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Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL WEAVERS INTERNATIONAL SAE |
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Registered Office : |
Oriental Weavers Building, 8 Zakaria Khalil Street, Heliopolis, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
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 : |
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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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
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
ORIENTAL WEAVERS INTERNATIONAL SAE
Registered &
Physical Address
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 : (20-100)
1696702
Email : owi@internetegypt.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
Plot A1, Third Industrial Zone Owned
factory premises
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
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
Name of
Shareholder (s) Percentage
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
2 El Bustan Street
Square 1112, Heliopolis
Cairo
Tel: (20-2) 22679122 / 22679133
Fax: (20-2) 22679144
Email: hq@setaegypt.com
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
No complaints regarding subject’s payments have been reported.
Date of transaction April
2009
Credit amount 1,000,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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 and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.