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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL WEAVERS COMPANY 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) : |
31.12.2012 |
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Date of Incorporation : |
16.11.1981 |
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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 : |
Subject is engaged in the manufacture of tapestries, carpets, rugs and
mats. |
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No. of Employees : |
3,500 |
RATING & COMMENTS
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
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
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
Name of
Shareholder (s) Percentage
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%
Modern EFCO 57.57%
MAC Carpet Mills 53.08%
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
-
2 El Bustan Street
Square 1112, Heliopolis
Cairo
Tel: (20-2) 22679122 / 22679133
Fax: (20-2) 22679144
Email: hq@setaegypt.com
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 31/12/11
Long Term Assets
Fixed assets(net) 1 752 675
173 1 660 251 015
Projects in progress 501 185 514 625 807 357
Available for sale investments 102 706
751 102 706 751
Goodwill 696
835 970 696 835 970
Total Long-term
assets 3
053 403 408 3 085 601 093
Current Assets
Inventory 1
590 235 579 1 813 592 469
Trades & notes receivable 921
783 464 896 616 764
Debitors and other debit accounts 219 703 588 202 416 177
Cash & Cash equivalent 230 724 378
265 378 437
Total current
assets 2
962 447 009 3 178 003 847
Current Liabilities
Provisions 26
116 289 75 518 138
Banks-Credit accounts 1 600 703 210 1 618 183 358
Long term liabilities-Current portions 119 629 981 234 928 473
Suppliers & notes payable 621
710 127 693 881 937
Dividends payable 2 659 852 2 759 439
Creditors & other credit accounts 157 732 905 145 217 224
Total Current
liabilities 2
528 552 364 2 770 488 569
Working Capital 433
894 645 407 515 278
Total Investment to
be Financed as follows: 3
487 298 053 3 493 116 371
Shareholders'
equity
Issued and paid up capital 450
000 000 450 000 000
Reserves 1
446 181 812 1 437 552 208
Unrealized gain from available for sale
investments 451 625 451 625
Retained earnings 585 192 036 556 679 253
Net profit for the year 272
761 511 243 025 559
Exchange differences arising on translation
of
financial statements 260 885 756 199 732 870
Treasury stocks (14 596
505) (14 596 505)
Total equity
attributable to equity holders of the parent 3
000 876 235 2 872 845 010
Minority interest 211 939
190 227 506 668
Shareholder's
equity 3
212 815 425 3 100 351 678
Long-term
liabilities
Long term loans 267 367
639 389 597 585
Deferred sales taxes instalments - 88 160
Housing and Development Bank loan 498 754 557 845
Creditors-Purchase of fixed assets 259 092 388 638
Deferred tax liabilities 6
357 143 2 132 465
Total long term liabilities 274
482 628 392 764 693
Total shareholder's equity & long term
liabilities 3 487 298 053 3 493 116 371
Deferred tax liabilities 2
132 465 -
Total long term
liabilities 392
764 693 586 562 529
Total shareholder’s
equity & long term liabilities 3
493 113 371 3 579 803 118
Consolidated
Income Statement
Net sales 4
894 970 047 4 608 942 531
Less:
Cost of sales 4 431
083 586 4 252 986 620
Gross profit 463
886 461 355 955 911
Less:
Distribution expenses 38 544 432 36 262 376
General & Administrative expenses 100 948 883 86 108 866
Formatted provisions & Impairment 5 500 000 -
144 993 315 122 371 242
Net income from
operation activities 318
893 146 233 584 669
Add/(Less):
Investment income 677 500 -
Interest Income 6 186
918 12 857 357
Other revenues 165 472
468 156 739 064
Capital Gain 6
385 007 218 386
Financing expenses (161 719 048) (87 597 070)
Foreign exchange differences (10 039
109) (18 919 134)
6 963 736 63 298 603
Net profit for the
year before income tax 325
856 882 296 883 272
Add/(Less):
Current income tax (35 614 417) (32 636 217)
Deferred tax (5
148 867) (3 528 677)
Income tax for the
year (40
763 284) (36 164 894)
Net profit for the
year after income tax 285
093 598 260 718 378
Please note that 2013 figures are not
available.
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.
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
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.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.