MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
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, PO Box 2489, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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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 : |
Manufacturers of Tapestries, Carpets, Rugs and Mats |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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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Maximum Credit Limit : |
US$ 6,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ORIENTAL WEAVERS FOR CARPETS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1981
Commercial Registration Number : 44139, Cairo
Issued Capital : £E 280,951,780
Paid up Capital : £E 280,951,780
Total Workforce : 1,150
Activities : Manufacturers of tapestries, carpets, rugs and mats.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 6,000,000
COMPANY NAME
ORIENTAL WEAVERS
FOR CARPETS SAE
ADDRESS
Registered & Physical Address
Building : Oriental Weavers Building
Street : 8 Zakaria Khalil Street
Area : Heliopolis
PO Box : 2489
Town : Cairo
Country : Egypt
Telephone : (20-2) 22672121 / 22678226 / 22678225
Facsimile : (20-2) 22672241 / 22678240 /
22672242
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
Name Position
·
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 :
Egyptian Joint Stock
Company
Commercial Reg. No. : 44139, Cairo
Issued Capital : £E 280,951,780
Paid up Capital : £E 280,951,780
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%
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
OPERATIONS
Activities: Engaged in the manufacture of tapestries,
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 DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Consolidated
Balance Sheet 31/12/07 31/12/06
Long Term Assets
Fixed Assets
(Net) 1
652 745 537 1 475 271 938
Projects in
Progress 148
166 553 257 034 043
Investments -
Available for Sale 70
925 160 61 632 245
Investments in
Real Estate (Cost) 17
341 216 17 341 216
Goodwill 696
835 970 696 835 970
Differed Tax
Assets 21
256 841 --
Total Long Term
Assets 2
607 271 277 2 508 115 412
Current Assets
Inventory 1
245 179 454 1 001 222 529
Trades &
Notes Receivable 625
088 240 681 988 927
Debtors and Other
Debit Accounts 143
272 650 202 745 679
Cash on Hand
& at Banks 131
463 761 249 472 897
Total Current
Assets 2
145 004 105 2 135 430 032
Current
Liabilities
Banks - Credit
Accounts 530
697 231 521 592 227
Long Term
Liabilities - Current Portion 77
963 132 101 347 710
Suppliers &
Notes Payable 508
164 276 455 573 477
Dividends Payable
7
327 776 46 091 515
Creditors &
Other Credit Accounts 210
441 760 182 510 925
Provisions 68
295 606 73 642 232
Total Current
Liabilities 1
402 889 781 1 380 758 086
Working Capital 742
114 324 754 671 946
Total Investment 3
349 385 601 3 262 787 358
Financed as
Follows
Shareholder's
Equity
Issued and Paid
Capital 280
951 780 280 951 780
Reserves 1
360 748 394 1 307 262 184
Unrealized
Profits from Available for Sale Investment 4
433 897 --
Retained Earnings
385
879 227 318 165 996
Net Profit for
the Period 328
248 778 271 203 809
Exchange
Differences of Foreign Currency 71
262 345 108 095 761
Treasury Stocks (
29 050 955) ( 1 100 000)
Attributable to
Equity Holders of the Parent 2
402 473 466 2 284 579 530
Minority Interest 213
338 739 211 370 798
Total Equity 2
615 812 205 2 495 950 328
Long - Term
Liabilities
Long Term loans 711
074 468 730 906 556
Deferred Sales
Taxes instalments 2
917 253 6 050 137
Housing and
Development Bank Loan 1
137 987 1 300 913
Creditors -
Purchase of Fixed Assets 18
443 688 22 710 821
Deferred Taxes
Liabilities --
5 868 603
Total Long Term
Liabilities 733
573 396 766 837 030
Total Shareholder's Equity & Long Term Liabilities 3 349 385 601 3 262 787 358
Consolidated Income Statement
Revenue
3 067
060 549 2 919 934 893
COGS 2 489
843 701 2 376 736 847
Gross
Profit 577
216 848 543 198 046
SG&A
59
766 041 60 192 243
EBITDA
517
450 807 483 005 803
Adjusted
EBITDA 638
356 076 620 423 402
Depreciation
163
352 743 137 598 196
EBIT 354
098 064 345 407 607
Provisions
-- ( 117 373)
Financing
Expenses (
97 220 718) ( 101 030 530)
Other
Revenues 120
905 269 137 417 599
Investment
Income 1
657 000 2 384 565
Interest
Income 5
170 763 9 310 578
Profits
of Selling Financial Investments 1
650 000 --
Capital
Gain 341
000 2 606
F/X
Gain (Loss) 5
853 605 ( 14 293 951)
38,356,919
33,673,494
EBT 392
454 983 379 081 101
Taxes
(
13 035 692) ( 42 420 786)
Net
Income pre-minority Interest 379
419 291 336 660 315
Minority
Interest 51
170 513 65 456 506
Net Income after-minority interest 328
248 778 271 203 809
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
No complaints
regarding subject’s payments have been reported.
Date of
transaction November 2002 May 2006
Credit amount 11,000 100,000
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 Euros US
Dollars
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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%)