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Report No. : |
353602 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
O W HOSPITALITY LTD |
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Formerly Known As : |
CAMBRIDGE WEAVERS LTD |
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Registered Office : |
Cairo Ismaila Road, 10th Ramadan City |
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Country : |
Egypt |
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Year of Establishment : |
2003 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the manufacture of 80% wool and 20% nylon woven
Axminster carpets |
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No. of Employee : |
300 |
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 : |
Branch of foreign registered company
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
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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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.
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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 :
No Complaints
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.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
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EGP |
1 |
Rs. 8.52 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
ASH |
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 |
|
-- |
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.