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Report No. : |
325187 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HIMAT TRADERS CC |
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Formerly Known As : |
HIMAT TRAVEL AGENCY CC |
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Registered Office : |
225 Main Street, Johannesburg, Gauteng, P O Box 3244, Lenasia 1820 |
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Country : |
South
Africa |
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Date of Incorporation : |
13.10.2009 |
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Legal Form : |
Closed Corporation |
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LINE OF BUSINESS : |
GENERAL TRADER OF MEDICAL AND SAFETY WARE CONSUMABLES,
AS WELL AS EXPORTING ROUGH DIAMONDS. |
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No. of Employees : |
2 (the member and an assistant) |
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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 : |
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 |
HIMAT TRADERS CC
Formerly: HIMAT TRAVEL AGENCY CC, the name having been changed on 19 October 2011.
225 Main Street
JOHANNESBURG
Gauteng
P O Box 3244
LENASIA
1820
+27 83 252 4036
+27 86 684 1841
100% N H GOBRIE ID
No. 6812085082081
None
NEDBANK, Eastgate Branch. Account Number 1011387646. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
13 October 2009
Registration Certificate Number: 2009/191118/23
HIMAT TRADERS CC was established in October 2011 after being registered as a new company, HIMAT TRAVEL AGENCY CC, which underwent a name change to the current name when the operations were changed to General Trader.
4390260133
9028192228
Level 3
contributor
HIMAT TRADERS CC is a general trader of medical and safety ware consumables, as well as exporting rough diamonds to India.
It was stated that the member prefers to operate on a C.O.D basis, and only has limited accounts for trade reference purposes.
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, wholesalers, municipalities and Government
South Africa
The subject exports diamonds to India, and exports medical consumables on a very small scale into Africa.
2 (the member and an assistant).
None
The premises are reported to be leased.
Full financial information was not forthcoming from respondents at the subject, however, it was stated that minimal stock is kept on hand and the annual turnover as at February 2015 was R3 400 000. It was stated that most of the turnover is due to the diamond exports.
MANI FINANCIAL SERVICES
FEBRUARY
None appointed
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2
years N/A R250 000 Tender
House terms Good
2. August
2014 R100 000 R127 000 30 days 30 days Good
It was stated that the member has requested a
higher credit limit, and exceeds the given limit, which the supplier has
authorised but declines to increase the limit in view of the infancy of the
account.
3. Awaiting
email trade reference, however, Tina is extremely busy. It is unknown when they will be able to
return.
(These descriptions
relate respectively by number to the above current trade transactions):
1. Diamonds
2. Medical equipment
This is a comparatively established business
which mainly operates on a C.O.D basis.
The subject is, however, meeting its obtainable commitments timeously
and no adverse comments have been heard.
In view of the lack of comprehensive financial information.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.18 |
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1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
VNT |
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.