MIRA INFORM REPORT

 

 

Report Date :           

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ASFOUR CRYSTAL INTERNATIONAL SAE

 

 

Registered Office :

5 Souk El Ahd Street, End of Orabi Bridge, Industrial Zone, Shubra El-Kheima

P O Box 1339, Kaliubeya 11511

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1961

 

 

Com. Reg. No.:

20701

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of crystal ware

 

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

 

Maximum Credit Limit :

US$ 3,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : ASFOUR CRYSTAL INTERNATIONAL SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1961

Commercial Registration Number            : 20701

Issued Capital                                        : US$ 200,000,000

Paid up Capital                                      : US$ 200,000,000

Total Workforce                                     : 30,000

Activities                                               : Manufacturers of crystal ware.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 3,000,000

 

COMPANY NAME

 

ASFOUR CRYSTAL INTERNATIONAL SAE

 

 

company 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

 

     Name                                                                                              Position

 

·       Walid Khamis Moussa Asfour                                                            Chairman

 

·       Omar Khamis Moussa Asfour                                                 Vice Chairman

 

·       Khaled Khamis Moussa Asfour                                                           Director

 

·       Mohamed Khamis Moussa Asfour                                                      Director

 

·       Ali Abd El Hamid                                                                               Factory Manager

 

·       Ibrahim El Menyawy                                                                          Finance Manager

 

·       Khaled Farghaly                                                                                Commercial Manager

 

·       Essam Helmy                                                                                   Import Manager

 

·       Magdy Hassanein                                                                             Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1961

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 20701

 

Issued Capital              : US$ 200,000,000

 

Paid up Capital            : US$ 200,000,000

 

Name of Shareholder (s)                                            Percentage

 

·       Walid Khamis Moussa Asfour                                    18.17%

 

·       Omar Khamis Moussa Asfour                         18.17%

 

·       Khaled Khamis Moussa Asfour                                   14.85%

 

·       Mohamed Khamis Moussa Asfour                              14.85%

 

·       Samih Abd El Rahman                                              11.67%

 

·       Fatma Khamis Moussa Asfour                                     7.43%

 

·       Hanan Khamis Moussa Asfour                                     7.43%

 

·       Hayam Khamis Moussa Asfour                                    7.43%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of crystal ware, including 3D laser gifts, figurines, crystal parts (trimmings), jewellery, spotlights and chandeliers.

 

Export Countries: Libya, Kuwait, Saudi Arabia, Taiwan, Hong Kong, United Kingdom, Spain, Canada, United States of America, Italy, Malaysia, Cyprus and Brazil.

 

Brand Names: CRYSTAL ASFOUR

 

Operating Trend: Steady

 

Subject has a workforce of approximately 30,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 1,312,722,800                       £E 1,431,485,363

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.17

UK Pound

1

Rs.73.72

Euro

1

Rs.64.26

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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