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Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL WEAVERS INTERNATIONAL SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
1999 |
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Com. Reg. No.: |
1648 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of carpets, rugs polypropylene and polyester
yarns. |
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No. of Employees : |
4,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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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 – March 31st,
2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Egypt |
B1 |
B1 |
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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 |
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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.
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Source : CIA |
Company Name :
ORIENTAL WEAVERS INTERNATIONAL SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1999
Commercial Registration Number : 1648
Authorised Capital :
US$ 150,000,000
Issued Capital :
US$ 135,752,000
Paid up Capital :
US$ 135,752,000
Total Workforce :
4,500
Activities :
Manufacture and export of carpets, rugs polypropylene and polyester yarns.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Haythem Abdul Moniem, Investment Relations Manager
ORIENTAL WEAVERS INTERNATIONAL SAE
Building : Oriental Weavers
Building
Street : 8 Zakaria
Khalil Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22672121 / 22677515 / 22678226 / 22678225
Facsimile : (20-2)
22672241 / 22678000 / 22678240 / 22931217
Mobile : (20-122) 4299095
/ (20-100) 1177722 / 5421111
Email : owi@internetegypt.com / rawmaterials@orientalweavers.com
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
· Plot A1, Third
Industrial Zone Owned
factory premises
Private Free Zone
Sharkeya
Tenth of
Ramadan City
Tel: (20-15)
410811 / 412582 / 411137 / 411138 / 366666
Fax:
(20-15) 411136 / 412081 / 364498
Name Position
· Salah
Abd El Aziz Chairman
· Mahmoud Fawzy
Khamis Director
· Farida
Mohamed Farid Khamis Director
· Yasmine
Mohamed Farid Khamis Director
· Mohamed
Mahmoud Khamis Director
· Amr
Mamoud Fawzi Khamis Director
· Kamal
Ali Mahmoud El Raei Director
· Mohamed Mohamed
Shabaan Farag Director
· Mohamed
Qatary Director
· Mahmoud Reda Abd
El Baqi Director
· Ahmed Beshr Director
· Mohamed Abd El
Rahman El Sharkawy Director
· Arafat El Mahdy
Alewa Director
· Mahmoud Amin Saad Director
· Wahid Abd El
Ghaffar Director
· Hassan Hashash Director
· Abd El Hamid Fayed General
Manager
· Mahmoud Amin Marketing
Manager
·
Haythem
Abdul Moniem Investment
Relations Manager
·
Mohamed
Qatar Finance
Manager
· Mohamed Yousef Assistant
Finance Manager
Date of
Establishment : 1999
History : At the end of
2007 subject merged with “Oriental Weaver Carpet Technology Center”.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 1648
Authorised Capital : US$ 150,000,000
Issued Capital : US$ 135,752,000
Paid up Capital : US$ 135,752,000
· Oriental Weavers
For Carpets SAE 98.96%
Oriental
Weavers Building
8 Zakaria
Khalil Street
Heliopolis
Cairo
Tel:
(20-2) 22672121 / 22678226 / 22678225
Fax:
(20-2) 22672241 / 22678240
Email: info@orientalweavers.com
· Oriental Weavers
Fibers 0.98%
Osman Moharam
Street
First Industrial
Zone A1
Sharkeya
Tenth of Ramadan
City
Tel: (20-15)
410167 / 410168 / 410169
Fax: (20-15)
410166
· Mohamed Farid Khamis 0.05%
· Farida
Mohamed Farid Khamis 0.01%
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)
33928380 / 33938864
Fax: (20-2)
33931217
Email: intlmktg@maccarpet.com
· Oriental Weavers
for Urban Development
Oriental
Weavers Building
Airport
Area, Heliopolis
Cairo
Tel: (20-2)
22671716 / 22671718 / 22675351
Fax:
(20-2) 22672248
· 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
· Modern Carpet
Industrial Zone
B1, Block No. VII
Osman Ibn Afan
Street
Sharkeya
Tenth of Ramadan
City
Tel: (20-15)
366666
Fax: (20-15) 364498
Activities: Engaged in the manufacture and export of carpets, rugs, polypropylene
and polyester yarns.
Production
Capacity: 14.347 million square metres of weavings per year.
Import Countries: Middle East and Europe.
Export Countries: United States of America, Europe and Libya.
Operating Trend: Steady
Subject has a workforce of approximately 4,500 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales US$
253,293,280 US$
308,456,596
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
· Export Development
Bank of Egypt
1st
District Centre
Group D
Sharkeya
10th of
Ramadan City
Tel: (20-15)
367203
Fax: (20-15)
362638 / 362639
·
National Bank of Egypt
Sharkeya Branch
Tenth of Ramadan
City
Tel: (20-15) 360833
/ 360744 / 344144
·
Suez Canal Bank
14 Wadi El Nile
Street
Nahda Square
Maadi
PO Box: 249
Cairo
Tel: (20-2)
33582681
Fax: (20-2)
33582274
·
Egyptian Gulf Bank
El Orman Plaza
Building
8-10 Ahmed Nessim
Street
PO Box: 56
Cairo
Tel: (20-2)
33606580 / 33606467
Fax: (20-2)
33420265 / 33606512
·
BNP Paribas Egypt
Bank Area
Senco Centre
10th of Ramadan
City
No complaints regarding subject’s payments have been reported.
Credit amount 1,000,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Please note that the subject absorbed the company “Oriental Weaver
Carpet Technology Center” during 2007.
Oriental Weavers International is very well established in the local
market specialising in the manufacture and export of carpets, polypropylene and
polyester yarns.
Subject is run in a professional manner and is a member of the Oriental
Weavers Group, which enjoys an excellent reputation for the quality of its
work.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.59.35 |
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UK Pound |
1 |
Rs.92.11 |
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Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.