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Report Date : |
21.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
VACHAN DIAMONDS CC |
|
|
|
|
Registered Office : |
Suite 426F, SA Jewellery Centre, 225 Main Street, Johannesburg,
Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
15.05.2008 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
LINE OF BUSINESS : |
NOT
AVAILABLE [WE
TRIED TO CONFIRM / OBTAIN THE DETAILED ACTIVITY BUT THE SAME IS NOT AVAILABLE
FROM ANY SOURCES] |
|
|
|
|
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 |
|
Status : |
Undetermined |
|
Payment Behaviour : |
-- |
|
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 |
VACHAN DIAMONDS CC
Suite 426F
SA Jewellery Centre
225 Main Street
JOHANNESBURG
Gauteng
+27 11 334 6873
On investigation contact was made on 13
October 2014 with Vishan, reported to be the financial manager at the subject, who
declined to assist without authorisation from the sole member, Shital Naik, who
was unavailable at the time of the call.
Contact was again made with Vishan the following day, who re-iterated
his reluctance to assist with any information, and it was suggested that an
email questionnaire be forwarded along with a letter of introduction. This was duly sent. Contact was then made again on 15 October
2014, when all information was declined unless the identity of the enquirer is
divulged. Should our client be in a
position to assist with the required information, please advise soonest so that
further investigations may be instituted.
Nevertheless, please see statutory information
obtained from CIPC below:
VACHAN DIAMONDS CC
PHYSICAL ADDRESS: Suite
107B
South
African Diamond Centre
225
Main Street
JOHANNESBURG
Gauteng
POSTAL ADDRESS: P O Box
42761
FORDSBURG
2033
SHITAL NAIK
ID No. 7712160130087
Residential Address 237 Bassonia Rock, Soetdoring Street, Bassonia, 2061
Postal Address: P O Box 42761, Fordsburg
Interest Held: 100%
15 May 2008
Registration Certificate Number: 2008/104632/23
4800248090
9667360151
PRIMESH AND ASSOCIATES CC
FEBRUARY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.29 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.78.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
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.