MIRA INFORM REPORT

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

VUVUZELA METALS CC

 

 

Registered Office :

1147 North Coast Road DURBAN KwaZulu-Natal

 

 

Country :

South Africa

 

 

Financials (as on) :

February

 

 

Date of Incorporation :

24.06.2010

 

 

Com. Reg. No.:

2010/092807/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Importing garlic and other commodities

 

 

No. of Employees :

02

 

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 :

Recently commenced its commercial operation

Payment Behaviour :

Slow but correct

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. 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

Company name

 

VUVUZELA METALS CC

 

 

TRADING NAME

 

X-PRESS METALS AND LOGISTICS

 

 

PHYSICAL ADDRESS

 

1147 North Coast Road

DURBAN

KwaZulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 1250

VERULAM

4340

 

 

TELEPHONE NUMBER   

 

+27 31 564 4646

 

 

FAX NUMBER

 

+27 86 636 7776

 

 

MEMBERS

 

100%    S RAMGULAM  ID No. Not Available

 

The member is stated to be a tax practitioner and accountant.

 

ASSOCIATE COMPANIES

 

GREAT SOLUTIONS TRADING CC (property owning company)

 

 

BANKERS

 

STANDARD BANK, Durban North Branch, Account Number: 432547293.  The subject does not require an overdraft facility as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

24 June 2010

Registration Certificate Number:  2010/092807/23

 

The subject utilised a dormant company and commenced trading in July 2013. 

 

 

VAT NUMBER    

 

4720256090

 

 

MAJOR OPERATION

 

It was stated that the subject recently started importing garlic and other commodities as well as being involved in general logistics and is stated to outsource its transporters.

 

 

MAJOR SUPPLIERS

 

The subject deals with SHARF CARGO as well as other transport companies on a COD basis.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

2

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

It was stated that the subject operates an office from the home of the member which is owned in his personal capacity.

 

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject, nevertheless, it was stated that the turnover is ±R90 000 per month at present.

 

 

AUDITORS    

 

GLOBAL CONSULTING

 

 

FINANCIAL YEAR END  

 

FEBRUARY

 

 

INSURANCE BROKERS

 

J RAMSUNDER & ASSOCIATES

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT   EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         COD                

 

 

COMMENTS

 

This is a very newly operational business.  In view of the infancy of the subject and the fact that the subject is currently dealing with its suppliers on a COD basis

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.