MIRA INFORM REPORT

 

 

Report No. :

330664

Report Date :

16.07.2015

 

IDENTIFICATION DETAILS

 

Name :

MAC CARPETS SAE

 

 

Registered Office :

28 Sherif Street, PO Box 33 & 3163, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1980

 

 

Com. Reg. No.:

46768

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and export of wall-to-wall carpets, custom printed tailored rugs and embroidery mats.

 

 

No. of Employees :

6,100

 

 

 

 

RATING & COMMENTS

 

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

 

Status :

Good

Payment Behaviour :

Regular

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

SUMMARY

 

Company Name                                    : MAC CARPETS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1980

Commercial Registration Number           : 46768, Sharkeya

Issued Capital                                       : £E 250,000,000

Paid up Capital                                     : £E 250,000,000

Total Workforce                                     : 6,100

Activities                                               : Manufacture and export of wall-to-wall carpets, custom printed tailored

  rugs and embroidery mats.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Hameed Fayad, Chief Executive Officer

 

 

 

COMPANY NAME

 

MAC CARPETS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 28 Sherif Street

PO Box                        : 33 & 3163

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 23928380 / 23938864

Facsimile          : (20-2) 23931217

Mobile              : (20-100) 1699045 / 1177722

Email                : info@maccarpet.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

Location                                                                                               Description

 

Horreya Street                                                                                       Owned factory premises

Industrial Zone B1 & B3

Sharkeya

10th Of Ramadan City

Tel: (20-15) 364511

Fax: (20-15) 364556 / 364504

 

Marwa City Building, No. 14                                                                   Rented sales office

Heliopolis

Cairo

Tel: (20-2) 22918286

Fax: (20-2) 22905512

 

Ramada Tower                                                                                      Rented sales office

PO Box 21923

Alexandria

Tel: (20-3) 5497338

Fax: (20-3) 5494944

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamed Farid Khamis                                                             Chairman

 

Raed Hashim Yehia                                                                   Managing Director

 

Abdul Hameed Fayad                                                                Chief Executive Officer

 

Alaa Raed Hashim Yehia                                                            Director

 

Nagwa Abd El Wahab Azmy                                                      Director

 

Mohamed Gamil Abd El Sattar                                                   Director

 

Ahmed Abu El Fadl                                                                   Director

 

Shehab Raed Hashim Yehia                                                       Director

 

Mahmoud Fawzy Khamis                                                           Director

 

Yassmine Mohamed Farid Khamis                                             Director

 

Farida Mohamed Farid Khamis                                                   Director

 

Mohamed Mohamed Amer                                                         Director

 

El Husseiny Abd El Wahab                                                        General Manager

 

El Sayed Mahmoud Shedid                                                       Finance Manager

 

Yasser El Sayed                                                                       Accounts Manager

 

Khaled Singer                                                                           Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1980

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 46768, Sharkeya

 

Industrial Reg. No.       : 4015

 

Issued Capital              : £E 250,000,000

 

Paid up Capital            : £E 250,000,000

 

Name of Shareholder (s)                                                           Percentage

 

Oriental Weavers Group SAE                                                     53.06%

Oriental Weavers Building

Heliopolis

Cairo

Tel: (20-2) 2672121

Fax: (20-2) 2672241

 

Oriental Construction and Development                                      11.50%

 

Mohamed Beshry El Sawy                                                         7.12%

 

Mohamed Gamil                                                                        7.10%

 

Raed Hashim Yehia                                                                   4.19%

 

Mohamed Farid Khamis                                                             4.10%

 

Marwa Beshry El Sawy                                                              3.60%

 

Sara Beshry El Sawy                                                                 3.60%

 

Nagwa Abdul Wahab Azmy                                                        1.50%

 

Private Investors & members of the public                                  1.50%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of wall-to-wall carpets, custom printed tailored rugs and embroidery mats.

 

Annual Production Capacity: 53 million square meters.

 

Import Countries: India, Iran, Italy and the United States of America

 

Export Countries: Subject exports over 90% of its capacity to more than 100 countries located around the world

 

Brand Names: MAC, BAY CARD, EGYPTIAN COTTON and WOOL MARK

 

Operating Trend: Steady

 

Subject has a workforce of approximately 6,100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                £E 1,340,961,608                       £E 1,584,771,379

 

Local sources consider subject’s financial condition to be Good.

 

 

BANKERS

 

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

 

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.38

UK Pound

1

Rs.99.13

Euro

1

Rs.69.69

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TPT

 

               

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.