I don't see anything blasphemous in the text. There are misspellings of course, seems like whoever inscribed it did so in phonetic way.
Ali ibn Abitaleb was the cousin of Mohammad (pbuh), not a direct descedant of him. His children with Fatima (as) and their lineage are considered direct descendants of The Prophet. He is respected greatly by both shia and sunny, revered more so by the shia. During the Umayaid dynasty it was standard practice to curse his name or speak ill of him due to political reasons, this practice was abolished towards the end of that dynasty. This of course was not supported by mainstream scholars of that time, many of whom were murdered because they refused to follow that practice. Also, this is the reason the shias tried to counter this by speaking more highly of him.
He was great warrior among other virtues, and was gifted Zulfiqar by The Prophet, a sword that was given to The Prophet by angel Gabriel. Thus goes the saying carved on many swords in Muslim lands.
In the Indian subcontinent the term Firangi (G pronounced like gulf) is another way Firanji is used, pretty much same meaning.
On another note, Zulfiqar is spelled with ذ which sounds like Z, not with ض which could sound like Dh.
Hopefully this was helpful.
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