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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
FRX INVESTMENTS CC |
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Registered Office : |
Unit 6 B Dawood Josab Centre122, |
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Country : |
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Date of Incorporation : |
13.04.2011 |
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Com. Reg. No.: |
2011/056655/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Consultancy Firm |
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No. of Employees : |
10 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
Registered Name: FRX INVESTMENTS CC
Requested Name: FRX
INVESTMENTS
Other Names: None
Physical Address: Unit 6 B Dawood Josab Centre122,
Cresent Street, Overport Durban 4091
Postal Address: P.o. Box 70417
Overport Durban 4091
Country: South
Africa
Phone: 27-31-2081272
Fax: 27-31-2081272
Email: None
Website: None
Financial Index as of December 2011 shows subject firm with a medium
risk of credit.
Legal Form: Close Corporation
Date Incorporated: 13-April-2011
Reg. Number: 2011/056655/23
Nominal Capital ZAR. 100
Subscribed Capital ZAR. 100
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Mohammed Saleem Hoosen MD
Full Names MOHAMMED
SALEEM HOOSEN
Status Active
Date of Birth 03/03/1965
ID / Passport No. 6503037012087
Member interest (%) 100
Member Contribution(ZAR) 100
Residential Address 12
Hope Street, Overport, Durban4091
Postal Address 12
Hope Street, Overport, Durban4091
Profession South
Africa
Country of residence 13/04/2011
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as a consultancy firm
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(60%) and 25-90 days (40%), invoices.
Main Customers: firms
and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: South
Africa
Location: Rented
premises, 1,500 square feet,
Auditors: S CHINSAMY
Insurance Brokers: Information not available.
Currency Reported: South African Rand (ZAR.)
Approx. Ex. Rate: 1 US Dollar = 8.50 South African Rand
Fiscal Year End: December
31, 2011
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2011 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in ZAR.)
2012
Sales 4,565,000
Bank Name: NEDBANK
Branch: South Africa
Comments: None
Experiences: Good
None
This information was obtained from outside sources other than the
subject company itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.85 |
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1 |
Rs.88.39 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.