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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SAFNA (PTY) LTD |
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Formerly Known As : |
ABFARAB DESIGN 3 (PTY) LTD |
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Registered Office : |
16 Kruis Street, Johannesburg Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
27.07.2001 |
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Com. Reg. No.: |
2001/016584/07 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and sale of Toyota spares |
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No of Employees : |
27 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
SAFNA (PTY) LTD
Formerly: ABFARAB DESIGN 3 (PTY) LTD, the name having been changed on 4
October 2001.
GEMINI PARTS
16 Kruis Street
JOHANNESBURG
Gauteng
P O Box 261048
EXCOM
2023
TELEPHONE NUMBER: +27 11 334
3838/1417
FAX NUMBER: +27 11 334 0069
A SALEE
M A SALEE
Z SALEE
None
A SALEE (son) ID
No. 8305275107089
M A SALEE ID
No. 5704275168088
Z SALEE (wife) ID
No. 6106180133083
STANDARD BANK, Southdale Branch, Branch Code: 00640530, Account Number:
003049000. It was stated that the subject
enjoys overdraft facilities to an extent of R1 000 000, secured by cash on
call and policies. Utilisation of the
overdraft is stated to fluctuate.
27 July 2001
Registration Certificate Number: 2001/016584/07
The subject incorporated operations of a previous Sole Proprietorship
namely GEMINI PARTS and began trading in 2003.
The latter business was owned by M A SALEE and had been trading since
1983.
4570205619
9209308148
Importing and sale of Toyota spares
The subject imports most of its supplies and deals locally with:
BIDVEST PANALPINA
PARTS INCORPORATED
PARTQUIP
DANNY AUTOMOTIVE
Motor dealers and retailers
South Africa
Neighbouring countries
27
None
The premises are reported to be leased
R1000 divided into 1000 ordinary shares of R1 each
R100
Full financial
information was not forthcoming from respondents at the subject, however, it
was stated that the turnover per annum is R15 000 000 being an increase
from a turnover of R12 000 000 in 2012.
BOAKE INC
JUNE
ORCHID INSURANCE BROKERS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT
CREDIT PATTERN
1. Do not give trade references
2. 1995 Declined R50 000 30
days 30 days Good
2.5% 2.5%
3. 10 years Declined Declined 30
days 30 days Very Good
4. 10 years R45
000 Declined 30 days 30 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jul 1995 Declined R75 000 30 days 30 days Very Good
2½%
2. Do not give trade references
3. Aug 1991 Declined Declined 30
days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
1995 Declined R
50 000- 30 days 30 days Excellent
R100 000
2.
+15 years Declined Declined 30 days 30 days Very Good
Less
2.5%
3.
+5 years Declined Declined 30 days 30 days Good
4.
1991 Declined Declined 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Aug
1991 Declined Declined 30
days 30 days Excellent
2. Awaiting
fax trade reference
3. +14
years Declined Declined 30
days 30 days Very Good
Less
2.5%
4. Do
not give trade references
This is an established business meeting its
commitments timeously. In the absence of
a full payment pattern and an indication of the level of purchases, we are only
able to recommend a maximum figure of €15 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 62.47 |
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|
1 |
Rs. 102.94 |
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Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.