MIRA INFORM REPORT

 

 

Report No. :

329019

Report Date :

04.07.2015

 

IDENTIFICATION DETAILS

 

Name :

NEWSPACE PUBLISHING CC

 

 

Registered Office :

17 Braeside Road, Greenpoint, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

19.08.2009

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

The subject operates as a publisher for the magazine Opulent Living and provide event management services.

 

 

No. of Employees :

3

 

 

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 :

Small Company

 

 

Payment Behaviour :

Slow but correct

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved. South Africa's economic policy has focused on controlling inflation, however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

COMPANY NAME and Address

                         

NEWSPACE PUBLISHING CC  

 

PHYSICAL ADDRESS:              17 Braeside Road

GREENPOINT

Cape Town

Western Cape

 

POSTAL ADDRESS:                 Same as above

                                                   

TELEPHONE NUMBER:            +27 21 433 1699

 

FAX NUMBER:                          +27 86 565 1438          

 

 

MEMBERS

 

100%    B LENHARD                                         D.O.B. 826206827

 

 

ASSOCIATE COMPANIES

 

None

 

BANKERS

 

STANDARD BANK, Sea Point branch. Further banking details were not made available by the respondent at the subject.

 

 

DATE REGISTERED

 

19 August 2009

Registration Certificate Number: 2009/163194/23

 

NEWSPACE PUBLISHING CC was registered on 19 August 2009 as new, and commenced operations immediately.

 

 

VAT NUMBER    

 

4030257044      

 

 

TAX NUMBER    

 

9736552150

 

 

BBBEE STATUS 

 

Non-compliant              

 

 

MAJOR OPERATION

 

The subject operates as a publisher for the magazine OPULENT LIVING and provide event management services.

 

 

MAJOR 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

 

The industry in general.

           

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa                 

 

 

EXPORTS

 

None               

 

 

TOTAL EMPLOYEES

 

3                                               

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

 The premises are reported to be leased.

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is R10 000 000.

 

 

AUDITORS

 

TIMOTHY XAVIER STANTON                                                                                                    

 

 

YEAR END

 

FEBRUARY                                                                                                                              

 

 

INSURANCE BROKERS

 

INDWEAR INSURANCE BROKERS                                                                                

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.     Do not give trade references.

                   

2.    Unable to obtain trade reference-supplier is busy with month end.

 

3.    5 years         R10 000         R10 000          30 days     30 days       Good

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

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

 

3.     Ink                           

 

 

COMMENTS

 

This is an established business meeting its moderate commitments on time.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.40

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

 

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.