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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
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Name : |
MULTI FABRICS CC |
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Formerly Known As : |
A M FASHION ENTERPRISES CC |
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Registered Office : |
27 Telford Road
Industria Johannesburg Gauteng |
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Country : |
South
Africa |
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Date of Incorporation : |
28.04.1989 |
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Com. Reg. No.: |
1989/013365/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Importers and
processors of fabric |
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No. of Employees : |
10 having increased from 8 reported in 2013 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
COMPANY NAME: MULTI
FABRICS CC
Formerly: A M FASHION ENTERPRISES
CC, the name having been changed on 28 April 1989.
PHYSICAL ADDRESS: 27 Telford Road
INDUSTRIA
Johannesburg
Gauteng
POSTAL ADDRESS: P O
Box 42966
FORDSBURG
2033
TELEPHONE NUMBER: +27
11 474 0755
FAX NUMBER: +27
86 556 4512
CELLPHONE NUMBER: +27 82 783 1223
(Reza Mottiar)
50% A H MOTTIAR ID No. 3303155959053
50% M R A H MOTTIAR (Son) ID No. 6403185228087
TDF DISTRIBUTORS CC
BALTIMORE TRADING CC
(dormant)
HABIB OVERSEAS BANK, Fordsburg
Branch and FIRST NATIONAL BANK, Industria Branch. The subject does not require overdraft
facilities as credit balances are maintained at the bank.
28 April 1989
Registration
Certificate Number: 1989/013365/23
The subject commenced
trading in 1989
VAT NUMBER: 4320185574
TAX NUMBER: 9002410844
BEE STATUS: Non-compliant
Importers and
processors of fabric
The subject imports
90% of its supplies and has local suppliers.
Previously, we have
divulged the names of the major suppliers in our reports. We have discontinued this practice to protect
our valuable sources of trade information.
This has become necessary because we now give a description of the goods
or services to which the trade references relate. This gives our client the ability to assess
whether the purchases are vital to the
subject’s operation and whether we have only been given their essential
suppliers that must be paid promptly for the subject to maintain its operation.
Textile wholesalers
South Africa
None
10 having increased from 8 reported in 2013
None
The premises are reported to be leased
R100
Full financial
information was not forthcoming from respondents at the subject, nevertheless,
it was stated that the turnover per annum is approximately
+R100 000 000 and their stock is estimated in the region of
±R100 000-R200 000.
INFINITY ACCOUNTING
SERVICES
FEBRUARY
ZURICH INSURANCE
BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan
2012 Open Acc R2 000 000 30
days 30 days Very good
2. Awaiting
fax trade reference
3. 2009 Open Acc ±R1 000 000 7/21/30 7/21/30 Very
good
Insured:
CGIC days days
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5
years Open R3 500 000- 30
days 30 days Excellent
R4 000 000
2. 2008 R3 000 000 R2 000 000- 30 days 30 days Excellent
R3 000 000
3. Old
account. No longer in use
It was stated that that trade reference No. 1 is
the subject’s major credit granter locally.
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions relate respectively by number to the above current
trade transactions):
1. Clearing
and forwarding
2. Shipping
and customs
This is an established
business that is not a general credit seeker locally. The subject is meeting its local commitments
timeously and is considered equal to its normal business engagements. The lack of
full financial information should be borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
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1 |
Rs.96.94 |
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Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.