MIRA INFORM REPORT

 

 

Report Date :

19.02.2011

 

IDENTIFICATION DETAILS

 

Name :

AKSTEX AFRICA CC

 

 

 

IRWING 905 CC

 

 

Registered Office :

48 Lilian Road, Fordsburg,  Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.10.2002

 

 

Com. Reg. No.:

2002/083503/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Wholesale of Textiles and Fabrics.

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

AKSTEX AFRICA CC

 

Formerly IRWING 905 CC, the name having been changed on 10 March 2003.

 

 

TRADING NAME

 

GANIS CASH & CARRY

 

 

PHYSICAL ADDRESS

 

48 Lilian Road

Fordsburg

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

                                                            

P O Box 42755

Fordsburg

2033

TELEPHONE NUMBER: 011 492 1689 / 1697

FAX NUMBER:                011 492 1707

 

 

MEMBERS

 

100%    A K GANI          ID. No. 6707105192086

 

 

ASSOCIATE COMPANIES

 

GOLDEN BAY PROPERTIES 298 CC – property

(Registration Certificate Number:  2005/147932/23)

 

BANKERS

 

STANDARD BANK, Fordsburg branch, Account Number 002521873. 

 

It was stated that the subject enjoys an unsecured overdraft facility to an extent of R250 000.  Utilisation of the overdraft facility is stated to be nil as credit balances are normally maintained.

 

 

DATE REGISTERED

 

2 October 2002

Registration Certificate Number 2002/083503/23

 

The subject was commenced as a new business.

 

A K Gani formerly owned a business named Farzaid Impex, which was a similar business, for approximately 5 to 6 years.  It was stated that the latter business was closed prior to the subject commencing operations.

 

 

VAT NUMBER    

 

4380204760

 

 

MAJOR OPERATION

 

Wholesale of textiles and fabrics.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies from China and India and deals locally with:

 

MARINECON, Johannesburg

TRENDI TEXTILES, Johannesburg

TEXTRIM, Durban

E AKHALWAYA, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Fabric retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia, Swaziland, Botswana and Lesotho

 

 

TOTAL EMPLOYEES

 

30 permanent employees

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by GOLDEN BAY PROPERTIES 298 CC, with a market value of

Rs 16 000000, bonded in favour of ALBARAKA BANK for an outstanding amount of R500 000.

 

 

MEMBERS CONTRIBUTION

 

R10

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                       R10 000 000

DEBTORS                                                                                                   R  7 000 000

FIXED ASSETS                                                                                           R  5 000 000

CREDITORS                                                                                                R  2 000 000

TURNOVER per month                                                                                 R  3 000 000

 

 

AUDITORS    

 

MOHAMED MOOSA & ASSOCIATES

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

None

 

 

TRADE REFERENCES – JANUARY 2005

 

ACCOUNT          HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

OPENED             CREDIT       CREDIT                      PATTERN

 

1.     4 years       R   500 000  R250 000 -    30 days   30 days       Very good

R350 000

 

2.    Old acc       R1 000 000  R100 000      30 days   30 days       Very good                                 (fluctuates)

 

3.    10 years      R   150 000  R  50 000 -    30 days   30 days       Good

R150 000

 

 

TRADE REFERENCES – JANUARY 2009:

 

ACCOUNT          HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

OPENED             CREDIT         CREDIT                          PATTERN

 

1.    8 years         R1 500 000    R1 500 000      45 days    45 days        Very Good

 

2.    10 yrs           declined         R   100 000     30 days    30 days        Good

 

3.    COD account

 

4.    Do not give trade references

 

 

TRADE REFERENCES – OCTOBER 2009:

 

ACCOUNT          HIGHEST       AVERAGE    TERMS       PAYMENT    EXPERIENCE

OPENED             CREDIT         CREDIT                          PATTERN

 

1.    4 years         R400 000       R100 000±    30 days       30 days        Excellent

 

2.    5+ years       open acc        R  50 000-     30/60 days  30/60 days    Good

R100 000

 

3.    ±2 years       open acc        R100 000±    30 days       30 days        Very Good

(within)

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT          HIGHEST       AVERAGE    TERMS       PAYMENT    EXPERIENCE

OPENED             CREDIT         CREDIT                          PATTERN

 

1.    10 years       R1 000 000    R1 000 000   30/60 days  30/60 days    Good

Open account

 

2.    Few years     R100 000       R50 000        60 days       60/90 days    Good

-R100 000           by arrangement – swop cheques

 

3.    3 years+       R300 000       R200 000      30 days       30 days        Good

-R300 000 – fluctuates

 

 

COMMENTS

 

This is an established business meeting its commitments as arranged.  The subject is considered equal to its normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.73.04

Euro

1

Rs.61.43

 

 

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 Company

----

 

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.