MIRA INFORM REPORT

 

 

Report Date :

18.09.2013

 

IDENTIFICATION DETAILS

 

Name :

ELS AGENCIES CC 

 

 

Registered Office :

18 Failsworth Street, Allandale, Pietermaritzburg, Kwazulu-Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.09.1999

 

 

Com. Reg. No.:

1999/055507/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Importers and traders in leather

 

 

No. of Employees :

03

 

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 :

Small Company 

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. 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

 

 

 

                              


ATTENTION

The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by Officials of the subject.

 

 

COMPANY NAME

 

ELS AGENCIES CC

 

PHYSICAL ADDRESS

 

18 Failsworth Street

ALLANDALE

Pietermaritzburg

KwaZulu-Natal

 

POSTAL ADDRESS

 

P O Box 1063

PIETERMARITZBURG

3200

 

TELEPHONE NUMBER:             +27 33 386 2590

FAX NUMBER:              +27 33 386 2590

 

It was stated by the respondent that the subject has an office at Emily Road, Scottsville, Pietermaritzburg which is reported to be the home of the member.

 

 

MEMBERS

 

100% C J P ELS ID No. 4407115043088

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Pietermaritzburg branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

20 September 1999

Registration Certificate Number: 1999/055507/23

 

It was stated by the respondent that the subject only started trading in January 2009. It was stated that C J P ELS was in the leather industry for ±27 years and was a Director at APECO (PTY) LTD.

 

                          

VAT NUMBER

 

4420250542

 

 

TAX NUMBER

 

9057014210

 

 

MAJOR OPERATION

 

Importers and traders in leather

 

MAJOR SUPPLIERS

 

It was stated that the subject imports 99% of its supplies and deals locally with:

 

AVIOCEAN on a COD basis. It was also stated by the respondent that the subject deals with its overseas creditors on a COD basis as well.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Footwear manufacturers

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

3

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

It was stated that the subject operates from the home of C J P ELS, which is owned in his personal capacity and is free of bond

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject, nevertheless, it was stated that the turnover per annum is R5 000 000.

 

 

AUDITORS

 

G C FORD AND COMPANY INCORPORATED

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

WILLOUGHBY AND COMPANY

 

TRADE REFERENCES

 

COD

 

 

COMMENTS

 

This is a comparatively newly operative business under experienced management which prefers to deal on a COD basis. It is suggested that all dealings be on a letter of credit basis in the absence of a payment history.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.38

UK Pound

1

Rs.100.86

Euro

1

Rs.84.59

 

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.