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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TWILLTEX CC |
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Registered Office : |
53 Troye
Street, Johannesburg 2000 P. o. Box 2555 Johannesburg 2000 |
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Country : |
South Africa |
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Date of Incorporation : |
22.02.1994 |
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Com. Reg. No.: |
1994/004768/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Subject operate as
dealers in fabrics and woollen products |
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No. of Employees : |
50 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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South Africa |
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 - 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.
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Source : CIA |
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Registered Name: |
TWILLTEX CC |
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Requested Name: |
KIRSCH STEIN AND COMPANY PTY LTD. |
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Trade Names: |
TWILLTEX CC |
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Physical Address: |
53 Troye
Street, Johannesburg 2000 |
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Postal Address: |
P.
o. Box 2555 |
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Johannesburg
2000 |
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Country: |
South Africa |
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Phone: |
27-11-3375400/1/2 |
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Fax: |
27-11-3335293 |
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Email: |
twilltexcc@yahoo.com |
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Website: |
None |
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Legal Form: |
Close Corporation |
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Date Incorporated: |
22/02/1994 |
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Reg. Number: |
1994/004768/23 |
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Tax Number: |
9599412849 |
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Nominal Capital |
ZAR.
10,000 |
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Subscribed Capital |
ZAR.
10,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Prakash Narotam Jivan |
CEO |
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Full Names |
PRAKASH NAROTAM JIVAN |
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Status |
Active |
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Date of Birth |
28/09/1954
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ID / Passport No. |
5409285071054 |
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Member interest (%) |
100 |
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Member Contribution(ZAR) |
100 |
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Residential Address |
92 Impala Crescent, Extension 5, Lenasia1820 |
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Postal Address |
P.
o. Box 2555 Johannesburg 2000 |
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Profession |
Chief Executive Officer |
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Country of residence |
South Africa |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Registered to operate as
dealers in fabrics and woollen products |
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Imports: |
Asia, Middle East |
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Exports: |
Africa |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, stores, outlets, distributors etc |
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Employees: |
50 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
South Africa |
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Location: |
Owned premises, 10,000 square feet, |
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Auditors: |
PEMA LAKHA &
ASSOCIATES. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
South African Rand (ZAR.) |
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Approx. Ex. Rate: |
1 US Dollar = 8.50 South
African Rand |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in ZAR.) |
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2012 |
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Sales |
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250,000,000 |
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Bank Name: |
First
National bank (corporate service) |
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Branch: |
South
Africa |
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Br Code: |
250205 |
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Comments: |
None |
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject.
On 25/07/1946 the Subject Company
was registered as a Pty Ltd under the Registration Number 1905/022894/07 under
the names KIRSCH STEIN AND COMPANY (PTY) LTD
On 22/02/1994 it converted
to a Close Corporation under the Registration Number 1994/004768/23 under the
names TWILLTEX CC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
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UK Pound |
1 |
Rs.88.16 |
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Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.