MIRA INFORM REPORT

 

 

Report Date :

19.03.2014

 

 

IDENTIFICATION DETAILS

 

Name :

KIRAN GLOBAL SILICA SA (PTY) LTD

 

 

Registered Office :

43 Lily Van Niekerk Road, Boksburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.02.2011

 

 

Com. Reg. No.:

2011/004943/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and distributors of chemicals such as Sodium Silicate, Potassium Silicate and Sodium Hydroxide.

 

 

No of Employees :

30

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 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, 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. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom, the state-run power company, 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.

 

Source : CIA

 

 

 

COMPANY NAME

 

KIRAN GLOBAL SILICA SA (PTY) LTD

 

 

PHYSICAL ADDRESS

 

43 Lily Van Niekerk Road

BOKSBURG

Gauteng

 

 

POSTAL ADDRESS

 

Postnet Suite No. 2

Private Bag X9

EAST RAND

1462

 

 

TELEPHONE NUMBER

 

+27 11 028 5595

 

 

FAX NUMBER

 

+27 86 764 4456

 

 

SHAREHOLDERS

 

100%    KIRAN GLOBAL CHEMS LTD (INDIA)

 

 

ASSOCIATE COMPANIES

 

None, however, it was stated that KIRAN GLOBAL CHEMS LTD (INDA) has approximately 32 manufacturing plants across India.

 

 

DIRECTORS

 

M S JAIN                                                          DOB 490512

A JAIN                                                              DOB 790825

 

 

BANKERS

 

FIRST NATIONAL BANK, North End Road Benoni Branch.  Further information on banking facilities was not forthcoming from the respondent.

 

 

DATE REGISTERED

 

28 February 2011

Registration Certificate Number:  2011/004943/07

 

The subject commenced trading in 2011

 

 

VAT NUMBER          

 

4890258207

 

 

TAX NUMBER          

 

9767469159

 

 

MAJOR OPERATION

 

Manufacturers and distributors of chemicals such as Sodium Silicate, Potassium Silicate and Sodium Hydroxide.

 

 

MAJOR SUPPLIERS

 

The subject imports 90% of its supplies from the holding company and deals locally with:

 

KAPELE FREIGHT

UNITRANS

NCP CHLORCHEM

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Manufacturing industries

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

30

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject, however, further information was not forthcoming from the respondent.

 

 

AUTHORISED SHARE CAPITAL 

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

NWANDA

 

 

FINANCIAL YEAR END

 

MARCH           

 

 

INSURANCE BROKERS 

 

FNB BROKERS

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT           CREDIT                        PATTERN

 

1.    2012             R3 000 000    ±R1 000 000    30 days        30 days       Very good                     

                            c/l Insured:Lombard

 

2.    Jun 2012      R   500 000    ±R   200 000    30 days       30 days       Very good

                          c/l

 

3.    ±3 years       Declined        R     50 000     60 days       60 days       Very good

 

 

COMMENTS

 

This is relatively new business, well-connected overseas that is meeting is commitments timeously.  The subject is considered equal to a maximum amount of over 30 days, however, the lack of financial information should be borne in mind.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.94

UK Pound

1

Rs. 101.37

Euro

1

Rs. 84.89

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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.