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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
O W HOSPITALITY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
2003 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
manufacture of 80% wool and 20% nylon woven Axminster carpets. |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a
Foreign Registered Corporation |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
A2 |
A2 |
|
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 : O W HOSPITALITY LTD
Country of Origin : United
Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 2003
Total Workforce : 300
Activities :
Manufacturers of woven Axminster carpets.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Eslam Ali, General Manager
O W HOSPITALITY LTD
Location : Cairo Ismaila Road
Town : 10th Ramadan City
Country : Egypt
Telephone : (20-15) 411137 / 411138
Facsimile : (20-15) 411136
Mobile : (20-100) 3418558
Email : eali@owhospitality.com / mohdmoustafa@orientalweavers.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of 10th Ramadan City.
Branch Office
(s)
Location Description
·
8
Zakaria Khalil Street Office
premises
PO Box: 2489
Cairo 11361
Tel: (20-2) 22672121
Fax: (20-2) 22672241
·
Al Safa
Tower Office
premises
Dubai
United Arab Emirates
Tel: (971-4) 3252921
Fax: (971-4) 3322151
Name Position
·
Mohamed
Farid Khamis Managing
Director
·
Eslam
Ali General
Manager
·
Matthew
Jones Operations
Manager
·
Ahmed
Nour Eddine Sales
Manager
·
Mahmoud
Jalal Marketing
Manager
·
Islam
El Gharabawi Sales
Manager
·
Mohamed
Moustafa Assistant
Export Manager
Date of Establishment : 2003
History :
Subject began in 2003 under
the name “Cambridge Weavers Ltd”. However in 2010 it
changed its name to “O W Hospitality Ltd”.
Legal Form :
Subject is the Egyptian
registered branch of O W Hospitality Ltd, a Limited Liability
Company incorporated in the United Kingdom.
O W Hospitality Ltd in Egypt,
operates as a Branch of a Foreign Registered Corporation with
its registered office located at
the following address:
O W Hospitality Ltd
70 Salisbury Road
London NW6 6NU
United Kingdom
Tel: (44-207) 6045000
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered. It is basically an
extension of an existing company abroad and does not require a
local partner or sponsor.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered
office, in this case the United
Kingdom.
·
Oriental Weaver Group
Cairo
Activities: Engaged in the manufacture of 80% wool and
20% nylon woven Axminster carpets.
Import
Countries: India and the
United Kingdom
International Suppliers:
·
Standard Wool United
Kingdom
·
Dawsen Co United
Kingdom
Subject has a
workforce of approximately 300 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Export
Development Bank of Egypt
1st District Centre
Sharkeya
10th of Ramadan City
Tel: (20-15) 367203
Fax: (20-15) 362638 / 362639
No complaints
regarding subject’s payments have been reported.
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.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
|
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.