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Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MEGACORP TRADING
CC |
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Registered Office : |
Flat 40, Marine
Sands, 281 Marine Parade, Durban 4001 |
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Country : |
South Africa |
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Date of Incorporation : |
29.06.2006 |
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Com. Reg. No.: |
2006/107757/23 |
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Legal Form : |
Private Company |
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Line of Business : |
Not Available |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – 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 |
MEGACORP TRADING CC
On investigation
numerous attempts to contact a respondent at the subject proved unsuccessful.
Two telephone numbers were obtained for the subject using the worldwide web,
namely +27 31 306 6777 and +27 82 475 5582. Both numbers ring continuously with
no answer, however, the landline number diverts to a voicemail, on which
numerous messages have been left for the respondent to return the
investigator’s call. However, to date, no response has been forthcoming.
Numerous messages have also been left for the respondent’s auditors to return
the investigator’s call to no avail. An email questionnaire was forwarded to
the respondent on the address premsons.za@gmail.com as provided by our client. It is requested that our client
provide alternative contact details for the subject, so that further
investigation may be instituted.
Nevertheless, please see
information obtained from CIPC which reads as follows:
COMPANY NAME
MEGACORP TRADING
CC
ADDRESSES ON CIPC
PHYSICAL ADDRESS
Flat 40
Marine Sands
281 Marine Parade
DURBAN
4001
POSTAL ADDRESS
P O Box 70488
OVERPORT
4067
MEMBERS
SANJAY PREMCHAND
SADHWANI
D.O.B. 880125
Residential
Address: Flat 40 Marine Sands 281 Marine Parade 4001
Postal Address: P
O Box 1185 Durban 4000
Interest Held:
100%
DATE REGISTERED
29 June 2006
Registration
Certificate Number: 2006/107757/23
VAT NUMBER:
4510234059
TAX NUMBER
9533755154
AUDITORS
SAVENDRA NAIDOO
Physical Address: 39
Silverwillow Road Puntans Hill 4001
Postal Address: P O Box 50554
Musgrave 4062
YEAR END
FEBRUARY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.21 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.