MIRA INFORM REPORT
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Report Date : |
22nd May 2006 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL
WEAVERS FOR CARPETS SAE |
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Registered Office : |
Oriental Weavers Building 8 Zakaria Khalil Street,
Heliopolis Cairo,
Egypt |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
44139,
Cairo |
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Legal Form : |
Egyptian
Joint Stock Company |
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Line of Business : |
Manufacture
of tapestries, various carpets, rugs and mats. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
ORIENTAL WEAVERS FOR CARPETS SAE |
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Country of Origin |
Egypt |
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Legal Form |
Egyptian Joint Stock Company |
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Registration Date |
1981 |
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Commercial Registration Number |
44139, Cairo |
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Authorised Capital |
£E 200,000,000 |
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Issued Capital |
£E 135,000,000 |
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Paid up Capital |
£E 135,000,000 |
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Total Workforce |
1,150 |
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Line of Business |
Manufacture of tapestries, various carpets, rugs and mats. |
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Financial Condition |
Good |
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Payments |
Prompt |
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Operating Trend |
Steady |
COMPANY NAME
ORIENTAL WEAVERS FOR CARPETS SAE
ADDRESS
Registered & Physical Address
Building : Oriental Weavers Building
Street : 8 Zakaria Khalil Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 2672121 / 2678226 / 2678225
Facsimile : (20-2) 2672241 / 2678240
Email : info@orientalweavers.com
Premises
Subject operates from a large suite of offices that are owned and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
El Horreya Street Owned factory premises
Industrial Zone B1, Area No. VII
Sharkeya
PO Box : 128
Tenth of Ramadan City
Tel : (20-15) 366666
Fax : (20-15) 364498
KEY PRINCIPALS
Mohamed Faris Khamis Chairman
Mahmoud Fawzi Khamis Vice Chairman
Mohamed Chaaban Farag Managing Director
Moustafa Hanafi Administration Manager
Mohamed Hosni Amer Finance Manager
Mohamed Katary Financial Controller
LEGAL FORM & OWNERS
Date of Establishment : 1981
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian Joint
Stock Company)
Commercial Reg. No. : 44139, Cairo
Authorised Capital : £E 200,000,000
Issued Capital : £E 135,000,000
Paid up Capital : £E 135,000,000
Name of Shareholder (s) Percentage
Mohamed Faris Khamis 62.68%
Modern Carpet 19.18%
Industrial Zone B1, Block No. VII
Osman Ibn Afan Street
Sharkeya
Tenth of Ramadan City
Tel : (20-15) 366666
Fax : (20-15) 364498
Mahmoud Fawzi Khamis 4.90%
Egyptian businessmen and private investors 13.24%
Note to the Legal Form The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are
offered to the public and £E 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.
AFFILIATED COMPANIES
Subject is a member of the Oriental Weavers Group, which consists of the following concerns :
Misr American Carpets Mills (MAC)
28 Sherif Street
PO Box : 3163
Cairo
Tel : (20-2) 3928380 / 3938864
Fax : (20-2) 3931217
Email : intlmktg@maccarpet.com
Oriental Weavers Fibres
Osman Moharam Street
First Industrial Zone A1
Sharkeya
Tenth of Ramadan City
Tel : (20-15) 410167 / 410168 / 410169
Fax : (20-15) 410166
Oriental Weavers for Urban Development
Oriental Weavers Building
Airport Area, Heliopolis
Cairo
Tel : (20-2) 2671716 / 2671718 / 2675351
Fax : (20-2) 2672248
Safa Industries Group
Industrial Zone B1
El Horreya Street
Sharkeya
PO Box : 69, El Asher
Tenth of Ramadan City
Tel : (20-15) 361969
Fax : (20-15) 363069
Egyptian Fibres EFCO
1st Industrial Zone A1, Area No. IIA
Osman Moharam Street
Sharkeya
PO Box : 188, El Asher
Tenth of Ramadan City
Tel : (20-15) 362287 / 362288
Fax : (20-15) 362286
Tenth of Ramadan Spinning Industries SAE
Industrial Zone A1, Area No. 3/3
Sharkeya
Tenth of Ramadan City
Tel : (20-15) 363748
Fax : (20-15) 363746
Oriental International Trade
El Horreya Street
Industrial Zone B1, Area IXB
Sharkeya
Tenth of Ramadan City
Tel : (20-15) 364703
Fax : (20-15) 364703
Seta Egypt SAE
2 El Bustan Street
Square 1112, Heliopolis
Cairo
Tel : (20-2) 2679122 / 2679133
Fax : (20-2) 2679144
Email : hq@setaegypt.com
LINE OF BUSINESS
Operations : Engaged in the manufacture of
tapestries, various carpets, rugs and mats.
Import Countries : Middle East and Europe.
Export Countries : Europe, the United States of
America and the Far East.
Operating Trend : Steady
Subject has a workforce of approximately 1,150 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue £E 405,500,000 £E 418,750,000
Local sources consider subject’s financial condition to be Good.
BANKERS
National Bank of Egypt
24, Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
Suez Canal Bank
PO Box : 2620
Cairo
Tel : (20-2) 5769296
Fax : (20-2) 5322064
Export Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel : (20-2) 3619005 / 3385877
Fax : (20-2) 3385940 / 3385938
PAYMENT HISTORY
Subject’s payment record is reported to be met in a generally prompt manner.
Date of transaction November 2002
Credit amount 11,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters of Credit
Paying record No Complaints
Currency Euros
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Oriental Weavers For Carpets SAE is very well established in the local market with operations dating back to 1981.
Subject is a member of the Oriental Weavers Group, Egypt’s largest producer of machine woven carpets with an 80% share of the local market. It also has a 25% share of the US market, where it distributes through its subsidiary Oriental Weavers USA.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 750,000
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |