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Report No. : |
307487 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SANGANI TEXTILES CC
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.03.2007 |
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Com. Reg. No.: |
2007/045593/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Engaged as Importers and wholesalers of various Textiles (Fabrics) [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
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No of Employees : |
30
and 40 (Fluctuates) |
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 : |
Slow but Correct |
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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):
SANGANI TEXTILES CC
205 2ND
Avenue
Laudium
Pretoria
Gauteng
P O Box 13242
Laudium
0037
TELEPHONE NUMBER: +27 12 374 4051
FAX NUMBER: +27 86 543 2664
88% THE FARAHAD JOOSUB TRUST, in which F E JOOSUB is one of the administrative trustees.
8% F E JOOSUB
4% A JOOSUB
None
FIRST NATIONAL BANK, Pretoria Branch. It was stated that the
subject enjoys overdraft facilities to an extent of R5 000 000, secured
by a cession of debtors. Utilisation is stated to be nil to partial as credit
balances are normally maintained. The facility is only utilized on a seasonal
basis as a bridging facility at month end.
5 March 2007
Registration Certificate Number: 2007/045593/23
The subject was commenced as a new business by a
family member in 1990 when it was registered as a private limited company,
SANGANI TEXTILES (PTY) LTD (Registration Certificate Number: 1990/007546/07).
The private company converted to a close corporation in 2007.
4390110445
9780464641
Non-compliant
Engaged as Importers and wholesalers of various Textiles (Fabrics)
The subject imports the majority of its supplies from China, India, Japan and Taiwan.
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.
Retailers such as CHAMDOR TEXTILES and METRO
FABRICS.
South Africa
Sub-Saharan African countries but mainly
Botswana.
Fluctuates
30 and 40.
None
The property is stated
to be leased.
R100.
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
FIRDAUS GEEVA ACCOUNTING
FEBRUARY
URBAN INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2008 R2 000
000 ±R2 000 000 30 days 30
days Excellent
c/l CGIC
2. +3 years R10
000 ±R5 000 30 days 30 days Excellent
(These
descriptions relate respectively by number to the above current trade
transactions):
1. Freight forwarding and clearing
2. Courier services.
This is an
established family operated business that is meeting its commitments timeously
and is spoken of very highly by its service providers.
The subject would be
considered as equal to its normal business engagements.
The lack of
financial information should be borne in mind.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.25 |
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UK Pound |
1 |
Rs.95.57 |
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Euro |
1 |
Rs.71.01 |
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.