MIRA INFORM REPORT

 

 

Report No. :

303797

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

NARANDAS JEWELLERS GATEWAY CC

 

 

Registered Office :

Unit 501 Mezzanine Level, The Westville, Durban, 3630

 

 

Country :

South Africa

 

 

Date of Incorporation :

31.07.2008

 

 

Com. Reg. No.:

B2008/162632/23

 

 

Legal Form :

Private Company

 

 

Line of Business :

Engaged as supplier and manufacturer of jewellery in Diamond, gold, tanzanite, Platinum & Silver

 

 

No of Employees :

25

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

 

 

Subject Name

NARANDAS JEWELLERS GATEWAY CC

Country

South Africa

Subject Contact Person

AASHIR DEVANDA NARANDAS - MANAGING MEMBER

Assessment

This is a well-established family business.

 

On investigation contact was made with AASHIR DEVANDA NARANDAS, the managing member, who assisted with some information, however declined to assist with the trade references and banking details, stating that our client should contact him directly.

 

Please see the basic information obtained below.

 

 

Company information

 

Registered Name

NARANDAS JEWELLERS GATEWAY CC

Trading as/ Division Name

None

Previous Name

None

Date of Name Change

None

Registration Number

B2008/162632/23

Registration Date

2008/07/31

Date Commenced Trading

2008-07-31

Age of Business

6 Years 6 Months

History of Business

The subject started trading as a family business since 1915, when at the age of 16, Narandas Valabdass, the father of A D Narandas took over the business of his father. The business has been in the family for 100 years already.

History of Principals

There is 1 active principal within the business

Shareholders/Members/Partners of subject and % holding

100% - AASHIR DEVANDA NARANDAS

Status

In Business

Operations Assessment

Engaged as supplier and manufacturer of jewellery in Diamond, gold, tanzanite, Platinum & Silver

Industry/ Customers

The subject main customers are retail marketers and shopping centres

Export

Unknown

Import

Yes

Import Countries

China, India, Israel

Major Industry Code / SICC

39211

Definition of Code

Jewellery and related articles of precious and semi­precious compounds

Head Office Physical Address

UNIT 501 MEZZANINE LEVEL, THE WESTVILLE, DURBAN, 3630

Head Office Postal Address

P O BOX 1049, DURBAN, 4000

Current Tel Number

0312651696

Cell Number

0837778044

Current Fax Number

0312651699

Current Email Address

aashir@narandas.co.za

Web Site Address

www.narandas.co.za

 

Auditors information

 

Company Registered Name

PRICE WATERHOUSE COOPERS INCORPORATED

Trading Name

M1998/012055/21

Physical Address

102 Stephen Dlamini RoadBereaDurban4001

Postal Address

PO Box 1049Durban4000South Africa

Contact Person

YESHEEN

Contact Number

031 271 2000

Principals

288

Subject Verified as Client

Yes

Practice Number

905178E

VAT Number

4950174682

Tax Number

9343032844

No of years in Business

Unknown

 

Previous Auditors Information - No Information on Record

 

 

Tax Information

 

Vat Number

4130250253

Status

ACTIVE

Vat Liable Date

2008/10/01

Tax Number

9044668193

Financial Year End

February

 

Black Economic Empowerment

 

Status

Yes

Score

4.00

 

ISO Information - No Information on Record

 

Workman's compensation

 

Registered

Yes

Compliance Certified

Yes

 

Company Structure

Subsidiaries Information - No Information on Record

Employees

 

Number of Employees

25

1. Salaried employees

25

2. Waged employees

---

3. Permanent employees

25

Company Fleet

Company Fleet

No of vehicles:

Owned/Leased

Value

Outstanding Balance

Fleet Operations

 

 

 

 

The Fleet is made up of

1

Comment

 

Cars

1

Owned

 

 

 

Offices

 

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

PERETO PROPERTIES

Type of Premises

Shopping complex with office

 

Branch Information

Branches Names

Country

Province

NARANDAS JEWELLERS

South Africa

KWAZULU NATAL

 

Branch Detail Information

Branches Owned/ Rented

Leased

Type of Premises

Office blocks

 

Management Overview

 

Organisation Chart

Level

Position

Name

   

               1                            MANAGING MEMBER      AASHIR DEVANDA NARANDAS

 

Company Structure (Ownership)

 

Note: One level up and all levels down

Holding

Company

Sub

100% - AASHIR DEVANDA NARANDAS

NARANDAS JEWELLERS GATEWAY CC

NONE

 

Key Deals - No Information on Record

 

Trade References Information - No Information on Record

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

Business Rescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

Bank Information - No Information on Record

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

Principals

 

Number of Principals

1

Average Age of Active Principals

38

Number of Inactive Principals

 

 

Active Principals Active Principal - 1 of 1 AASHIR NARANDAS

Surname

NARANDAS

First Name

AASHIR

Other Names

DEVANDA

Marital Status

Married

ID Number

7711215196085

Verified ID Number

Yes

Current Age

37 Years 2 Months

Designation

MANAGING MEMBER

Status

Active

Appointment Date

2008/07/31

Physical Address (at time of Appointment)

8 LEANDER CRESCENT, WESTVILLE, DURBAN, KWA-ZULU NATAL, 3630

Postal Address

P O BOX 138, PAVILION, DURBAN, KWA-ZULU NATAL, 3611

Current Tel Number

0315846804

Cell number

0837778044

Shareholding/Membership

100

 

Principal's Adverse - No information on record

 

Business Information for AASHIR NARANDAS

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

CINNAFRESH TRADING CC

B2008/078132/23

Deregistration Final

7 Years 7 Months

0

No

CLOSE NET TRADING CC

B2007/211996/23

Deregistration Process

8 Years 8 Months

0

No

JEWELVEST (PTY)LTD

K2014/052556/07

In Business

1 Years 1 Months

0

No

NARANDAS JEWELLERS GATEWAY CC

B2008/162632/23

In Business

7 Years 7 Months

0

No

 

Principal Previous Business Interests

 

Average Age of Previous Business                                                                    5 Years

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

MILE INVESTMENTS 343 (PTY)LTD

M2009/002081/07

AR Final Deregistration

6 Years 6 Months

0

No

NARDEV FOODS TRADING CC

B2010/003931/23

In Business

5 Years 5 Months

0

No

 

Principal Deeds Information

 

Property Interests for AASHIR NARANDAS

 

Title Deed No.

ST35398/2008

Erf/Site No.

3,103

Deeds Office

PIETERMARITZBURG

Physical Address

SHERWOOD DURBAN

Property Type

U

Extent / Size

 

Purchase Date

2007/03/10

Purchase price

R 840000.00

% Ownership

0.00

Bond Holder

STANDARD BANK OF SOUTH AFRICA L

Bond Number

SB284292008

Bond Amount

R 820000.00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.93.33

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.