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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ASFOUR CRYSTAL INTERNATIONAL SAE |
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Registered Office : |
5 Asfour Crystal 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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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1961 |
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Com. Reg. No.: |
20701 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of crystal ware. |
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No. of Employees : |
22,500 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
A2 |
A2 |
|
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
aggressively pursued economic reforms to attract foreign investment and
facilitate GDP growth. Despite the relatively high levels of economic growth in
recent years, living conditions for the average Egyptian remained poor and
contributed to public discontent. After unrest erupted in January 2011, the
Egyptian Government backtracked on economic reforms, drastically increasing
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government''s revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
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 :
22,500
Activities :
Manufacturers of crystal ware.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ASFOUR CRYSTAL INTERNATIONAL SAE
Registered &
Physical Address
Street : 5 Asfour
Crystal 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 suite of offices and a factory covering an area
of more than 1.2 million square metres that are owned and located in the
Industrial Area of Kaliubeya.
Branch Offices
Location Description
60 Makrm Ebaid Street Showroom
premises
Nasr City
Cairo
Mall of Arabia Showroom
premises
6th of October City
Baroon Center Showroom
premises
Maadi
Cairo
Senzo Mall Showroom
premises
Airport Street
Hurghada
37 Hassan Radwan Street Showroom
premises
Tanta
Shokry Alkotly Showroom
premises
Mahalla
152 Elshaheed Salah Mostafa Street Showroom
premises
Talkha
256 Port Said Street Showroom
premises
Hammamat
70 Oraby & Mohamed Aly Street Showroom
premises
Hai Elarab
112 Mohy Eldeen Abo Elezz Street Showroom
premises
Mohandessin
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
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%
Activities: Engaged in the manufacture
of crystal ware, including 3D laser gifts, figurines, crystal parts
(trimmings), jewellery, spotlights and chandeliers.
Production
Capacity: 100 tons of crystal per day
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 22,500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
1,516,162,910 £E
1,594,040,671
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
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
No complaints regarding subject’s payments have been reported.
Established in 1961, subject is involved in the manufacture of crystal
ware, including 3D laser gifts, figurines, crystal parts (trimmings),
jewellery, spotlights and chandeliers.
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.