MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAC CARPETS |
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Registered Office : |
28 Sherif Street PO Box 3163, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
46768, Sharkeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Producer of wall-to-wall
carpets, custom printed tailored rugs
and embroidery mats |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MAC CARPETS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1980
Commercial Registration Number : 46768, Sharkeya
Industrial Registration Number : 4015
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 5,000
Line of Business :
Producer of wall-to-wall carpets, custom printed
tailored rugs and embroidery mats.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MAC CARPETS
ADDRESS
Registered & Physical Address
Location : 28 Sherif Street
PO Box : 3163
Town : Cairo
Country : Egypt
Telephone : (20-2) 23928380 / 23938864
Facsimile : (20-2) 23931217
Email : info@maccarpet.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· Horreya
Street Owned
factory premises
Industrial Zone B1
& B3
10th Of Ramadan City
Tel: (20-15) 364511
Fax: (20-15) 364556
· Marwa City Building, No. 14 Rented
sales office
Heliopolis
Cairo
Tel: (20-2) 22918286
Fax: (20-2) 22905512
· Ramada Tower Rented
sales office
PO Box 21923
Alexandria
Tel: (20-3) 5497338
Fax: (20-3) 5494944
KEY PRINCIPALS
· Mohamed
Farid Khamis Chairman
· Raed Hashim Yehia Managing
Director
· Alaa
Raed Hashim Yehia Director
· Nagwa
Abd El Wahab Azmy Director
· Mohamed
Gamil Abd El Sattar Director
· Ahmed
Abu El Fadl Director
· Shehab
Raed Hashim Yehia Director
· Mahmoud
Fawzy Khamis Director
· Yassmine
Mohamed Farid Khamis Director
· Farida
Mohamed Farid Khamis Director
· Mohamed
Mohamed Amer Director
· El
Husseiny Abd El Wahab General
Manager
· Mohamed
Ibrahim Finance
Manager
· Yasser
El Sayed Accounts
Manager
· Khaled
Singer Export
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1980
Legal Form : Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock
Company)
Commercial Reg.
No. : 46768, Sharkeya
Industrial Reg.
No. : 4015
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Name of Shareholder (s) Percentage
· Oriental
Weavers Group SAE 53.06%
Oriental
Weavers Building
Heliopolis
Cairo
Tel : (20-2)
2672121
Fax :
(20-2) 2672241
· Raed Hashim Yehia 14.08%
· Mohamed
Gamil 6.98%
· Mohamed
Beshry El Sawy 6.95%
· Mohamed
Farid Khamis 4.00%
· Marwa
Beshry El Sawy 3.48%
· Sara
Beshry El Sawy 3.48%
· Moustafa
Fayez Halbas 2.67%
· Private
Investors & members of the public 5.30%
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.
LINE OF BUSINESS
Operations : Engaged in the manufacture
and export of wall-to-wall carpets, custom printed
tailored rugs and embroidery
mats.
Annual Production Capacity: 53 million square meters.
Import Countries : India, Iran, Italy and the United States of
America.
Export Countries : Subject exports over 90% of its capacity to more
than 100 countries
located around the world.
Brand Names : MAC
Operating Trend : Steady
Subject has a workforce of approximately 5,000 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E
771,000,000 £E
816,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
· 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
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel : (20-2)
3912711 / 3912106
Fax : (20-2)
3919779
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
MAC Carpets has been in business for over 25 years and is a leading
producer of wall-to-wall carpets, custom
printed tailored rugs and embroidery mats.
According to reliable local sources subject’s operating history is clear
with payment obligations generally fulfilled in a regular and timely manner.
The financial position is healthy and profitable and the company is deemed
trustworthy for respecting its financial trade commitments.
Maximum suggested credit figure: US$ 3,000,000
RATING
EXPLANATIONS
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RATING |
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)