MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

FREEDOM STATIONERY (PTY)LTD

 

 

Registered Office :

 

7 Orange Street, IsithebeMandeni, 4490

 

 

 

 

Country :

South Africa

 

 

 

 

Date of Incorporation :

09.03.1987

 

 

 

 

Com. Reg. No.:

M1987/000971/07

 

 

 

 

Legal Form :

Private Company

 

 

 

 

Line of Business :

Manufacture of Stationery made primarily of paper

 

 

 

 

No. of Employees :

Not Available

 

 

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 – 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 Unemployment remains high and outdated infrastructure has constrained growth.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

Summery

 

Subject Name

FREEDOM STATIONARY (PTY) LTD

Country

South Africa

Subject Contact Person

MR SALOT - 0324592820

Assessment

On investigation contact was made with a financial manager MR SALOT, who assisted with the basic information for the subject. An emailed questionnaire has been sent to MR SALOT. We await further information for the subject. Please see the available information below.

 

 

Company information

 

Registered Name

FREEDOM STATIONERY (PTY)LTD

Trading as/ Division Name

None

Previous Name

None

Date of Name Change

 

Registration Number

M1987/000971/07

Registration Date

1987/03/09

Date Commenced Trading

 

Age of Business

25 Years 6 Months

History of Business

Freedom Stationery [Pty] Ltd was established as a manufacturer of scholastic stationery in 1987 In Isithebe, Kwa-Zulu Natal by the current Shareholders and Directors.The company supplied mainly to the government education departments, which at that time constituted 85 % of its customer base. Since 1997 the education department in its redevelopment programme, severely reduced its budgets and this cut in budgets impacted negatively on turnover

History of Principals

Unavailable

Shareholders/Members/Partners of subject and % holding

Unavailable

Authorised Share Capital

R0.00

Issued Share Capital/Members Contribution

R0.00

Status

In Business

Operations Assessment

Manufacturers scholastic stationery

Industry/ Customers

Blue Chip retailers such as Pick 'n Pay, Massmart Group, Makro, Spar, Metro, Checkers, Clicks, Boxer Cash & Carry and Independents

Export

Yes

Export Countries

Malawi,Mozambique

Import

None

Import Countries

 

Major Industry Code / SICC

32391

Definition of Code

Manufacture of Stationery made primarily of paper

Head Office Physical Address

7 Orange Street, IsithebeMandeni, 4490

Head Office Postal Address

P O BOX 501, STANGER, 4450

Current Tel Number

0324592820

Cell Number

Unavailable

Current Fax Number

0324593255

Current Email Address

sales@freedomstationery.co.za

Web Site Address

www.freedomstationery.co.za

Comments

 

 

 

Auditors information

 

Company Registered Name

NKONKO KZN

Trading Name

 

Registration Number

 

Physical Address

 

Postal Address

P 0 BOX 303, DURBAN, 4000

Contact Person

 

Contact Number

 

Email

 

Principals

 

Judgements Against Subject

 

Judgements Against Principals

 

Subject Verified as Client

 

Practice Number

960691

VAT Number

 

Tax Number

 

BEE Status

 

Financial Year End

 

No of years in Business

1

Website

 

Comment

 

 

 

Previous Auditors

 

Company Name

Phone Number

Time with previous auditors

Comment

EBRAHAIM JAAAAL AND ASSOCIATES

 

25

 

HORWATH MAHOMEDY OAAAR PARUK

 

3

 

 

Tax information

 

Vat Number

4730112721

Status

ACTIVE

Vat Liable Date

1991/09/30

Tax Number

9099018203

Tax Clearance Expire Date

 

Financial Year End

June

Comment

 

Black Economic Empowerment

Status

Yes

Score

4.00

Expire Date

Jul 31 2013

BEE Certificate Available

Yes

Comment

 

 

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

Organisation Chart

 

Level

Position

Name

Comment

 

1

DIRECTOR

ABDOOL SACOOR

 

 

1

DIRECTOR

SHAUKAT MOOSA

 

 

Company Structure Information - No Information on Record

 

Note: One level up and all levels down

 

Key Deals - No Info rmation on Record

Trade References Information - No Information on Record

 

Adverse Information on Subject

 

Judgements - 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 Informat ion - No Information on Record

Deeds Information - No information on record

 

 

Principals

 

Number of Principals

2

Average Age of Active Principals

73

 

Active Principals Principal - 1of 2 ABDOOL SACOOR

Surname

SACOOR

First Name

ABDOOL

Other Names

 

Marital Status

 

ID Number

3211235038080

Verified ID Number

Yes

Current Age

80

Designation

Director

Status

Active

Appointment Date

1988/08/03

Physical Address (at time of Appointment)

UNIT 1, 270 CURRIE ROAD, DURBAN, 4001

Postal Address

PO BOX 478, MANDINI, 4490

Current Tel Number

0324592820

Cell number

0829017864

Shareholding/Membership

 

 

Principal's Adverse - No information on record

Business Information forA BDOOL SACOOR

Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

 

Principal - 2of 2 SHAUKAT MOOSA

Surname

MOOSA

First Name

SHAUKAT

Other Names

 

Marital Status

 

ID Number

4609105110088

Verified ID Number

Yes

Current Age

66

Designation

Director

Status

Active

Appointment Date

1987/09/03

Physical Address (at time of Appointment)

 

Postal Address

PO BOX 785, PIETERMARITZBURG, 3200

Current Tel Number

0333878617

Cell number

 

Shareholding/Membership

 

 

Principal's Adverse - No information on record

Business Information forA BDOOL SACOOR

Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.