MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SHALMAY FAKIE GROUP CC

 

 

Registered Office :

54 Mineral Crescent, Crown Ext 3, Amalgam, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

06.02.1990

 

 

Com. Reg. No.:

1990/003576/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers of stationery

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by Officials of the subject):

 

 

COMPANY NAME

 

SHALMAY FAKIE GROUP CC

 

 

TRADING NAME 

 

SHALMAY PRINTERS AND STATIONERS

 

 

PHYSICAL ADDRESS

 

54 Mineral Crescent

Crown Ext 3

Amalgam

Johannesburg

Gauteng

 

 

Postal Address   

 

P O Box 18899

Actonville

Benoni

1506

Telephone Number:     011 830 0524

Fax Number:                011 837 0390

 

On investigation contact was made with the Member, MRS M MOHAMED, who was reluctant to assist with detailed information and stated that they only deal on a cash upfront basis with suppliers.  Nevertheless, the following information was obtained.

 

The postal address supplied by our client of P O Box 5637, Lenasia 1820 is reported to belong to the previous accountants of the subject.

 

 

MEMBERS

 

80%      A H MAHOMED             ID No.   5106215074055

20%      MRS M MOHAMED       ID No.   5503270019050

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Lenasia Branch.  It was stated that the subject enjoys overdraft facilities which are secured by suretyship of the Members.  Further details were not forthcoming.

 

 

DATE REGISTERED

 

6 February 1990

Registration Certificate Number: 1990/003576/23

 

It was stated that the subject started as a new business

 

 

VAT NUMBER          

 

4390124065

 

 

TAX NUMBER

 

9548175844

 

 

MAJOR OPERATION

 

Importers of stationery.  It was stated by the respondent that they were previously involved in pharmaceuticals.  Further details were not forthcoming from the respondent.

 

 

MAJOR SUPPLIERS

 

It was stated that the subject imports 80% of its supplies from Europe and deals locally on a C.O.D basis with clearing agents M & F SHIPPING.

 

The subject is not a general credit seeker locally

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±15

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned.  Further details were not forthcoming.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.  Nevertheless, it was stated that the total value of assets and/or turnover exceeds R1 000 000.

 

 

AUDITORS    

 

COOVADIA AND ASSOCIATES (Tel No. 011 854 4150)

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MAHESS BROKERS

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         ±17 years          R1 000 000±      Deals on a C.O.D basis

 

 

COMMENTS

 

This is an established family owned business meeting its only commitment on a C.O.D basis.  In view of the fact that the subject is not a general credit seeker locally, it is suggested that dealings to an extent of US$1 000 000 DA terms, be on a letter of credit basis only.  The lack of financial information and a payment record should be borne in mind.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.