MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASFOUR CRYSTAL INTERNATIONAL SAE |
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Registered Office : |
5 Souk El-Ahd Street, End of Orabi Bridge, Industrial Zone, Shubra
El-Kheima, PO Box 1339, Kaliubeya 11511 |
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Country : |
Egypt |
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Date of Incorporation : |
1961 |
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Com. Reg. No.: |
2441, Kaliubeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of Crystal Ware |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ASFOUR CRYSTAL INTERNATIONAL SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1961
Commercial Registration Number : 2441, Kaliubeya
Issued Capital : US$ 100,000,000
Paid up Capital : US$ 100,000,000
Total Workforce : 12,000
Line of Business : Manufacturers of crystal ware.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ASFOUR CRYSTAL INTERNATIONAL SAE
ADDRESS
Registered & Physical Address
Street : 5 Souk
El-Ahd Street
Area : End of Orabi
Bridge, Industrial Zone, Shubra El-Kheima
PO Box : 1339
Town : Kaliubeya
11511
Country : Egypt
Telephone : (20-2) 42201032
/ 42202807 / 42204984 / 42201670 / 42206082
Facsimile : (20-2)
42206082 / 42202561
Email : asfour@asfourcrystal.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Kaliubeya.
KEY PRINCIPALS
· Walid Khamis Moussa
Asfour Chairman
· Omar Khamis Moussa
Asfour Vice
Chairman
· Alaa Khalifa Director
· Ossama Shoukry Director
· Said El-Sabbagh Export
Manager
· Ali Abd El-Hamid Factory
Manager
· Sobhy El-Kholy
Hassan Purchasing
Manager
· Essam Helmy Import
Manager
· Magdy Hassanein Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1961
Legal Form : Societe Anonyme
Egyptienne - SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 2441, Kaliubeya
Issued Capital : US$ 100,000,000
Paid up Capital : US$ 100,000,000
Name of Shareholder (s)
· Walid Khamis
Moussa Asfour
· Omar Khamis Moussa
Asfour
· Alaa Khalifa
· Ossama Shoukry
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe Anonyme
Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to
the public and £E 250,000 if not. If shares are offered to the public they are
freely transferable, if not, transfer may be restricted. Liability of shareholders
is limited.
LINE OF BUSINESS
Operations: Engaged in the manufacture of crystal ware, including 3D laser gifts,
figurines,
crystal parts (trimmings), jewellery, spotlights and chandeliers.
Production
Capacity: 90 tonnes per day.
Export Countries: Libya, Kuwait, Saudi
Arabia, Taiwan, Hong Kong, United Kingdom, Spain,
Canada, United States of America, Italy, Malaysia,
Cyprus and Brazil.
Trade Names: CRYSTAL ASFOUR
Subject has a workforce of approximately 12,000 employees.
FINANCIAL HIGHLIGHTS
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.
BANKERS
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel : (20-2)
3912711 / 3912106
Fax : (20-2)
3919779
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Citibank
PO Box : 188
Cairo
Tel : (20-2)
3551877 / 3551874
Fax : (20-2)
3558056
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1961, subject is involved in the manufacture of crystal
ware, including 3D laser gifts, figurines, crystal parts (trimmings),
jewellery, spotlights and chandeliers.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 750,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)