|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOWEL
ZONE CC |
|
|
|
|
Registered Office : |
356 Old
Lansdowne Road, Lansdowne, 7780 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
17.03.2008 |
|
|
|
|
Com. Reg. No.: |
B2008/058504/23 |
|
|
|
|
Legal Form : |
Close Corporation |
|
|
|
|
Line of Business : |
Wholesale
trade in textiles, clothing and footwear |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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, 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 |
|
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 |
TOWEL
ZONE CC |
|
Country |
South
Africa |
|
Enquiry
Terms |
30 Days |
|
Account
Review |
Recommended
Every 6 Months |
|
Subject
Contact Person |
MUHAMMED
ESSACK - Managing Member |
|
Assessment |
This is
an established business. On investigation contact was made with MUHAMMED ESSACK,
the Managing member of the business. The subject has been operating for 5
Years 4 Months. Commitments are being met timeously
with suppliers. No adverse information was revealed during the investigation.
Please see the information obtained below. |
|
Registered
Name |
TOWEL
ZONE CC |
|
Trading
as/ Division Name |
THE
TOWEL FACTORY SHOP |
|
Previous
Name |
None |
|
Date of
Name Change |
None |
|
Registration
Number |
B2008/058504/23 |
|
Registration
Date |
2008/03/17 |
|
Date Commenced
Trading |
2008-03-17 |
|
Age of
Business |
5 Years
4 Months |
|
History
of Business |
TOWEL
ZONE CC trading as THE TOWEL FACTORY SHOP was registered in March 2008 and
operations commenced immediately. |
|
History
of Principals |
There is
one active member within the business. |
|
Shareholders/Members/Partners
of subject and % holding |
100 % -
MUHAMMED ESSACK |
|
Authorised Share Capital |
R 0.00 |
|
Issued
Share Capital/Members Contribution |
R 100.00 |
|
Status |
In
Business |
|
Operations
Assessment |
The
company is involved in the import of B grade linen, towels and duvets. |
|
Industry/
Customers |
The
general public and retailers |
|
Export |
None |
|
Export
Countries |
|
|
Import |
Yes |
|
Import
Countries |
India |
|
Major Industry
Code / SICC |
61310 |
|
Definition
of Code |
Wholesale
trade in textiles, clothing and footwear |
|
Head
Office Physical Address |
356 OLD
LANSDOWNE ROAD, LANSDOWNE, 7780 |
|
Head
Office Postal Address |
356 OLD
LANSDOWNE ROAD, LANSDOWNE, 7780 |
|
Current
Tel Number |
0216966306 |
|
Cell
Number |
0845832934 |
|
Current
Fax Number |
Unavailable |
|
Current
Email Address |
Unavailable |
|
Web Site
Address |
Unavailable |
|
Comments |
|
|
Company Registered
Name |
MAHOMED
EV & CO |
|
Trading
Name |
Unavailable |
|
Registration
Number |
SOLE
PROPRIETORSHIP |
|
Physical
Address |
8
JACARANDA STREET, STANGER, KWAZULU NATAL |
|
Postal
Address |
P O BOX
8, STANGER, 4450 |
|
Contact
Person |
MAHOMED |
|
Contact
Number |
0325511834 |
|
Email |
None |
|
Principals |
1 |
|
Judgements Against Subject |
No
information found on file |
|
Judgements Against Principals |
No
information found on file |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
900419 |
|
VAT
Number |
Unavailable |
|
Tax
Number |
Unavailable |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
Unavailable |
|
No of
years in Business |
4 Years
4 Months |
|
Website |
Unavailable |
|
Comment |
|
Previous Auditors
Information - No Information on Record
|
Vat
Number |
4220246799 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2008/03/17 |
|
Tax
Number |
9896865145 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
|
Black
Economic Empowerment |
|
|
Status |
No |
|
Score |
|
|
Expire
Date |
|
|
BEE
Certificate Available |
No |
|
Comment |
|
|
|
|
|
ISO
Information - No Information on Record |
|
|
Workman's
compensation |
|
|
Registered |
No |
|
Compliance
Certified |
No |
|
Comment |
|
Subsidiaries
|
Subsidiary
Company |
There
are no reported subsidiaries |
|||
|
Shareholding |
|
|||
|
Registration
Number |
|
|||
|
Import /
Export |
|
|||
|
Comment |
|
|||
|
Employees |
||||
|
Number of
Employees |
3 |
|||
|
1.
Salaried employees |
3 |
|||
|
2. Waged
employees |
|
|||
|
3.
Permanent employees |
3 |
|||
|
4.
Casual employees |
|
|||
|
5.
Contracted employees |
|
|||
|
Comment |
The
company employs casual staff for busy seasons |
|||
|
Company Fleet |
||||
|
Company
Fleet |
No of
vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
1 |
|||
|
Comment |
THE
VALUE OF THE LDV WAS NOT MADE AVAILABLE |
|||
|
Light
delivery Vehicles |
1 Owned |
|||
|
Offices |
Offices |
|
|
Head
Office Owned/ Rented |
Leased |
|
|
Rental
Company |
BAYWOOD
INVESTMENTS |
|
|
Owned by |
Not
applicable |
|
|
Value |
|
|
|
Bond |
|
|
|
Bank |
|
|
|
Lease
Agreement |
ANNUAL |
|
|
Lease Expire
Date |
Unavailable |
|
|
Type of
Premises |
Offices
and Warehouses |
|
|
Comment |
|
|
|
Branch
Information |
||
|
Branches
Names |
Country |
Province |
|
There
are no reported branches of the business |
South
Africa |
None |
|
Branch
Detail Information |
||
|
Branches
Owned/ Rented |
|
|
|
Rental
Company |
None |
|
|
Owned by |
None |
|
|
Value |
|
|
|
Bond |
|
|
|
Bank |
None |
|
|
Lease
Agreement |
None |
|
|
Lease
Expire Date |
None |
|
|
Type of
Premises |
None |
|
|
Comment |
|
|
Organisation Chart
|
Level |
Position |
Name |
Comment |
1 MANAGING MEMBER MUHAMMED ESSACK
Company
Structure (Ownership)
Note: One
level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
100 % - MUHAMMED
ESSACK |
TOWEL
ZONE CC |
|
|
Key Deals
- No Information on Record
Trade
References
|
Trade
Reference nr |
Supplier |
Contact |
Surety
Value |
Notarial Bonds |
Comment |
|
1 |
RAYSON
SHIPPING (PTY) LIMITED |
0313035220 |
|
|
|
|
2 |
LINENHOUSE |
0215521060 |
|
|
|
Trade
References Detail
|
Nr |
Age of
Acc |
Credit
Limit |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
2 Years
3 Months |
R100000.00 |
R 64000 |
COD |
R 64000 |
COD |
|
|
2 |
5 Years |
R 35000.00 |
R15000 |
30 Days |
R10000 |
7 Days |
Very
Good Account. The subject pays well within terms. |
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 |
FIRST
NATIONAL BANK |
|
Branch |
ATHLONE |
|
Brach
Code |
250655 |
|
Bank
Account Number |
62068127888 |
|
Type of
Account |
CHEQUE
ACCOUNT |
|
Account
Name |
TOWEL
ZONE CC |
|
Overdraft
Facilities |
The
company does not require an overdraft facility as credit balances are
maintained at the bank. |
|
Bank
Code |
C - For
R 200 000 |
|
Bank
Comment |
Good for
the amount quoted, if strictly in the way of business |
Bank Code
History - No Information on Record
Previous
Bank Account Information - No Information on Record
Deeds
Information - No information on record
Principals
|
Number
of Principals |
1 |
|
Average
Age of Active Principals |
31 |
|
Active
Principals Principal - 1of 1 MUHAMMED ESSACK |
|
|
Surname |
ESSACK |
|
First
Name |
MUHAMMED |
|
Other
Names |
None |
|
Marital
Status |
Single |
|
ID
Number |
8205265228087 |
|
Verified
ID Number |
Yes |
|
Current
Age |
31 Years
2 Months |
|
Designation |
Managing
Member |
|
Status |
Active |
|
Appointment
Date |
2008/03/17 |
|
Physical
Address (at time of Appointment) |
3
BENGHAZI ROAD, KENWYN, 7780 |
|
Postal
Address |
356 OLD
LANSDOWNE ROAD, LANSDOWNE, 7780 |
|
Current
Tel Number |
0216966306 |
|
Cell
number |
0845832934 |
|
Shareholding/Membership |
100 % |
Principal's
Adverse - No information on record
Business
Information forMUHAMMED ESSACK
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
THE
TOWEL FACTORY SHOP |
8205265228087 |
|
Unknown |
0 |
No |
|
|
TOWEL
ZONE CC |
B2008/058504/23 |
In
Business |
5 Years
5 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.59.36 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.98 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.