MIRA INFORM REPORT

 

 

Report Date :

05.12.2014

 

IDENTIFICATION DETAILS

 

Name :

FS DIAMOND (PTY) LTD

 

 

Formerly Known As :

COOL WINNER TRADING 8 (PTY) LTD

 

 

Registered Office :

Sandhavon Office Park, 1st Floor Block B, 12 Pongola Crescent, Sandton

 

 

Country :

South Africa

 

 

Date of Incorporation :

26.03.2010

 

 

Com. Reg. No.:

2010/005964/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Not Available 

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No of Employees :

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

 

FS DIAMOND (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Suite 308 SA Jewellery Centre

225 Main Street

Johannesburg

Gauteng

 

TELEPHONE NUMBER:            +27 11 334 1859

 

On investigation contact was made with the respondent at the subject who declined any information telephonically and requested that an email questionnaire be forwarded. This was duly sent. The respondent also stated that they are unwilling to divulge any company information unless the name of the inquirer is divulged. If our client is in a position to divulge the name of the insurer, please do so as soonest so that further information may be instituted.

 

Nevertheless, please see statutory information obtained from CIPC below:

 

 

COMPANY NAME

 

FS DIAMOND (PTY) LTD

 

 

Formerly known as

 

COOL WINNER TRADING 8 (PTY) LTD, the name having been changed on 29 July 2010. 

           

 

ADDRESSES ON CIPC

 

PHYSICAL ADDRESS:             

Sandhavon Office Park

1st Floor Block B

12 Pongola Crescent

SANDTON

 

POSTAL ADDRESS:    

P O Box 37172

BRINAM PARK

2015    

 

DIRECTORS

 

MILTON LUTRIN

ID No. 4605025023088

Residential Address: No 3 Morningside Palms, Holdings 20 Centre Road, Morningside, 2057

Postal Address: P O Box 37172, Birnam Park, Sandton, 2090

Date Appointed: 2010-06-04

 

SYLVIA MEENTS         

ID No. 5105060172188

Residential Address: Unit 21, Royal Houghton, 22 3rd Street, Houghton, 2041

Postal Address: Unit 21, Royal Houghton, 22 3rd Street, Houghton, 2041

Date Appointed: 2010-08-31

 

NEESHAL MODI

ID No. 84012800000

Residential Address: Eekhoornlaan, 44 B-2610, Wilrijk, Beljium

Postal Address: Eekhoornlaan, 44 B-2610, Wilrijk, Beljium

Date Appointed: 2010-04-19

 

NISHEL PRAKASH MEHTA

PPT No. G6033613

Residential Address: 202 Nepean House, 85A Nepeansea Road, Mumbai,

Postal Address: 2nd Floor, Trade Point Building, Kamala Mills

Compund, India

Date Appointed: 2013-05-01

 

 

DATE REGISTERED

 

26 March 2010

Registration Certificate Number: 2010/005964/07

 

 

VAT NUMBER

 

4520257538

 

 

TAX NUMBER

 

9834237159

 

 

AUDITORS

 

LUTRIN ABRAMS

 

 

YEAR END

 

MARCH

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.97.02

Euro

1

Rs.76.13

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.