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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
FOTAKIS BROS |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13.06.1991 |
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Com. Reg. No.: |
1991/003095/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesale carpet merchants |
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No. of Employees : |
23 |
RATING & COMMENTS
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MIRAs 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 |
FOTAKIS BROS NATAL (PTY) LTD
19 Lanner Road
NEW GERMANY Durban
KwaZulu-Natal
POSTAL ADDRESS: P O Box 245
NEW GERMANY 3620
+27 31 705 3331
+27 31 705 3380
70% P L
FOTAKIS 30% E STEFANO
FOTAKIS BROS CAPE (PTY) LTD, in which company P L
FOTAKIS is the majority Shareholder.
FOTAKIS BROS (PTY) LTD, which company P L FOTAKIS is
100% Shareholder.
ID No. 5303135018086
ID No. 4512015068083
ID No. 7101295430089
ID No. 7301135083082
P L FOTAKIS E STEFANO K STEFANO
C R STEFANO
NEDBANK, Gale Street branch, Account Number
1381339409. It was stated that the subject enjoys overdraft facilities to an extent
of R1 000 000, secured by P L FOTAKIS. Utilisation is stated to be nil as
credit balances are normally maintained at the bank.
13 June 1991
Registration Certificate Number: 1991/003095/07
It was stated that E STEFANO was a national sales
director of ROMATEX CARPETS for approximately 9 years. P L FOTAKIS owns a
family business that was started approximately 50 years ago, which he took over
in 1999 from his father.
4570105819
9097127204
Non-compliant
Wholesale carpet merchants
The subject imports some of its supplies and deals
locally with:
NOUWENS CARPETS Harrismith
CROSSLEY CARPETS Durban
SA MERCANTILE (clearing agent) Durban
VAN DYK CARPETS Durban
BELGOTEX CARPETS MAJOR
CUSTOMERS OR BUSINESS SECTORS:
Retail industry
AREA OF DISTRIBUTION AND
SELLING: South
Africa
EXPORTS: Occasionally to Botswana, Namibia
and Swaziland
TOTAL EMPLOYEES: 23
OTHER PREMISES: None
The premises are reported to be owned by the
subject, valued in the region of R8 000 000 and bonded in favour of Nedbank for
R7 000 000.
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL: R100
The following estimated financial situation was
submitted as at June 2013:
STOCK R7
000 000
DEBTORS R
4 000 000
FIXED ASSETS (including Property) R 8 500 000
CREDITORS R
2 000 000
TURNOVER per month R
4 000 000
BAKER TILLY MORRISON MURRAY, Westville
(Kwazulu-Natal)
YEAR END: FEBRUARY
MICHAEL COCKS & ASSOCIATES INSURANCE
BROKERS +27 31 765 7731
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R600 000 R200 000- 90
days 30 days Excellent
c/l R600 000
2. Old acc R200 000 R200 000 60
days 60 days Very Good
c/l
3. Old acc R200 000 R200 000 30
days 30 days Excellent
4%
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R600 000 R
3 000- 30/60/ 90 30 days Very Good
R50 000 4%/3%/2,5%
2. Do not give trade references
3. 10 years declined declined
30 days 30 days Excellent
4% 4%
4. 20 years R 700 000 R300
000- 30 days 30 days Excellent
c/l R400
000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R600 000 R
10 000- 30 days 30 days Very Good
c/l R100 000
2. Old acc R800 000 R500 000- 30
days 30 days Very Good
R800 000
3. Old acc declined declined 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R 600 000 R
1 000- 30 days 30 days Excellent
R 10 000
2. 25 years R1 000 000 R250 000- 60 days
60 days Very Good
R300 000
3. 10 years declined declined
30 days 30 days
Good
4% 4%
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R600 000 R180
000 60 days 30 days Very Good
c/l
2. 20 years R200 000 R200
000- 30 days 30 days Excellent
R300 000
3. +5 years R100 000 R
50 000 30 days 25 days Excellent
2.5%
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R 400 000 R108 000 30
days 30 days Very Good
Per annum
2. +5 years R 50 000 R
10 000 30 days 30 days Good
2.5%
3. +10 years Declined Declined 60 days 60 days Very
Good
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 12 years R 800 000 R180 000 30
days 30 days Good
2. +5 years R 100 000 R100 000 30
days 30 days Good
2.5%
3. Do not give trade references
4. +5 years Declined Declined
30 days 30 days Very
Good
4%
5. +10 years R2 000 000 R500 000 60 days 60 days Very Good
This is an established business meeting commitments timeously. No
adverse comments have been heard
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Awaiting trade references
2. 20 years R5 000 000 R 500 000- 60 days
60 days Excellent
R1 000 000
3. Do not give trade references
4. 5 years Declined Declined
60 days 60 days Good
This is an established business meeting its commitments timeously.
Suppliers speak highly of the subject and it is considered equal to its normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
|
|
1 |
Rs.102.48 |
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Euro |
1 |
Rs.84.28 |
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 |
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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 SCs 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.