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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
LOGAN MEDICAL AND SURGICAL (PTY)LTD |
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Formerly Known As : |
LOGAN MEDICAL AND SURGICAL CC |
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Registered Office : |
50 Aberdare Drive, Phoenix Industrial Park, 4068 |
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Country : |
South Africa |
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Date of Incorporation : |
24.07.2003 |
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Com. Reg. No.: |
2012/056508/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesale trade in
pharmaceuticals, toiletries and medical equipment |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Unknown |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
and a stock exchange that is the 15th largest in the world. Even though the
country possesses modern infrastructure that support a relatively efficient
distribution of goods to major urban centers throughout the region, some
components retard growth. The economy began to slow in the second half of 2007
due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity
prices and world demand. GDP fell nearly 2% in 2009 but has recovered since
then. Unemployment, poverty, and inequality remain a challenge, with official
unemployment at nearly 25% of the work force. State power supplier Eskom has
built two new power stations and installed new power demand management programs
to improve power grid reliability. South Africa's economic policy has focused
on controlling inflation, however, the country has had significant budget
deficits that restrict its ability to deal with pressing economic problems. The
current government faces 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 |
LOGAN MEDICAL AND SURGICAL (PTY) LTD |
|
Country |
South Africa |
|
Subject Contact Person |
VIMLA NAIDOO - Managing Director |
|
Assessment |
This is a well-established business. On investigation contact was made with the Managing Director, VIMLA NAIDOO. The company has been operating since 2003. A payment profile could not be established as trade references were not made available. A bank code R was obtained as an invalid bank account number was provided. No adverse information was found on file. The identity of the principal enquirer was requested to be made known before further information may be divulged. Please see the information obtained below. |
|
Registered Name |
LOGAN MEDICAL AND SURGICAL (PTY)LTD |
|
Trading as/ Division Name |
LMS |
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Previous Name |
LOGAN MEDICAL AND SURGICAL CC |
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Date of Name Change |
2003-07-24 |
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Registration Number |
2012/056508/07 |
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Registration Date |
2003/07/24 |
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Date Commenced Trading |
2003-07-24 |
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Age of Business |
10 Years |
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History of Business |
LOGAN MEDICAL AND SURGICAL CC was registered in July 2003 and underwent a name change from LOGAN MEDICAL AND SURGICAL CC [B2003/061934/23] to the current name. It was in 2012 that it underwent a conversion from a CC to a (PTY) LTD. |
|
History of Principals |
There is one active director within the company. |
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Shareholders/Members/Partners of subject and % holding |
100 % - VIMLA NAIDOO |
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Authorised Share Capital |
R0.00 |
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Issued Share Capital/Members Contribution |
R0.00 |
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Status |
In Business |
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Operations Assessment |
The company is involved in the provision of hospital consumables for the Surgical, Cardiology and Pharmaceutical sector. |
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Industry/ Customers |
Hospitals, practitioners and wholesalers of pharmaceutical products. |
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Export |
Yes |
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Export Countries |
India |
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Import |
Unknown |
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Major Industry Code / SICC |
61394 |
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Definition of Code |
Wholesale trade in pharmaceuticals, toiletries and medical equipment |
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Head Office Physical Address |
50 ABERDARE DRIVE, PHOENIX INDUSTRIAL PARK, 4068 |
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Head Office Postal Address |
P O BOX 60175, PHOENIX, 4080 |
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Current Tel Number |
0315002200 |
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Cell Number |
0813673262 |
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Current Fax Number |
0315004412 |
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Current Email Address |
|
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Web Site Address |
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Company Registered Name |
LOONAT AND ASSOCIATES |
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Trading Name |
FAROUK MOHAMED LOONAT |
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Registration Number |
SOLE PROPRIETORSHIP |
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Physical Address |
136 VICTORIA EMB, ESPLANADE, DURBAN, KWAZULU-NATAL |
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Postal Address |
P 0 BOX 2933, DURBAN, 4000 |
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Contact Person |
FAROUK |
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Contact Number |
0313014720 |
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Email |
Undisclosed |
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Principals |
1 |
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Judgements Against Subject |
No information found on file |
|
Judgements Against Principals |
No information found on file |
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Subject Verified as Client |
Yes |
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Practice Number |
1116 |
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VAT Number |
Unavailable |
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Tax Number |
Unavailable |
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BEE Status |
Unavailable |
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Financial Year End |
Unavailable |
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No of years in Business |
Unavailable |
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Website |
None |
Previous Auditors Information - No Information on Record
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Vat Number |
4710207608 |
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Status |
ACTIVE |
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Vat Liable Date |
2003/10/01 |
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Tax Number |
9035203166 |
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Tax Clearance Expire Date |
2003/10/01 |
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Financial Year End |
February |
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Status |
Yes |
|
Score |
2.00 |
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BEE Certificate Available |
No |
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Comment |
Level 2 BEE contributor |
ISO Information - No
Information on Record
|
Registered |
No |
|
Compliance Certified |
No |
· 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
Organisation Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Managing Director |
VIMLA NAIDOO |
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Company Structure (Ownership)
Note: One level up and all
levels down
|
Holding |
Company |
Sub |
Comment |
|
100 % - VIMLA NAIDOO |
LOGAN MEDICAL AND SURGICAL (PTY) LTD |
|
|
Key Deals - No Information on Record
Trade References Information - No Information on
Record
Judgements
|
Judgements |
NONE |
|
Possible Judgements |
NONE |
|
Civil Court |
0 |
|
RDs |
0 |
|
Comment |
No Information on Record |
Business Rescue
|
Date registered |
Business rescue practitioner |
Contact Information |
Details |
Comment |
|
|
There is no
information found on file |
No Information on Record |
No Information
on Record |
No Information on Record |
Default Listings
|
Date |
Details |
Comment |
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There is no information found on file |
No Information on Record |
Notarial Bonds
|
Date |
Details |
Comment |
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There is no information found on file |
No Information on Record |
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Bank |
FIRST NATIONAL BANK |
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Branch |
UNIVERSAL |
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Brach Code |
250655 |
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Bank Account Number |
62333002046 |
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Type of Account |
CURRENT ACCOUNT |
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Account Name |
LOGAN MEDICAL AND SURGICAL (PTY) LTD |
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Overdraft Facilities |
DECLINED |
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Bank Code |
R |
|
Bank Comment |
The subject's
bankers were unable to provide a bank code as the name and account number is
incorrect |
Bank Code History - No
Information on Record
Previous Bank Account
Information - No Information on Record
Deeds Information - No
information on record
|
Number of Principals |
1 |
|
Average Age of Active Principals |
46 |
Active Principals Principal
- 1of 1 VIMLA NAIDOO
|
Surname |
NAIDOO |
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First Name |
VIMLA |
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Other Names |
None |
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Marital Status |
Single |
|
ID Number |
6705120019086 |
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Verified ID Number |
Yes |
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Current Age |
46 Years 2 Months |
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Designation |
Managing Director |
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Status |
Active |
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Appointment Date |
2012/03/22 |
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Physical Address (at time of Appointment) |
6 GLASTONBURY AVENUE, SOMERSET
PARK, UMHLANGA ROCKS, 4321 |
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Postal Address |
P.O.BOX 60175, PHOENIX, 4080 |
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Current Tel Number |
0315079300 |
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Cell number |
0832543454 |
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Shareholding/Membership |
100% |
Principal's Adverse -
No information on record
Business Information
for VIMLA NAIDOO
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
CYBRONITE (PTY) LTD |
M2010/012820/07 |
In Business |
3 Years 3 Months |
0 |
No |
|
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LOGAN MEDICAL AND SURGICAL CC |
B2003/061934/23 |
Conversion CO/CC or CC/CO |
10 Years 10 Months |
0 |
No |
|
|
TACONITE PROPERTIES (PTY) LTD |
M1999/021643/07 |
In Business |
14 Years 2 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 8 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
MOBA 084 INVESTMENTS CC |
B2001/085493/23 |
Deregistration Final |
|
0 |
No |
|
|
UNITRADE 1032 CC |
B1998/002665/23 |
In Business |
15 Years 3 Months |
0 |
No |
|
|
UPWARD SPIRAL 1099 CC |
2004/072873/23 |
Deregistration Final |
9 Years 9 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.64 |
|
UK Pound |
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.