MIRA INFORM REPORT

 

 

Report Date :

29.03.2013

 

IDENTIFICATION DETAILS

 

Name :

AWA FOR FOOD ADDITIVES

 

 

Registered Office :

243 El Horreya Road, Sporting, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1992

 

 

Com. Reg. No.:

311, Alexandria

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of food additives

 

 

No. of Employees :

160

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

Source : CIA

SUMMARY

 

Company Name                                    : AWA FOR FOOD ADDITIVES

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1992

Commercial Registration Number           : 311, Alexandria

Tax Card Number                                  : 212-944-649

Issued Capital                                       : £E 10,000,000

Paid up Capital                                     : £E 10,000,000

Total Workforce                                     : 160

Activities                                               : Distributors of food additives.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

AWA FOR FOOD ADDITIVES

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : 243 El Horreya Road

Area                 : Sporting

Town                : Alexandria

Country             : Egypt

Telephone         : (20-3) 4292060 / 4292030 / 4211300 / 4211200

Facsimile          : (20-3) 4292060

Mobile              : (20-100) 3930002 / 3930001 / (20-122) 2123218

Email                : awa@awa-foodadd.net

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       15 Abd El Wahab El Beshry Street                                                    Office premises

Heliopolis

Cairo

Tel: (20-2) 22690727 / 22681519

Fax: (20-2) 22690728

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Wael Ibrahim Ghandour                                                                     Managing Partner

 

·       Nermin Ibrahim Ghandour                                                                  Partner

 

·       Elham Naeim                                                                                    Partner

 

·       Malak Ibrahim Ghandour                                                                    Partner

 

·       Hana Ibrahim Ghandour                                                                     Partner

 

·       Khaled Said                                                                                     Finance Manager

 

·       Samy El Awady                                                                                Factory Manager

 

·       Ayman El Kadry                                                                               Sales Manager

 

·       Olga Popova                                                                                    Export Manager

 

·       Moustafa Samir                                                                                Accounts Manager

 

·       Mohammady Moussa                                                                       Technical Manager

 

·       Bassant Hassan                                                                               Purchasing Manager

 

·       Kamilia Omar                                                                                    Human Resources Manager

 

·       Hend Zomor                                                                                     Customer Service Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 311, Alexandria

 

Tax Card No.                : 212-944-649

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Wael Ibrahim Ghandour                                                         77%

 

·       Malak Ibrahim Ghandour                                                        10%

 

·       Hana Ibrahim Ghandour                                                         10%

 

·       Elham Naeim                                                                          2%

 

·       Nermin Ibrahim Ghandour                                                        1%    

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of food additives.

 

Import Countries: India, China, France, Germany, Netherlands, Poland, Italy and South America.

 

Clients:

 

·       Edita

·       Kraft Foods

·       Pepsico

·       Danone

·       Nestle

·       Americana

·       Unilver

·       Farm Frites

 

Agencies Held:

 

·       Synthine

·       Sicita

 

Export Countries: Sudan and Morocco

 

Operating Trend: Steady

 

Subject has a workforce of 160 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/11:               Year Ending 31/12/12:

 

Total Sales                                £E 160,842,237                         £E 200,000,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Abu Dhabi

28 Salah Salem Street

Alexandria

Tel: (20-3) 4829175

Fax: (20-3) 4847114

 

·       Housing & Development Bank

513A El Horreya Road

Alexandria

Tel: (20-3) 5823494

       Fax: (20-3) 5826858

 

 

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.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.