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Report No. : |
330328 |
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Report Date : |
07.07.2015 |
IDENTIFICATION DETAILS
|
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) : |
31.12.2014 |
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|
|
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Year of
Establishment : |
1999 |
|
|
|
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Com. Reg. No.: |
1648 |
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|
|
Legal Form : |
Egyptian Joint Stock Company |
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|
|
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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
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
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.
|
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
Person Interviewed : Mohamed Yousef, Assistant Finance Manager
ORIENTAL WEAVERS
INTERNATIONAL SAE
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 : (20-122) 4299095 / (20-100) 1177722 / 5421111
Email : owi@internetegypt.com / rawmaterials@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
·
Plot
A1, Third Industrial Zone Owned
factory premises
Private Free Zone
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
· Mohamed Qatar Finance
Manager
· Mohamed Yousef Assistant
Finance Manager
·
Ms Engy El Diwani Investment
Relations 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
·
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
·
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$)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales US$ 327,060,811 US$ 341,604,518
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
·
BNP
Paribas Egypt
Bank Area
Senco Centre
10th of Ramadan City
No complaints
regarding subject’s payments have been reported.
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.
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.63.58 |
|
|
1 |
Rs.99.11 |
|
Euro |
1 |
Rs.70.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
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 |
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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 |
|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
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.