MIRA INFORM REPORT

 

 

Report Date :

10.11.2012

 

IDENTIFICATION DETAILS

 

Name :

RUGS ORIGINAL

 

 

Registered Office :

 

Unit 34 Northlands Deco Park, 28 New Market Road, 2000

 

 

 

 

Country :

South Africa

 

 

 

 

Date of Incorporation :

Not Available

 

 

 

 

Legal Form :

Not Available

 

 

 

 

Line of Business :

Direct importer of Persian and Belgian rugs

 

 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

 

 

 

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

(31.03.2011)

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 Unemployment remains high and outdated infrastructure has constrained growth.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

RUGS ORIGINAL

Country

South Africa

Subject Contact Person

JENNY - Manager

Assessment

On investigation contact was made with various branches of the concern. We were requested to speak to the relevant person JENNY on 022 4092253 at the head office. On further investigation contact was made with JENNY who declined to assist with any information as she stated that their existing suppliers in India already have all the information. The subject mentioned that if the principal inquirer is a potential supplier, they are not interested in providing information to them. We are unable to recommed any credit dealings at this point in time. CI PC information could not be obtained as the registration number could not be confirmed with the subject.Please advise if you may provide additional information so we may reinvestigate.

 

 

Company information

 

Registered Name

RUGS ORIGINAL

Operations Assessment

Direct importer of Persian and Belgian rugs

Industry/ Customers

Home decor industries and private consumers

Major Industry Code / SICC

9000

Definition of Code

Other activities not adequately defined.

Head Office Physical Address

Unit 34 Northlands Deco Park, 28 New Market Road, 2000

Head Office Postal Address

 

Current Tel Number

0224092253

Cell Number

0824902023

Current Fax Number

0224092023

 

 

Auditor information

 

No Information on Record

 

Previous Auditors Information - No Information on Record

 

Tax Information - No Information on Record

 

Black Economic Empowerment Information - No Information on Record

 

ISO Information - No Information on Record

 

Work Mans Information - No Information on Record

 

 

Company Structure

 

Subsidiaries Information - No Information on Record

Employees Information - No Information on Record

 

Company Fleet Information - No Information on Record

 

Offices Information - No Information on Record

 

Branch Information - No Information on Record

 

 

Management Overview

 

Organisational Chart - No Information on Record

 

Company Structure Information - No Information on Record

 

Key Deal - No Information on Record

 

Trade References Information - No Information on Record

 

 

Adverse Information On Subject

 

Judgement - No Information on Record

 

BusinessRescue - No Information on Record

 

Default Listing - No Information on Record

 

Notarial Bonds - No Information on Record

 

Bank Information - No Information on Record

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No Information on Record

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.86.97

Euro

1

Rs.69.43

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.