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Report No. : |
306449 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MEGACORP TRADING CC
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Registered Office : |
Flat 40 Marine Sands, 281 Marine Drive, Durban, KwaZulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
29.06.2006 |
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Com. Reg. No.: |
2006/107757/23 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in Import and export, as well as distribution of Food Products such as Rice, Beans, Wheat, Biscuits & Noodles [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 [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
Note:
(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by Officials of the subject):
On investigation contact was made with the respondent at the subject who declined to assist with company information stating that he is currently out of the country and will not return to South Africa until the second week of February 2015. Further investigation will be taken upon said date.
Nevertheless please see Historical information dated July 2014:
MEGACORP TRADING CC
Flat 40 Marine Sands
281 Marine Drive
Durban
KwaZulu-Natal
P O Box 5085
Durban
4000
CELL PHONE NUMBER: +27 72 673 6006
FAX NUMBER: +27 86 649 8505
100% S P SADHWANI D.O.B. 880125
Ppt
No. L6451728
It was stated that
the member is not a South African citizen but is a permanent resident of South
Africa
It was stated that the subject does not have any associate companies in South Africa, however, S P SADHWANI stated that he has a number of property owning companies, as well as property in Mauritius, India and the Philippines and a company named MONOJ TRADING (PTY) LTD, a clothing business which opened in 2008 in Mauritius
NEDBANK, Argyle Road Branch, Durban. Branch Code: 131426. Account Number: 1314110543. The subject does not have overdraft facilities at this bank, however, the subject has investment accounts and has credit balances at the bank.
FIRST NATIONAL BANK, Davenport. Branch Code: 220226. Account Number: 62203542908.
HBZ BANK LTD, Qualbert Branch. Branch Code: 570126. Account Number: 11901163128.
29 June 2006
Registration Certificate Number: 2006/107757/23
The subject commenced as a new business in 2006. It was stated that S P SADHWANI previously owned a company in the Philippines for 19 years prior to moving to South Africa.
4510234059
9533755154
Non-compliant
Engaged in Import and export, as well as distribution of Food Products such as Rice, Beans, Wheat, Biscuits & Noodles
Shippers KEUHNE & NAGEL
The subject is not a general credit seeker locally and imports from countries such as China, India, Vietnam, Philippines, Indonesia and Thailand.
SHOPRITE, CHECKERS, SPAR, MAKRO and PICK ‘n PAY (Vendor No. 1000004443.
South Africa
African Countries as well as PICK ‘n PAY branches in Zambia where the subject has 24 PICK ‘n PAY stores and 8 in Zimbabwe. Three stores are being opened in the near future.
N/A
The subject is reported to have a warehouse in Umbilo, Durban. The subject intends setting up offices in Zambia. The subject is also looking into exporting to Ruanda and opening an office in Ruanda, but talks are still ongoing at present.
The premises are
reported to be leased
R100
The following
estimated financial situation was submitted as at 11 July 2014:
STOCK R 500 000 – R 700 000
DEBTORS (Blue Chip Clients) R 200 000
CASH R 50 000 – R 80 000
CREDITORS R 200 000
LOANS Nil
TURNOVER per month R1 300 000
– R 1 600 000
TURNOVER per annum R19 000
000
SAVENDRA NAIDOO ACCOUNTING CORPORATION
FEBRUARY
NEDBANK INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Not dealt with the shipper for
more than six months
This is an established business that is not a general credit seeker locally. In view of the lack of trade references, the lack of recent trading with the shipper and the inability to verify the substance of the member, regarding his property holdings in Mauritius, we would rather recommend that dealings be undertaken on a letter of credit basis in the absence of a payment record. The fact that the member is not an SA citizen should be borne in mind.
Notwithstanding the above we have received copies of letters from the subject’s bankers, which we have verified as authentic, that state the following:
NEDBANK ARGYLE
ROAD, DURBAN – 8 JULY 2014
The account is conducted in a satisfactory manner with no unpaid cheques or returned debits.
FNB DAVENPORT
BRANCH – 9 JULY 2014
This letter serves to confirm the above mentioned account is held in our books since 10/11/2008. The account is maintained satisfactorily and there is no unpaid on record.
HBZ BANK LIMITED
QUALBERT DURBAN – 9 JULY 2014
We hereby confirm that the following account is maintained in our books since 7 July 2006. The account is maintained in a very satisfactory manner since inception. We further confirm that there are no unpaid cheques or debit orders on the account since inception.
Attempts to obtain further information from the bankers proved unsuccessful as it is against bank policy to do so.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.96 |
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UK Pound |
1 |
Rs.94.41 |
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Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
MNL |
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.