MIRA INFORM REPORT

 

 

Report Date :

10.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AKSHAR INVESTMENTS CC

 

 

Registered Office :

First Floor 101b, Sa Diamond Centre, 225 Main Street, Johannesburg 2090

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.10.1996

 

 

Com. Reg. No.:

1996/053081/23

 

 

Legal Form :

Private Company

 

 

Line of Business :

Not Available 

 

 

No of Employees :

Not Available 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Africa

A2

A2

 

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

 

AKSHAR INVESTMENTS CC

 

PHYSICAL ADDRESS:              101B Diamond Centre

            225 Main Street

            JOHANNESBURG

            Gauteng

 

TELEPHONE NUMBER:             +27 11 334 8698

 

On investigation contact was made with a respondent at the subject, who stated that the person to assist with information is the member, H Patel on the contact number +27 84 455 9999.  Contact was made with H Patel, who declined to assist with any information unless the name of the enquirer is divulged.  If our client is in a position to assist with the name of the enquirer, please advice soonest so that further investigation may be instituted. 

 

Nevertheless, please see information obtained from CIPC which reads as follows:

 

COMPANY NAME:                                 AKSHAR INVESTMENTS CC

 

ADDRESSES ON CIPC:

 

PHYSICAL ADDRESS:                          First Floor 101B

            SA Diamond Centre

            225 Main Street

            JOHANNESBURG

            2090

 

POSTAL ADDRESS:                             First Floor 101B

            SA Diamond Centre

            225 Main Street

            JOHANNESBURG

2090

 

MEMBERS:

 

HARNISH PATEL

ID No. 5706295210188

Residential Address: Flat 5 Patel Building 71 Prince Edward Street Durban 4001

Postal Address: P O Box 35364 Northway 4065

Interest Held: 44%

 

MEERA PATEL

ID No. 5901260109081

Residential Address: Flat 5 Patel Building 71 Prince Edward Street Durban 4001

Postal Address: P O Box 35364 Northway 4065

Interest Held: 26%

 

RAKESHKUMAR ARVINDBHAI PATEL

D.O.B. 730323

Residential Address: 49 Sandown Manor Stella Road Sandown 2196

Postal Address: 49 Sandown Manor Stella Road Sandown 2196

Interest Held: 30%

 

DATE REGISTERED:                 25 October 1996

Registration Certificate Number: 1996/053081/23

 

VAT NUMBER:                          4270169503

 

TAX NUMBER:                          9077118207

 

AUDITORS:                              LUTRIN ABRAMS SKLAR

                                                Postal Address: P O Box 37172, Birnam Park 2015

 

YEAR END:                               FEBRUARY

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.73

UK Pound

1

Rs.102.36

Euro

1

Rs.81.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.