MIRA INFORM REPORT

 

 

Report No. :

301863

Report Date :

09.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AFRICAN SOFTWARE LABS (PTY) LTD

 

 

Registered Office :

33 Pinewood Office Park, Riley Road, Woodmead, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.06.2011

 

 

Com. Reg. No.:

2011/100090/07

 

 

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

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

COMPANY NAME

 

AFRICAN SOFTWARE LABS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

8th Floor

Sino Steel Plaza

159 Rivonia Road

SANDTON

Johannesburg

Gauteng

 

On investigation numerous attempts was made to contact the respondents at the subject which proved unsuccessful. A search was instituted on the World Wide Web on the address provided by our client and a telephone number was obtained of +27 11 384 7500. When this number is dialled it is answered by a company namely, CAHEAD INFOTECHNOLOGIES AFRICA (PTY) LTD. It was stated by the respondent that AFRICAN SOFTWARE LABS (PTY) LTD are situated in the same building. The investigator requested if a number could be provided for the subject and was informed to phone back in 10 minutes to provide her with time to go to their office for the number. Contact was later made with the same respondent who stated that they do not have a telephone number on the outside of the office space and stated that she is not willing to assist further.

 

Further to our investigation the local directory was consulted that provided a telephone number of +27 11 802 2685. This number was dialled however, is stated to belong to a company situated in Kelvin Drive, Morningside registered in the name of, SOFTWARE AFRICA. The respondent stated that they do not know of AFRICAN SOFTWARE LABS (PTY) LTD.

 

It would be greatly appreciated if our client could please provide any contact details such as a telephone, fax or email address for the subject to assist the investigator to make contact.

 

Nevertheless, please see statutory information obtained from CIPC below:

 

 

COMPANY NAME

 

AFRICAN SOFTWARE LABS (PTY) LTD

 

ADDRESSES ON CIPC:

 

PHYSICAL ADDRESS:             

33 Pinewood Office Park

Riley Road

Woodmead

Gauteng

 

 

POSTAL ADDRESS:    

801 Olenhoutboemweg

Doornpoort

JOHANNESBURG

Gauteng

2000

 

 

DIRECTORS

 

SANDEEP SEKAR

Passport Number:  2225079

Residential Address: 33 Pinewood Office Park Riley Park, Woodmead, Gauteng 2194

Postal Address: 33 Pinewood Office Park, Riley Park, Woodmead, Gauteng 2194

Date Appointed: 2011-06-10

 

 

DATE REGISTERED

 

10 June 2011

Registration Certificate Number: 2011/100090/07

 

 

VAT NUMBER

 

4200266460

 

 

YEAR END

 

FEBRUARY

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.97

UK Pound

1

Rs.94.97

Euro

1

Rs.74.43

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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.