MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

KRISHMIKA'S SARRIE BOUTIQUE CC

 

 

Registered Office :

P O Box 242, Verulam, 4340

 

 

Country :

South Africa

 

 

Date of Incorporation :

13.09.1995

 

 

Com. Reg. No.:

B1995/038684/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Retail of clothing

 

 

No. of Employees :

15 employees

 

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 :

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Africa - ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

 

 

Subject Name

KRISHMIKA'S SARRIE BOUTIQUE CC

Country

South Africa

Subject Contact Person

RAGNISH SINGH - Director

Assessment

This is an established business.

 

On investigation we made contact with the director MR. RAGNISH SINGH who assisted with most of the information for the subject. MR. RAGNISH SINGH declined to assist with financial information due to it being confidential.

 

The subject is meeting it's commitments timeously with suppliers. We have obtained a bank code C for R 300 000 over a period of 30 Days.

 

Please see the available information on the subject below.

 

 

Company information

 

Registered Name

KRISHMIKA'S SARRIE BOUTIQUE CC

Trading as/ Division Name

KRISHMIKA'S SARRIE BOUTIQUE

Registration Number

B1995/038684/23

Registration Date

1995/09/13

Date Commenced Trading

1995-09-13

Age of Business

17 Years 3 Months

History of Business

The subject started out as a new business in 1995

History of Principals

There is currently 1 active director within the subject.

Shareholders/Members/Partners of subject and % holding

100% - RAGNISH SINGH

Authorised Share Capital

R0.00

Issued Share Capital/Members Contribution

R0.00

Status

In Business

Operations Assessment

Retail of clothing

Industry/ Customers

The public

Export

None

Major Industry Code / SICC

6232

Definition of Code

Retail trade in textiles, clothing, footwear and leather goods

Head Office Physical Address

Shop 065, Gateway Theatre of shipping, DURBAN

Head Office Postal Address

P O BOX 242, VERULAM, 4340

Current Tel Number

0315009442

Cell Number

0828762770

Current Fax Number

0865161870

Web Site Address

www.rajcollection.co.za

 

 

Auditor information

 

Company Registered Name

D GOVENDER AND COMPANY

Registration Number

5609055151081

Physical Address

SUITE 12 2ND FLOOR, BAYVIEWHOUSE, 47-49 SOUTH BEACH AVENUE, POINT, 4069

Postal Address

P 0 BOX 38285, POINT, 4069

Contact Person

PERCY

Contact Number

0313685554

Email

percy@iafrica.com

Principals

1

Subject Verified as Client

Yes

Practice Number

5749

Financial Year End

February

 

Previous Auditors Information - No Information on Record

 

 

Tax information

 

Vat Number

4720153479

Status

ACTIVE

Vat Liable Date

1995/11/01

Tax Number

9155793202

Financial Year End

February

 

Black Economic Empowerment Information - No Information on Record

 

ISO Information - No Information on Record

 

 

Workman's compensation

 

Registered

Yes

Compliance Certified

Yes

 

Company Structure

 

Subsidiaries Information - No Information on Record

 

Employees

Number of Employees

15

1. Salaried employees

15

2. Waged employees

---

3. Permanent employees

15

 

Company Fleet

Company Fleet

No of vehicles:

Owned/Leased

Value

Outstanding Balance

Fleet Operations

 

 

 

 

The Fleet is made up of

1

Comment

 

Light delivery Vehicles

1

Owned

R100000.00

 

 

Offices

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

OLD MUTUAL

Lease Agreement

3 YEARS

Type of Premises

SHOP

Branch Information

Branches Names

Country

Province

KRISHMIKA'S SARRIE BOUTIQUE CC

South Africa

 

Branch Detail Information

Branches Owned/ Rented

Leased

Rental Company

KRISHAN INVESTMENTS

Lease Agreement

3 Years

Type of Premises

Shop

 

 

Management Overview

 

Organisation Chart

Level

Position

Name

Comment

 

1

Director

RAGNISH SINGH

 

 

Company Structure (Ownership)

 

Note: One level up and all levels down

 

Holding

Company

Sub

Comment

100%

RAGNISH SINGH

 

 

 

Key Deals - No Information on Record

Trade References

 

Trade Reference nr

Supplier

Contact

Surety Value

Notarial Bonds

Comment

1

Jip Spring

0313379473

 

 

 

 

 

Trade References Detail

 

Nr

Age of Acc

Credit Limit

Max Credit

Terms

Average Purchases

Terms Taken

Comment

1

15 Years

R 300000.00

R 300000

30 Days

R 200000

30 Days

Very Good account, the subject has only 1 supplier within South Africa

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

Business Rescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

 

Bank information

 

Bank

FIRST NATIONAL BANK

Branch

VERULAM

Brach Code

250655

Bank Account Number

50910035150

Type of Account

Current

Account Name

KRISHMIKA SARRIE BOUTIQUE CC

Overdraft Facilities

No

Bank Code

C FOR R 300 000

Bank Comment

The subject's bankers consider them good for all business normal engagements

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

 

Principals

 

Number of Principals

1

Average Age of Active Principals

50

 

Active Principals Principal - 1of 1 RAGNISH SINGH

Surname

SINGH

First Name

RAGNISH

Other Names

None

Marital Status

Single

ID Number

6211135131057

Verified ID Number

Yes

Current Age

50

Designation

Director

Status

Active

Appointment Date

1995/09/13

Physical Address (at time of Appointment)

14 GRATER AVENU, EVEREST HEIGHTS, VERULAM, 4340

Postal Address

P 0 BOX 38285, POINT, 4069

Current Tel Number

0315032278

Cell number

0828762770

Shareholding/Membership

100%

 

Principal's Adverse - No information on record

 

Business Information for RAGNISH SINGH

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

DR R B SINGH

6211135131057

 

Unknown

0

No

 

SINGH FAMILY SERVICE STATION CC

B1993/010908/23

In Business

19 Years 7 Months

0

No

 

KRISHMIKA'S SARRIE BOUTIQUE CC

B1995/038684/23

In Business

17 Years 5 Months

0

No

 

 

Principal Previous Business Interests

 

Average Age of Previous Business                                                                    12 Years

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

NISH"S BLOCK AND BRICK CC

B1995/005301/23

Deregistration Final

17 Years 5 Months

0

No

 

SINAI EAST ASIA TRADING CC

B2005/038608/23

Deregistration Final

7 Years 7 Months

0

No

 

 

Principal's Deeds Information - No information on record

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.07

UK Pound

1

Rs.89.54

Euro

1

Rs.72.77

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.