MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	5TH AVENUE FINE ART (PTY) LTD

Registered Office :	404 Jan Smuts Avenue, Craighall Park, Sandton

Country :	South Africa

Date of Incorporation :	17.04.1991

Com. Reg. No.:	M1991/002061/07

Legal Form :	Private Company

Line of Business :	Manufacture of carpets, rugs and mats

No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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

Subject Name	5TH AVENUE FINE ART (PTY)LTD
Country	South Africa
Enquiry Terms	COD
Account Review	Recommended Every 6 Months
Subject Contact Person	ALIREZA RAFII - Director
Assessment	This is an established business. On investigation contact was made with ALIREZA RAFII the director of the company. The subject is meeting its commitment with its supplier. No further suppliers were made available. We obtained a bank code C for R 1 000 000 over a period of 30 days. Please see the available information on the subject below.

Auditors information

Company Registered Name	J C BARNARD AND PARTNERS JOHANNESBURG INC
Trading Name	JCB (JHB)
Registration Number	2000/022847/21
Physical Address	4 Seventh Avenue, Parktown North, 2193
Postal Address	P.O. Box 2152, PARKLANDS, 2121
Contact Person	IGSAAN
Contact Number	0115371560
Email	jplr@jcbtwo.co.za
Principals	9
Judgements Against Subject	None On Record
Judgements Against Principals	None On Record
Subject Verified as Client	Yes
Practice Number	913952E
VAT Number	None
Tax Number	9950020140
BEE Status	Unavailable
Financial Year End	February
No of years in Business	13 Years 8 Months
Website	www.jcbinc.co.za
Comment

Previous Auditors Information - No Information on Record

Vat Number	4160121879
Status	ACTIVE
Vat Liable Date	1991/09/30
Tax Number	9262166847
Tax Clearance Expire Date
Financial Year End	February
Comment

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

Workman's compensation

Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Subsidiaries Information - No Information on Record

Employees

Number of Employees	12
1. Salaried employees	12
2. Waged employees	0
3. Permanent employees	12
4. Casual employees	0
5. Contracted employees	0
Comment
Company Fleet
Company Fleet	No of vehicles:	Ownerd/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	6
Comment
Other	6	Owned

Offices

Offices	Offices
Head Office Owned/ Rented	Owned
Rental Company	N/A
Owned by	5TH AVENUE FINE ART (PTY)LTD
Value
Bond
Bank	Unavailable
Lease Agreement	N/A
Lease Expire Date	N/A
Type of Premises	Office
Comment

Branch Information

Branches Names	Country	Province
5TH AVENUE FINE ART (PTY)LTD (RIVONIA)	South Africa	Gauteng
Branch Detail Information
Branches Owned/ Rented	Owned
Rental Company
Owned by	5TH AVENUE FINE ART (PTY)LTD
Value
Bond
Bank	Unavailable
Lease Agreement	N/A
Lease Expire Date	N/A
Type of Premises	Office
Comment

Management Overview

Organisation Chart

Level

Position

Name

Comment

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100 % - ALIREZA RAFII	5TH AVENUE FINE ART (PTY)LTD	None

Key Deals - No Information on Record

_{Trade
References}

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	MEGA FREIGHT	0119711000

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	1 Year	R1000000.00	R1000000	30 Days	R 300000	30 Days	Good Account

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 information

Bank	STANDARD BANK
Branch	SANDTON
Brach Code	051001
Bank Account Number	220411085
Type of Account	CURRENT
Account Name	5TH AVENUE FINE ART (PTY)LTD
Overdraft Facilities	YES
Bank Code	C
Bank Comment	The subject's bankers consider them good for all normal business engagements

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

_{Deeds
Information}

Property Interests for Company 5TH AVENUE FINE ART (PTY)LTD

Title Deed No.	T56668/1999	Erf/Site No.	0
Deeds Office	JOHANNESBURG	Physical Address	24 KOORNHOF 2277-0770-000 GERMISTON
Property Type	Freehold	Extent / Size
Purchase Date	1999/04/09	Purchase price	R 650000.00
% Ownership	0.00	Bond Holder	N B S BANK LTD
Bond Number	B633621996	Bond Amount	R 3500000.00
Comment

Financial Estimates

CURRENT ASSETS
Stock
Debtors
FIXED ASSETS
Plant, Equipment, Vehicles
Property
CURRENT LIABILITIES
Creditors
Loans/ From?
Loan Details
LONG TERM LIABILITIES
Morgage Bonds
Previous Year Turnover	R17000000.00
Estimated Current Year Turnover	R 20000000.00
Current Turnover per month	R1500000.00
Current Turnover per annum
Comment

Please note the following:
Turnover and assets less than R 1,000,000.00	The subject falls within the National Credit Act
Turnover and assets less than R 2,000,000.00	The subject falls within the Consumer Protection Act

Principals

Number of Principals	1
Average Age of Active Principals	55
Active Principals Principal - 1 of 1 ALIREZA RAFFII
Surname	RAFFII
First Name	ALIREZA
Other Names	None
Marital Status
ID Number	5906025234082
Verified ID Number	Yes
Current Age	54 Years 11 Months
Designation	Director
Status	Active
Appointment Date	1991/04/17
Physical Address (at time of Appointment)	18 CENTRE ROAD, MORNINGSIDE, SANDTON, GAUTENG, 2157
Postal Address	P O BOX 784191, SANDTON, GAUTENG, 2146
Current Tel Number	0117834775
Cell number	0827701270
Shareholding/Membership	100 %

Principal's Adverse - No information on record

Business Information for ALIREZA RAFFII

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
5TH AVENUE AUCTIONEERS CC	B1999/007863/23	In Business	15 Years 3 Months	0	No
5TH AVENUE FINE ART (PTY)LTD	M1991/002061/07	Conversion CO/CC or CC/CO	23 Years 11 Months	0	No
CASPIAN COMMERCIAL PROPERTY HOLDINGS CC	B1999/025047/23	In Business	15 Years 3 Months	0	No
DUBAI EXPO CC	B1999/008314/23	In Business	15 Years 3 Months	0	No
E R H GLOBAL ENTERPRISES (PTY)LTD	K2013/022941/07	In Business	1 Years 1 Months	0	No
EIGHTEEN CENTRE ROAD MORNINGSIDE CC	B1991/009979/23	In Business	23 Years 11 Months	0	No
FIDELITY STOCK LIQUIDATORS CC	B2009/038550/23	In Business	5 Years 5 Months	0	No
IRANIAN CHAMBERS OF COMMERCE	M2000/013166/08	In Business	14 Years 2 Months	0	No
PERSAM ENERGY (PTY)LTD	K2014/080850/07	In Business	0	0	No
PERSICO IMPORT AND EXPORT CC	B1997/062506/23	In Business	17 Years 5 Months	0	No
PERSICO PROPERTY HOLDINGS CC	B1999/025045/23	In Business	15 Years 3 Months	0	No
RAYENFELD FINE ARTS AND ESTATE AGENTS CC	B1995/005523/23	In Business	19 Years 7 Months	0	No
ROSEBANK GALLERY	5906025234082		Unknown	0	No
SANDTON SQUARE GALLERY CC	B1994/021654/23	In Business	20 Years 8 Months	0	No
TWENTY CENTRE ROAD MORNINGSIDE CC	B2003/108920/23	In Business	11 Years 11 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 14 Years

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

ALIBIPROPS 1032 CC	B1996/027328/23	In Business	18 Years 6 Months	No
IMOD SA CC	B2007/077903/23	Deregistration Final	7 Years 7 Months	No
QUIRKS AND THINGS (BLOEMFONTEIN) CC	B1997/066914/23	Dissolved	17 Years 5 Months	No

Principal Deeds Information

Property Interests for ALIREZA RAFFII
Title Deed No.	T105520/2013	Erf/Site No.	9
Deeds Office	PRETORIA	Physical Address	FARMALL AGRICULTURAL HOLDINGS
Property Type	H	Extent / Size	3.6885H
Purchase Date	2013/04/09	Purchase price	R1625000.00
% Ownership	0.00	Bond Holder
Bond Number	I-25282011AT	Bond Amount	R 0.00
Comment
Property Interests for ALIREZA RAFFII
Title Deed No.	T58888/2013	Erf/Site No.	187
Deeds Office	PRETORIA	Physical Address	PORT D''AFRIQUE EXT 2
Property Type	E	Extent / Size	26.0SQM
Purchase Date	2013/05/14	Purchase price	R 40000.00
% Ownership	0.00	Bond Holder
Bond Number	K3172008S	Bond Amount	R 0.00
Comment
Property Interests for ALIREZA RAFFII
Title Deed No.	T13326/2012	Erf/Site No.	813
Deeds Office	PRETORIA	Physical Address	18 CENTRE MORNINGSIDE SANDTON
Property Type	E	Extent / Size
Purchase Date		Purchase price	R 0.00
% Ownership	0.00	Bond Holder	STANDARD BANK
Bond Number	B906061994	Bond Amount	R 600000.00
Comment
Property Interests for ALIREZA RAFFII
Title Deed No.	T40354/1990	Erf/Site No.	797
Deeds Office	PRETORIA	Physical Address	31 FLAMBOYANT SANDTON
Property Type	F	Extent / Size	1983.00000000
Purchase Date	1990/03/05	Purchase price	R 330000.00
% Ownership	0.00	Bond Holder	STANDARD BANK OF SOUTH AFRICA LTD
Bond Number	B446741990	Bond Amount	R 300000.00
Comment

Property Interests for ALIREZA RAFFII
Title Deed No.	T13326/2012	Erf/Site No.	813
Deeds Office	PRETORIA	Physical Address	18 CENTRE SANDTON
Property Type	F	Extent / Size	3500.00000000
Purchase Date		Purchase price	R 0.00
% Ownership	0.00	Bond Holder	STANDARD BANK OF SOUTH AFRICA LTD
Bond Number	B906061994	Bond Amount	R 600000.00
Comment
Property Interests for ALIREZA RAFFII
Title Deed No.	T49294/1996	Erf/Site No.	11
Deeds Office	PRETORIA	Physical Address	44 MELVILLE SANDTON
Property Type	F	Extent / Size
Purchase Date	1996/02/18	Purchase price	R 875000.00
% Ownership	0.00	Bond Holder	STANDARD BANK OF SOUTH AFRICA LTD
Bond Number	B482671996	Bond Amount	R 500000.00
Comment

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.86
UK Pound	1	Rs.102.67
Euro	1	Rs.81.69

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	PDT

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.

Registered Name	5TH AVENUE FINE ART (PTY)LTD
Trading as/ Division Name	5TH AVENUE FINE ART
Previous Name	None
Date of Name Change	None
Registration Number	M1991/002061/07
Registration Date	1991/04/17
Date Commenced Trading	1991-04-17
Age of Business	23 Years 1 Months
History of Business	The company is in operation for the past 23 Years 1 Month.
History of Principals	There is 1 active director within the company namely : ALIREZA RAFII.
Shareholders/Members/Partners of subject and % holding	100% - ALIREZA RAFII
Authorised Share Capital
Issued Share Capital/Members Contribution
Status	Conversion CO/CC or CC/CO
Operations Assessment	The company is a direct importer of fine arts, antiques, collectibles, furniture and carpets.
Industry/ Customers	Retailers and wholesalers.
Export	Yes
Export Countries
Import	Yes
Import Countries	China
Major Industry Code / SICC	31220
Definition of Code	Manufacture of carpets, rugs and mats
Head Office Physical Address	404 JAN SMUTS AVENUE, CRAIGHALL PARK, SANDTON
Head Office Postal Address	P O BOX 784191, SANDTON, 2146
Current Tel Number	0117812040
Cell Number	0827701270
Current Fax Number	0117877593
Current Email Address	fifthaveart@mweb.co.za
Web Site Address	Unavailable
Comments