|
Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAKE NOTE TRADING 61 CC |
|
|
|
|
Registered Office : |
232 Felix Dlamini Road, (Also known as Brickfield Road), P
O Box 70367, Overport, 4067 Durban KwaZulu-Natal |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
07.01.2003 |
|
|
|
|
Com. Reg. No.: |
2003/000691/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Importers and wholesalers of corporate clothing |
|
|
|
|
No. of Employees : |
6 |
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 – 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 |
TAKE NOTE TRADING 61
CC
232 Felix Dlamini Road
(also known as
Brickfield Road)
OVERPORT
Durban
KwaZulu-Natal
P O Box 70367
OVERPORT
4067
+27 31 208 5889
80% I MAHOMED ID No. 6409285202088
20% N B E MAHOMED (wife) ID No. 6407080170088
None
ABSA BANK, Ladysmith
Branch. It was stated that the subject
enjoys overdraft facilities to an extent of R400 000, utilisation of which
is stated to be nil as credit balances are maintained at the bank.
7 January 2003
Registration
Certificate Number: 2003/000691/23
The subject commenced
trading in May 2003 as a new business
4140210990
9353318158
It was stated that the subject has applied
for its first BEE audit
Importers and
wholesalers of corporate clothing. It
was stated that the subject stocks its own name brand.
The subject imports
most of its supplies from Pakistan, India and Madagascar
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.
Corporate companies
South Africa
Neighbouring countries
6
None
The premises are reported to be leased
R1 000 divided into 1
000 ordinary shares of R1 each
R100
R100
The following
estimated financial situation was submitted as at 14 November 2014:
STOCK R2 300
000
DEBTORS (plus C.O.D) R400 000
– R500 000
CREDITORS R500 000
– R1 000 000
TURNOVER per annum R10 000 000
– R12 000 000
LIONEL JACOBS CHARTERED
ACCOUNTANTS
FEBRUARY
TAKAFUL INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 years R1 200 000 R800 000- 60 days 60 days Good
R1 200
000
2. Unable
to obtain. Rings continually and only
contact number available
3. 6 years R300 000/ R300 000- 30
days 30 days Good
R600
000 R600 000
It was stated that the supplier raises the credit
limit to R600 000 during peak season.
(These descriptions
relate respectively by number to the above current trade transactions):
1. Clothing
3. Clearing agents
This is an established business which imports
most of its supplies from overseas companies. The subject is meeting its local
commitments timeously and no adverse comments have been heard. The subject is
considered equal to its normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.