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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MCWHITESON TRADING
ENTERPRISE CC |
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Registered Office : |
186 Smit Street Braamfontein Johannesburg 2001 |
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Country : |
South
Africa |
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Date of Incorporation : |
14.10.2010 |
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Legal Form : |
Not Available |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Deregistration Process |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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: |
MCWHITESON
TRADING ENTERPRISE CC |
|
Postal Address: |
186 Smit Street BRAAMFONTEIN Johannesburg 2001 |
|
Telephone Number: |
+27 84 817 8231 |
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|
On investigation attempts to contact the subject company on the cellphone number provided by our client were unsuccessful as the cellphone reverts to voice mail when dialed. A search on the worldwide web revealed the subjects details on the Alibaba.com web page which provided the cellphone number of +27 73 0062 8386. When dialed the number is answered by a gentleman with a Nigerian accent who appears hesitant and volunteers no information as to his identity or whether he is answering a company cellphone which, if he did, would have clarified whether it is the subject company or not. When asked if he was Mr Atam he answered in the affirmative and confirmed that his company is MCWHITESON TRADING ENTERPRISE CC. When the investigator explained the reason for our call, the gentleman was unresponsive and told the investigator to send him an email to which he would respond. This was duly sent and a reply was received from Atam Atam querying how we accessed his name and his company name, which is explained at length in our letter requesting information, and asked us to explain what we mean by “providing Credit Status Reports to commercial organisations” as he stated that had not requested such services from our company. He is obviously not too adept at English but the tenor of his reply evidenced a lack of understanding of even the most basic knowledge of business practices or the meaning of our letter. The Website states that the subject deals in the main products of Sunflower Oil, Sugar and Non Ferrous Metals, that it was established in 2010 and employs fewer than 5 people, effecting a turnover of less than USD1 000 000. Their main markets being South Asia, Africa and South America and identifying the CEO as AIM ATAM. A company search undertaken at CIPC revealed the statutory information hereunder: |
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Company Name: |
MCWHITESON TRADING ENTERPRISE
CC |
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Addresses
on Cipc: |
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Physical Address: |
186 Smit Street BRAAMFONTEIN Johannesburg 2001 |
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Postal Address: |
186 Smit Street BRAAMFONTEIN Johannesburg 2001 |
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Directors: |
NTOMBODUMO SHARON KONDLO Id No: 8104090652084 186 Smit Street BRAAMFONTEIN Johannesburg 2001 Date appointed: 14/10/2014 |
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ISAAC MBONY ATAM D.O.B: 810815 186 Smit Street BRAAMFONTEIN Johannesburg 2001 Date appointed: 14/10/2014 |
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Date Registered: |
14 October 2010 Registration Certificate Number: 2010/141202/23 |
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Business Status: |
AR Deregistration Process |
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Auditors: |
Sifiso Hlanbano Professional Number: A0654971 22nd Floor Carlton Centre Commissioner Street JOHANNESBURG 2001 P O Box 30737 BRAAMFONTEIN |
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The CIPC search states that the subject is in the Deregistration Process due to the non-payment of Annual Returns. |
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Comments: |
We would suggest that extreme caution be exercised in any communication or dealings with the subject as we have no basis upon which to recommend dealings unless our client is able to provide alternative bona fide contact details by which we can investigate the subject. Please revert soonest if such details are available. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
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 |
|
|
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.