Management Control System - A Case Study Of Fci

Management Control System - A Case Study Of Fci-57
It is a multiple win-win solution for all involved parties: MAC Carpet is one of the main world leaders in the carpet industry and is a member of an Egyptian group which is amongst the largest private industrial conglomerates in Egypt with diverse activities in numerous fields and MAC Carpet is one of Egypt's top exporting firms with more than 70% of all its total production Exported to more than 107 countries worldwide, including USA, EU countries, Asian countries and Gulf countries.

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Step Carpet focuses on the design and manufacturing of modern rugs and home accessories.

Combining traditional rug-making techniques with new technology, Step is a pioneer in the interior design business with innovative collections inspired by the latest fashions, colours and textures.

Step Carpet’s strategy is to expand business to more European markets.

The company TEB Faktoring was recommended as Export Factor, introduced by one of their clients, İpliksan Isparta İplik San AS, to Step Carpet, which shares a production facility with them.

Since then Playshoes has been able to constantly expand its customer portfolio and grow its business volume.

In a meeting with Eurofactor AG it turned out that Playshoes was interested in getting more flexible payment terms from its Asian suppliers.Until then, Playshoes had been obliged to pay 50% of the order volume in advance and the remaining balance under open account terms of 30-60 days.To optimise its working capital position, Playshoes wanted to negotiate with its suppliers open account terms of 120 days for the full invoice amount without making any advance payments.Excellent service New debtors from Germany and the Czech Republic were requiring longer open account terms in place of letter of credits.After a positive assessment, TEB Faktoring was able to offer a full notification export factoring facility to Step Carpet.The buyers are online shops, mail order companies and specialised retailers in Germany and other western European countries.In 2009 Playshoes concluded a domestic and export factoring contract with Eurofactor AG, one of the leading German factoring companies.This is available on the date when the invoices are assigned to the factors.Tansactions started at the beginning of 2012 and have developed well since.However due to 2008 financial crisis they faced some difficulties as access to finance was shrinking (particularly in US and Canada – their main export markets).At the same time, the risk of buyers’ defaulting was increasing.

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