MIRA INFORM REPORT

 

 

Report Date :

15.09.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

INDIAN EMPORIUM CC

 

 

Registered Office :

Cnr William Nicol And Leslie Road, Fourways, Johannesburg, 2191

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.03.2011

 

 

Com. Reg. No.:

B2011/044258/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Retail in furniture

 

 

No. of Employees :

04 employees

 

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 Unemployment remains high and outdated infrastructure has constrained growth.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

INDIAN EMPORIUM CC

Country

South Africa

Subject Contact Person

GREG RAHMAN-GENERAL MANAGER

Assessment

This is a new business.  This is an established business.

 

On investigation we made contact with the subject and we were referred to the General Manager MR. GREG RAHMAN, who assisted with most of the information.

 

The subject is still in the process of applying for vat. MR. RAHMAN stated that he could not give us any financial information.

 

We have obtained two trade references due to the company being quite new.

 

The subject is meeting commitments timeously with suppliers.

 

We have obtained a bank code E for an amount of R 200 000 over a period of 30 Days.  

 

Please see the available information for the subject below.

 

 

Company information

 

Registered Name

INDIAN EMPORIUM CC

Trading as/ Division Name

RAJASTHAN THE INDIAN EXPORIUM

Registration Number

B2011/044258/23

Registration Date

2011/03/30

Date Commenced Trading

2011-03-30

Age of Business

1 Years 6 Months

History of Business

The subject was established as a new business in 2011.

History of Principals

There is currently 1 active member within the company.

Shareholders/Members/Partners of subject and % holding

100%-UPASANA ANEJA

Authorised Share Capital

R0.00

Issued Share Capital/Members Contribution

R0.00

Status

In Business

Operations Assessment

Retail in furniture.

Industry/ Customers

The Public and corporate companies.

Major Industry Code / SICC

62330

Head Office Physical Address

Cnr William Nicol and Leslie Road, FOURWAYS, JOHANNESBURG, 2191

Head Office Postal Address

P.O.BOX 257, CROWN MINES, 2025,

Current Tel Number

0114653105

Cell Number

0734431410

Current Fax Number

0114654306

Current Email Address

greg@rajasthan.co.za

 

Auditor information

 

Company Registered Name

HARRON TAKOLIA AND CO

Trading Name

 

Registration Number

5103205120089

Physical Address

9-13 Quinn StreetNewtown

Postal Address

P.O. BOX 257,CROWN MINES,2025

Contact Person

MOOSA

Contact Number

0118521271

Email

moosa@takolia.co.za

Principals

1

Subject Verified as Client

Yes

Practice Number

621420

VAT Number

 

Tax Number

3240081848

Financial Year End

February

No of years in Business

1

 

Previous Auditors Information - No Information on Record

 

 

Tax information

 

Financial Year End

February

Comment

The subject is still in the process of registering for VAT.

 

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

4

1. Salaried employees

4

2. Waged employees

 

3. Permanent employees

4

4. Casual employees

 

5. Contracted employees

 

Comment

 

 

Company Fleet Information - No Information on Record

 

 

Offices

 

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

RENT CORP

Lease Agreement

3 Years

Lease Expire Date

2015/09/29

Type of Premises

Showroom

 

Branch Information - No Information on Record

 

 

Management Overview

 

Organisation Chart

Level

Position

Name

Comment

1

Member

UPASANA ANEJA

 

 

Company Structure (Ownership)

 

Note: One level up and all levels down

 

Holding

Company

Sub

Comment

100%

UPASANA ANEJA

 

 

 

Key Deals - No Information on Record

 

Trade References

 

Trade Reference nr

Supplier

Contact

Surety Value

Notarial Bonds

Comment

1

SOUTHERN IPMORTS

08490901515

 

 

 

2

CULE FRIEND

0823349395

 

 

 

 

 

Trade References Detail

 

Nr

Age of Acc

Credit Limit

Max Credit

Terms

Average

Terms Taken

Comment

 

 

 

 

 

Purchases

 

 

1

4 Months

R 250000.00

R 200000.00

30 Days

R 200000

30 Days

Excellent Account.

2

3 Months

 

R 46000.00

30 Days

R 40000

30 Days

Good Account.

The Subject has a open credit limit.

 

 

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

 

Bank

Nedbank

Branch

LONEHILL

Bank Account Number

1013780108

Type of Account

Cheque

Account Name

INDIAN EMPORIUM CC

Overdraft Facilities

None

Bank Code

E for R 200 000

Bank Comment

The subject's bankers consider the amount of your enquiry to be too high

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

Financial Information

 

Financial Estimates

Comment

The General manager MR RHAMAN stated that the subject is still very new to  hand out the financials.

 

Please note the following:

Turnover and assets less than R 1,000,000.00

The subject falls within the National Credit Act

Turnover and assets less than R 2,000,000.00

The subject falls within the Consumer Protection Act

 

 

Principals

 

Number of Principals

1

Average Age of Active Principals

59

 

Active Principals Principal - 1of 1 UPASANA ANEJA

Surname

ANEJA

First Name

UPASANA

ID Number

B5120049

Verified ID Number

No

Current Age

59

Designation

Member

Status

Active

Appointment Date

2011/03/30

Physical Address (at time of Appointment)

59 BLACK EAGLE AVENUE, NEEDWOOD, EXT 4, 2000

Postal Address

POSTNET SUITE 592, PRIVATE BAG X5, FOURWAYS NORTH, 2086

Current Tel Number

0114653105

Cell number

0734431410

Shareholding/Membership

100.0000

 

Principal's Adverse - No information on record

 

Business Information for UPASANA ANEJA Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

INDIAN EMPORIUM CC

B2011/044258/23

In Business

1 Years 1 Months

0

No

 

 

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.54.73

UK Pound

1

Rs.88.61

Euro

1

Rs.71.34

 

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.