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Report No. : |
330327 |
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Report Date : |
08.07.2015 |
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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|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
16.11.1981 |
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Com. Reg. No.: |
44139 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
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 : |
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 : |
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 |
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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 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 67.87%
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
-
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 31/12/14 31/12/13
Long Term Assets
Fixed assets(net) 2 663 344
195 2 753 447 469
Projects in progress 62 180 917 57 484 717
Available for sale investments 81 673
779 81 673 779
Goodwill 366
239 174 473 790 520
Total Long-term
assets 3
173 438 065 3 366 396 485
Current Assets
Inventory 1
631 748 329 1 523 335 196
Trades & notes receivable 1
028 561 382 945 669 198
Debitors and other debit accounts 201 372 543 211 849 502
Cash & Cash equivalent 591
390 667 324 866 214
Total current
assets 3
453 072 921 3 005 720 110
Current Liabilities
Provisions 14
490 642 35 847 673
Banks-Credit accounts 1 323 046 652 1 388 215 798
Long term liabilities-Current portions 93 616 953 89 138 296
Suppliers & notes payable 740
997 806 624 423 822
Dividends payable 11 647 562 8 151 624
Creditors & other credit accounts 147 618 222 143 045 895
tax payable 85
333 638 63 263 790
Total Current
liabilities 2
416 751 475 2 352 086 898
Working Capital 1
036 321 446 653 633 212
Total Investment to
be Financed as follows: 4
209 759 511 4 020 029 697
Shareholders'
equity
Issued and paid up capital 450
000 000 450 000 000
Reserves 1
505 118 644 1 413 412 591
Retained earnings 707 276 452 664 191 959
Net profit for the year 367
079 806 347 488 068
503 968 630 448
119 302
Treasury stocks (14 596
505) (14 596 505)
3 518 847 027 3 308 615 415
Minority interest 398 080
655 357 129 839
Shareholder's
equity 3
916 927 682 3 665 745 254
Long-term
liabilities
Long term loans 131 068
068 209 724 851
Housing and Development Bank loan 375 780 437 269
Deferred tax liabilities 161
387 981 144 122 323
Total long term
liabilities 292
831 829 354 284 443
Total shareholder's
equity & long term liabilities 4
209 759 511 4 020 029 697
Consolidated
Income Statement
Net sales 5
664 331 603 5 521 302 186
Less:
Cost of sales 5 027
724 302 4 953 548 574
Gross profit 636
607 301 567 753 612
Less:
Distribution expenses 40 354 658 41 171 280
General & Administrative expenses 139 509 689 119 098 696
Formed provisions & Impairment 50 450 000 20 480 940
230 314 347 180 750 916
Net income from
operation activities 406
292 954 387 002 696
Add / (Less(:
Investment income 24 325 098 -
Interest Income 8 077
251 3 177 008
Other revenues 154 967
487 150 913 182
Capital Gain 3
747 659 35 299 373
Financing expenses (88 318 747) (112 852 353)
Foreign exchange differences (40 815
404) (22 994 324)
61 983 344 53 542 886
Net profit for the
year before income tax 468
276 298 440 545 582
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.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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-- |
NB |
New Business |
-- |
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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.