MIRA INFORM
REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL WEAVERS COMPANY FOR CARPETS SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
16.11.1981 |
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Com. Reg. No.: |
44139, |
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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 : |
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$ 4,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : ORIENTAL WEAVERS COMPANY FOR CARPETS SAE
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 16th November 1981
Commercial Registration Number : 44139,
Issued Capital : £E 373,033,555
Paid up Capital : £E 373,033,555
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$ 4,500,000
COMPANY NAME
ORIENTAL WEAVERS
COMPANY FOR CARPETS SAE
company ADDRESS
Registered & Physical Address
Building :
Street :
Area :
PO Box : 2489
Town :
Country :
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
·
Industrial Zone B1, Area No. VII
Sharkeya
PO Box: 128
Tenth of
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 : 16th
November 1981
Legal Form :
Egyptian Joint Stock Company
Commercial Reg. No. : 44139,
Issued Capital : £E 373,033,555
Paid up Capital : £E 373,033,555
Name of Shareholder
(s) Percentage
·
Mohamed
Faris Khamis 62.68%
·
Modern
Carpet 19.18%
Industrial Zone B1, Block No. VII
Sharkeya
Tenth of
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)
PO Box: 3163
Tel: (20-2) 33928380 / 33938864
Fax: (20-2) 33931217
Email: intlmktg@maccarpet.com
·
Oriental
Weavers Fibres
First Industrial Zone A1
Sharkeya
Tenth of
Tel: (20-15) 410167 / 410168 / 410169
Fax: (20-15) 410166
·
Oriental
Weavers for Urban Development
Airport Area,
Tel: (20-2) 22671716 /
22671718 / 22675351
Fax: (20-2) 22672248
·
Safa
Industries Group
Industrial Zone B1
Sharkeya
PO Box: 69, El Asher
Tenth of
Tel: (20-15) 361969
Fax: (20-15) 363069
·
Egyptian
Fibres EFCO
1st Industrial Zone A1, Area No.
IIA
Sharkeya
PO Box: 188, El Asher
Tenth of
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
Tel: (20-15) 363748
Fax: (20-15) 363746
·
Oriental
International Trade
Industrial Zone B1, Area IXB
Sharkeya
Tenth of
Tel: (20-15) 364703
Fax: (20-15) 364703
·
Seta
OPERATIONS
Activities : Engaged in the manufacture of tapestries,
carpets, rugs and mats.
Import Countries : Middle East and
Export Countries : Europe, the
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 31/12/09 31/12/08
Long Term Assets
Fixed Assets
(Net) 1
608 600 860 1 625 254 153
Projects in
Progress 232
255 334 205 538 647
Investments -
Available for
Goodwill 696
835 970 696 835 970
Deffered Tax
Assets - 17
902 286
Total Long Term
Assets 2
608 223 915 2 609 721 943
Current Assets
Inventory 1
430 172 744 1 702 790 501
Trades &
Notes Receivable 707
562 287 742 183 232
Debtors and Other
Debit Accounts 103
787 588 109 507 262
Cash on Hand
& at Banks 337
299 473 191 771 336
Total Current
Assets 2
578 822 092 2 746 252 331
Current
Liabilities
Banks - Credit
Accounts 858
108 925 941 844 583
Long Term Liabilities
- Current Portion 211
254 571 117 056 884
Suppliers &
Notes Payable 607
941 243 554 866 122
Dividends Payable
3
339 249 5 175 004
Creditors &
Other Credit Accounts 146
025 608 157 111 159
Provisions 67
565 778 67 162 650
Total Current
Liabilities 1
894 235 374 1 843 216 402
Working Capital 684
586 718 903 035 929
Total Investment 3
292 810 633 3 512 757 872
Financed as
Follows
Shareholder's
Equity
Issued and Paid
Capital 373
033 555 373 033 555
Reserves 1
411 865 946 1 401 242 285
Unrealized
Profits from Available for
Retained Earnings
463
861 007 495 066 279
Net Profit for
the Period 312
330 120 311 126 390
Exchange
Differences of Foreign Currency 64
551 105 69 913 763
Treasury Stocks (29
792 744) (1 295 095)
Attributable to
Equity Holders of the Parent 2
596 300 614 2 642 804 345
Minority Interest 215
883 957 229 003 437
Total Equity 2
812 184 571 2 871 807 782
Long - Term
Liabilities
Long Term loans 471
586 700 624 835 268
Deferred Sales
Taxes instalments 868
626 2 213 663
Housing and
Development Bank Loan 705
090 981 678
Creditors -
Purchase of Fixed Assets 6
618 447 12 919 481
Total Long Term
Liabilities 480
626 062 640 950 090
Total Shareholder's Equity & Long Term Liabilities 3 292 810 633 3 512 757 872
Consolidated Income Statement
COGS 3 131
382 904 3 014 696 995
Gross
Profit 419
254 372 427 690 095
SG&A
103
637 992 86 250 783
EBIT 315
616 380 341 439 312
Investment
Income - 1
751 250
Interest
Income 9
723 432 4 367 063
Capital
Gain 89
240 425
757
Financing
expenses (96
229 706) (82 352 103)
F/X
Gain (Loss) 6
945 615 14 205 366
38,356,919
33,673,494
EBT 396
920 871 401 914 824
Current
Income Tax (43
093 154) (34 384 000)
Deferred
tax (2
652 416) (2 070 727)
Net
Income pre-minority Interest 351
175 301 365 460 097
Minority
Interest 38
845 181 54 333 707
Net Income after-minority interest 351
175 301 365 460 097
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National
Bank of
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Suez
Canal Bank
PO Box: 2620
Tel: (20-2) 25769296
Fax: (20-2) 25322064
·
Export
Development Bank of
Mohandessin
Tel: (20-2) 33619005 /
33385877
Fax: (20-2) 33385940 /
33385938
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November 2002 May 2006 November 2008
Credit amount 11,000 100,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Euros US Dollars US Dollars
GENERAL COMMENTS
Oriental Weavers Company
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,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.84 |
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|
1 |
Rs.69.32 |
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Euro |
1 |
Rs.59.79 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.