MIRA INFORM REPORT

 

 

Report Date :

26.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

M SURESH COMPANY (SA) (PTY) LTD

 

 

Registered Office :

Suit F6 Rubinek Building, Jewel City, 225 Main Street, Doornfontein, Johannesburg

 

 

Country :

South Africa

 

 

Date of Incorporation :

05.10.2005

 

 

Com. Reg. No.:

2005/035531/07

 

 

Legal Form :

Not Divulged

 

 

Line of Business :

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

 

M SURESH COMPANY (SA) (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Suit F6 Rubinek Building

Jewel City

225 Main Street

DOORNFONTEIN

Johannesburg

 

TELEPHONE NUMBER:             +27 11 334 6606

FAX NUMBER:                          +27 11 334 6604

 

 

On investigation numerous attempts were made to establish contact with the subject, which proved unsuccessful.  Finally a fax number, +27 11 334 6604 was obtained for the subject. A fax contact was forwarded to the subject.  Later, a respondent contacted the investigator telephonically and provided a contact number +27 11 334 6606.  The respondent then declined to assist with any information and requested that an email questionnaire be forwarded.  This was duly sent.  The respondent replied via email and declined to assist with any information, unless the name of the enquirer is divulged.  It was, however, stated that the subject’s head office is in India.  If our client is in a position to assist with the name of the enquirer, please do so soonest so that further investigation may be instituted. 

 

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

 

 

COMPANY NAME

 

M SURESH COMPANY (SA) (PTY) LTD

 

 

ADDRESSES ON CIPC

 

PHYSICAL ADDRESS:  First Floor West Wing Block B

Sandhavon Office Park

12 Pongola Crescen

SANDTON

2148

 

POSTAL ADDRESS:     P O Box 37172

BIRNAM PARK

2015

 

DIRECTORS

 

ABHAYKUMAR GIRDHARLAL PETHANI

Ppt No. 21511629

Residential Address: 28 East Road Morningside Sandton 2046

Postal Address: 28 East Road Morningside Sandton 2046

 

DIRECTORS: continued

 

MILTON LUTRIN

ID No.  4806225092085

Residential Address: No. 3 Morningside Palms Holdings Centre Road

Morningside 5027

Postal Address: P O Box 37172 Birnam Park 2015

Date Appointed:  9 January 2007

 

DATE REGISTERED

 

5 October 2005

Registration Certificate Number: 2005/035531/07

 

 

VAT NUMBER

 

4330228554

 

 

TAX NUMBER

 

9183104166

 

 

AUDITORS

LUTRIN AND ASSOCIATES

Physical Address: First Floor West Wing Block A, Sandhavon Office Park, 12 Pongola Crescent, Sandton 2148

Postal Address: P O Box 37172 Birnam Park 2015

 

YEAR END

 

DECEMBER

 

22 May 2014

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.81

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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.