MIRA INFORM REPORT

 

 

Report Date :

29.05.2013

 

IDENTIFICATION DETAILS

 

Name :

CORPCLO 1975 CC

 

 

Registered Office :

511 Burger Street, Pietermaritzburg, 3200

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.06.2003

 

 

Com. Reg. No.:

B2003/045011/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Wholesale trade in textiles, clothing and footwear

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – 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

CORPCLO 1975 CC

Country

South Africa

Subject Contact Person

AHMED DADABHAY-0333459009

Assessment

On the investigation contact was made with Ahmed Dadabhay a member of the company.

 

He was reluctant to assist with any financial and banking information unless he knew exactly who was enquiring and also mentioned that he has no dealings in India.

 

Please see the information obtained below.

 

 

Company information

 

Registered Name

CORPCLO 1975 CC

Trading as/ Division Name

NONE

Previous Name

NONE

Date of Name Change

NONE

Registration Number

B2003/045011/23

Registration Date

2003/06/04

Date Commenced Trading

June 2003

Age of Business

9 Years 11 Months

History of Business

511 Burger Street, Pietermaritzburg,3200

History of Principals

There are currently

Shareholders/Members/Partners of subject and % holding

Declined

Authorised Share Capital

R1000.00

Issued Share Capital/Members Contribution

R 100.00

Status

In Business

Operations Assessment

The company is involved in the import of candies, biscuits, milk powder, yarns, polyester yarn, viscose dyed yarn, acrylic dyed yarns, mens formal trousers

Industry/ Customers

Clothing,Food retailers and Textile Industry

Export

Declined

Import

Declined

Major Industry Code / SICC

61310

Definition of Code

Wholesale trade in textiles, clothing and footwear

Head Office Physical Address

511 Burger Street, Pietermaritzburg, 3200

Head Office Postal Address

P O BOX 4090, WILLOWTON, 3201

Current Tel Number

033 3459009

Cell Number

082 4116244

Current Fax Number

033 3452643

Current Email Address

Declined

Web Site Address

None

 

 

Auditors information

 

Company Registered Name

NASEEM AAAAJEE AND ASSOCIATES

Trading Name

NASEEM AAAAJEE

Registration Number

SOLE PROPRIETOR

Physical Address

513 BURGER STREET, PIETERMARITZBURG, 3201

Postal Address

513 BURGER STREET, PIETERMARITZBURG, 3201

Contact Number

083 6058946

Email

namajee@sai.co.za

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

14016

VAT Number

Undisclosed

Tax Number

Undisclosed

BEE Status

Undisclosed

Financial Year End

Undisclosed

No of years in Business

3

Website

Undisclosed

 

Previous Auditors

Company Name

Phone Number

Time with previous auditors

Comment

KPMG INC

 

Unknown

 

DM FORBES AND COMPANY

 

Unknown

 

 

 

Tax Information

 

Vat Number

4310207974

Status

ACTIVE

Vat Liable Date

2003/09/01

Tax Number

9120561155

Financial Year End

February

 

Black Economic Empowerment Information - No Information on Record

 

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

 

Organisational Chart - No Information on Record

 

Company Structure Information - No Information on Record

Note: One level up and all levels down

 

Key Deals - No Information on Record

 

Trade References Information - No Information on Record

 

 

Adverse Information on Subject

 

Business Rescue - No Information on Record

 

Judgements - 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 Information - No Information on Record

 

Deeds Information - No information on record

 

 

Principals

 

Number of Principals

2

Average Age of Active Principals

44

 

Active Principals Principal - 1of 2 MOHAMED DADABHAY

Surname

DADABHAY

First Name

MOHAMED

ID Number

8403305153080

Verified ID Number

Yes

Current Age

29

Designation

MEMBER

Status

Active

Appointment Date

2003/07/23

Physical Address (at time of Appointment)

513 BURGER STREET, PIETERMARITZBURG, 3201

Postal Address

P 0 BOX 4090, WILLOWTON, 3200

Current Tel Number

0333459009

Cell number

 

Shareholding/Membership

60%

 

Principal's Adverse - No information on record

 

Business Information for MOHAMED DADABHAY

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

513 BURGER STREET

INVESTMENTS CC

B1990/002591/23

AR Final Deregistration

23 Years 4 Months

0

No

 

CORPCLO 1975 CC

B2003/045011/23

In Business

9 Years 11 Months

0

No

 

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

Principal - 2of 2 KHATIJA DADABHAY

Surname

DADABHAY

First Name

KHATIJA

Other Names

 

Marital Status

 

ID Number

5308250080084

Verified ID Number

Yes

Current Age

60

Designation

MEMBER

Status

Active

Appointment Date

2003/07/23

Physical Address (at time of Appointment)

513 BURGER STREET, PIETERMARITZBURG, 3201

Postal Address

P 0 BOX 4090, WILLOWTON, 3200

Current Tel Number

0333459009

Cell number

 

Shareholding/Membership

40%

 

Principal's Adverse - No information on record

 

Business Information for KHATIJA DADABHAY

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

513 BURGER STREET

INVESTMENTS CC

B1990/002591/23

AR Final Deregistration

23 Years 4 Months

0

No

 

CORPCLO 1975 CC

B2003/045011/23

In Business

9 Years 11 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.55.74

UK Pound

1

Rs.84.17

Euro

1

Rs.72.03

 

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.