Al Azizia Commercial Investment Company

PO Box: 91896

Riyadh 11643

Saudi Arabia

Tel: (966-1) 4881513

Fax: (966-1) 4824592

 

·       Savola Bahrain

Manama

     Bahrain

    

·       Savola Tunisia SA

Tunis

     Tunisia

    

·       Savola Egypt Food Products Company

Tenth of Ramadan City

Egypt

 

·       Savola International Holding SA

Luxembourg

    

·       Al Nakhlah Establishment for Trade and Industry

Prince Mohamed Bin Saud Building

King Faisal Street

PO Box: 8254

Riyadh 11492

Saudi Arabia

Tel: (966-1) 4982235

Fax: (966-1) 4986075

CR No. 1010007089

 

·       Saudi Industrial Services Co (SISCO)

Jeddah

Saudi Arabia

 

·       Snack Food Co (Tasali)

Jeddah Industrial Area

PO Box: 7333

Jeddah 21462

Saudi Arabia

Tel: (966-2) 6364434 / 6364295 / 6372452

Fax: (966-2) 6484119

 

·       Savola Packaging Systems Co.

Jeddah Industrial Area

PO Box: 30364

Jeddah 21462

Saudi Arabia

Tel: (966-2) 6364434

Fax: (966-2) 6516860

 

·       United Sugar Co

PO Box: 23023

Jeddah 21426

Saudi Arabia

Tel: (966-2) 6477333

Fax: (966-2) 6484119

 

 

OPERATIONS

 

Activities: Engaged in the production of oil, ghee and butter.

 

Production Capacity: 190,000 tons per year.

 

Import Countries: Europe, Mexico, China, South Korea, Japan, Indonesia and Brazil.

 

Brand Names: AFIA, RAWABI, SLITE, GANNA, EL SHAMS EL DAHABIA, HELWA and SHAMS EL SHMOUS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 1,000,000,000                       £E 1,200,000,000

 

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

 

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

 

 

BANKERS

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

     Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.44.13

UK Pound

1

Rs.72.05

Euro

1

Rs.63.33

 

 

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.