MIRA INFORM REPORT

 

 

Report Date :

15.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

A G X IMPORT AND EXPORT (PTY) LTD

 

 

Formerly Known As :

HX DISTRIBUTORS (PTY) LTD

 

 

Registered Office :

136 Van Tonder Street, Sunderland Ridge, Centurion, Pretoria, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.02.2003

 

 

Com. Reg. No.:

2003/004614/07

 

 

Legal Form :

Private company

 

 

Line of Business :

Importers and distributors of tinned food stuff such as snails, olive oil, mushrooms, capers, tuna.

 

 

No. of Employees :

10

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

A G X IMPORT AND EXPORT (PTY) LTD

 

Formerly HX DISTRIBUTORS (PTY) LTD, the name having been changed on 9 November 2004.

 

 

PHYSICAL ADDRESS

 

136 Van Tonder Street

Sunderland Ridge

CENTURION

Pretoria

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 12919

TRAMSHED

0126

 

TELEPHONE NUMBER:

+27 12 666 7090 / 7039

 

FAX NUMBER: 

+27 12 666 7072

 

The subject moved from 146 Carl Street, Pretoria West, Gauteng in 2012

 

 

SHAREHOLDERS

 

100%    A A YACOOB

 

The shareholding changed and was previously:

 

100%    S M Q KADER

 

 

ASSOCIATE COMPANIES

 

None

 

DIRECTORS

 

A A YACOOB                                                    ID No.   6505165145089

 

 

BANKERS

 

STANDARD BANK, West End Branch, Account Number:  011420855.   It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

28 February 2003

Registration Certificate Number: 2003/004614/07

 

The subject was commenced as a new business.

 

 

VAT NUMBER    

 

4720206236

 

 

TAX NUMBER    

 

9044074152

 

 

BEE STATUS      

 

Level 1 contributor

 

 

MAJOR OPERATION

 

Importers and distributors of tinned food stuff such as snails, olive oil, mushrooms, capers, tuna.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its products from Europe and the Far East and deals locally with 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.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Independent wholesalers and retailers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Mainly Gauteng

 

 

EXPORTS

 

The subject exports indirectly to the neighbouring countries

 

 

TOTAL EMPLOYEES

 

10 permanent employees

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from the respondent at the subject, however, please see historical financial information dated 20 April 2011:

 

STOCK                                     R3 500 000 – R  4 000 000

DEBTORS                                 R  2 000 000

CREDITORS                              R   800 000 – R  1 000 000

TURNOVER – per annum           R11 000 000

 

 

AUDITORS    

 

A MOOSA AND COMPANY, Laudium.               +27 12 460 9885

 

 

YEAR END

           

FEBRUARY

 

 

INSURANCE BROKERS 

 

JAMES GARDNER BROKERS

 

 

TRADE REFERENCES

 

TRADE REFERENCES – MARCH 2010:

 

ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                        PATTERN

 

1.         3 years R800 000          R300 000          30 days 30 days Excellent

 

TRADE REFERENCES – APRIL 2011

 

ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                        PATTERN

 

1.         3 years R800 000          R600 000          30 days 30 days Good

c/l

 

CURRENT TRADE REFERENCES:

 

ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                        PATTERN

 

1.         2012     R1 000 000        R400 000          30 days 30 days Very Good

 

2.         June 2013         R    20 000        R  20 000          30 days 30 days Very Good

 

3.         18 months         R    50 000        R    9 000-         30 days 30 days Very Good

R  30 000

 

NATURE OF GOODS OR SERVICES SUPPLIED:

(These descriptions relate respectively by number to the above current trade transactions):

 

1.         Shipping

 

2.         Dry food products

 

3.         Food products

 

 

COMMENTS

 

This is an established company which changed ownership meeting its commitments timeously and is spoken of highly by its suppliers.  The subject is considered equal to its normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.84

UK Pound

1

Rs.98.72

Euro

1

Rs.78.64

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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.