|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORIENTAL WEAVERS
COMPANY FOR CARPETS SAE |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.11.1981 |
|
|
|
|
Com. Reg. No.: |
44139, |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers of Tapestries,
Carpets, Rugs and Mats. |
|
|
|
|
No. of Employees : |
3,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 growth. Poor living conditions combined
with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic
growth remains slow amid political uncertainty, government transitions, unrest,
and cycles of violence. Cairo since 2011 has drawn down foreign exchange
reserves and depended on foreign assistance, particularly from Gulf countries,
to finance imports and energy products and prevent further devaluation of the
Egyptian pound, fearing higher inflation from a weaker currency.
|
Source
: CIA |
Company Name : ORIENTAL
WEAVERS COMPANY FOR CARPETS SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 16th
November 1981
Commercial
Registration Number : 44139,
Cairo
Issued Capital : £E
450,000,000
Paid up Capital : £E
450,000,000
Total Workforce : 3,500
Activities :
Manufacturers of tapestries, carpets, rugs and mats.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ORIENTAL WEAVERS
COMPANY FOR CARPETS SAE
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
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
Name Position
·
Mohamed
Farid Fouad Khamis Chairman
·
Mahmoud
Fawzy Fouad Khamis Vice
Chairman
·
Mohamed
Katary Abd Allah Director
·
Mahmoud
Rada Abdel Baki Director
·
Yasmine
Mohamed Farid Khamis Director
·
Farida
Mohamed Farid Khamis Director
·
Kamal
Ali Mahmoud Al Raei Director
·
Abdel
Hamid Fayad Director
·
Mohamed
Mahmoud Fawzy Khamis Director
·
Amr
Mahmoud Fawzy Khamis Director
·
Mahmoud
Amin Saad Director
·
Mohamed
Mohamed Ali Amer Director
·
Mohamed
Mohamed Farid Khamis Director
·
Maha
Bint Ahmed Bin Hassan Feteihy Director
·
Salah
Abdel Aziz Abdel Motalab Chief
Executive Officer
·
Moustafa
Hanafi Administration
Manager
·
Mohamed
Hosni Amer Finance
Manager
·
Mohamed
Katary Financial
Controller
Date of Establishment : 16th
November 1981
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 44139, Cairo
Issued Capital : £E 450,000,000
Paid up Capital : £E 450,000,000
·
Mohamed
Farid Fouad 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
Fawzy Fouad Khamis 4.90%
·
Egyptian
businessmen and private investors 13.24%
Name Percentage Held
·
Oriental
Weavers Co
100%
United States of America
·
Oriental
Weavers International Co 99.99%
·
Rosetex
Modern Factories for Spinning & Weaving Co 99.99%
·
Oriental
Weavers Co 99.65%
China
·
Oriental
Weavers Company Fibers Co 99.00%
·
Egyptian
Fibers Co 79.60%
·
MAC
Carpet Mills 58.29%
·
Modern
EFCO 57.57%
·
New Mac 52.02%
·
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 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) 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
-
Activities: Engaged in the manufacture of tapestries,
carpets, rugs and mats.
Production Capacity: 113 million square metres
Import
Countries: Germany, Italy and
France.
Export
Countries: Europe, the
United States of America and the Far East
Brand Names: ORIENTAL WEAVERS, LA BOUTIQUE, GOBELIN and
LIFE STYLE
Operating Trend: Steady
Subject has a
workforce of approximately 3,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Consolidated
Balance Sheet 31/12/12 31/12/13
Long Term Assets
Fixed assets(net)
1
752 675 173 2 753 447 469
Projects in
progress 501
185 514 57 484 717
Available for
sale investments 102
706 751 81 673 779
Goodwill 696
835 970 473 790 520
Total Long-term assets 3
053 403 408 3 366 396 485
Current Assets
Inventory 1
590 235 579 1 523 335 196
Trades &
notes receivable 921
783 464 945 669 198
Debtors and other
debit accounts 219
703 588 211 849 502
Cash & Cash
equivalent 230
724 378 324 866 214
Total current assets 2
962 447 009 3 005 720 110
Current Liabilities
Provisions 26
116 289 35 847 673
Banks-Credit
accounts 1
600 703 210 1 388 215 798
Long term
liabilities-Current portions 119
629 981 89 138 296
Suppliers &
notes payable 621
710 127 624 423 822
Dividends payable
2
659 852 8 151 624
Creditors &
other credit accounts 157
732 905 206 309 685
Total Current liabilities 2
528 552 364 2 352 086 898
Working Capital 433
894 645 653 633 212
Total Investment to be Financed as follows: 3 487 298 053 4
020 029 697
Shareholders' equity
Issued and paid
up capital 450
000 000 450 000 000
Reserves 1
446 181 812 1 412 960 966
Unrealized gain
from available for sale investments 451
625 451 625
Retained earnings
585
192 036 664 191 959
Net profit for
the year 272
761 511 347 488 068
Exchange
differences arising on translation of
financial
statements 260
885 756 448 119 302
Treasury stocks (14
596 505) (14 596 505)
Total equity attributable to equity holders of the parent 3 000 876 235 3
308 615 415
Minority interest
211
939 190 357 129 839
Shareholder's equity 3
212 815 425 3 665 745 254
Long-term liabilities
Long term loans 267
367 639 209 724 851
Housing and
Development Bank loan 498
754 437 269
Creditors-Purchase
of fixed assets 259
092 -
Deferred tax
liabilities 6
357 143 144 122 323
Total long term
liabilities 274
482 628 354 284 443
Total
shareholder's equity & long term liabilities 3 487 298 053 4
020 029 697
Consolidated Income Statement
Net sales 4
894 970 047 5 521 302 186
Less:
Cost of sales 4
431 083 586 4 953 548 574
Gross profit 463
886 461 567 753 612
Less:
Distribution
expenses 38
544 432 41 171 280
General &
Administrative expenses 100
948 883 119 098 696
Formatted
provisions & Impairment 5
500 000 20 480 940
144 993 315 180
750 916
Net income from operation activities 318
893 146 387 002 696
Add/(Less):
Investment income
677
500 -
Interest Income 6
186 918 3 177 008
Other revenues 165
472 468 150 913 182
Capital Gain 6
385 007 35 299 373
Financing
expenses (161
719 048) (112 852 353)
Foreign exchange
differences (10
039 109) (22 994 324)
6 963 736 53
542 886
Net profit for the year before income tax 325 856 882 440 545 582
Add/(Less):
Current income
tax (35
614 417) (59 365 994)
Deferred tax (5
148 867) (12 057 580)
Income tax for the year (40
763 284) (71 423 574)
Net profit for the year after income tax 285 093 598 369 122 008
Local sources
consider subject’s financial condition to be Good.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 25769296
Fax: (20-2) 25322064
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 33619005 /
33385877
Fax: (20-2) 33385940 /
33385938
·
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
Swift Code: EGGBEGCABLS
No complaints
regarding subject’s payments have been reported.
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
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, 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.