MIRA INFORM REPORT
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Report No. : |
311943 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
THE GRAND SLAM TRUST |
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Registered Office : |
26 Lorne Street Qualbert Durban Kwazulu-Natal, P O Box 48364 Qualbert 4078 |
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Country : |
South Africa |
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Date of Incorporation : |
06.02.2011 |
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Com. Reg. No.: |
215/2011 |
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Legal Form : |
Trust |
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Line of Business : |
Importing and distribution of various commodities, namely; textiles,
flooring, foods |
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No. of Employee : |
35 |
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 : |
No complaints |
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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 |
COMPANY
NAME and address
THE
GRAND SLAM TRUST
PHYSICAL ADDRESS
26 Lorne Street
QUALBERT
Durban
KwaZulu-Natal
POSTAL ADDRESS:
P O Box 48364
QUALBERT
4078
TELEPHONE NUMBER +27 31 309 3386
FAX NUMBER: +27
31 309 3107
SHAREHOLDERS
100% M I A
MAHAMED
ASSOCIATE
COMPANIES
None
TRUSTEE
M I A MAHAMED
BANKERS
HABIB BANK, Durban Branch. The respondent declined to divulge account numbers.
It was stated that the subject does not require overdraft facilities as credit
balances are maintained at the bank.
DATE
REGISTERED
6 February 2011
Registration Certificate Number: 215/2011
The subject commenced trading in 2011
VAT NUMBER: 4270257654
TAX NUMBER: Unknown
BBBEE
STATUS
Non-compliant, however, the subject is in the process of updating the BEE
status.
MAJOR
OPERATION
Importing and distribution of various commodities,
namely; textiles, flooring, foods etc. carrying the name brand TOPSTAR.
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.
The subject imports all its supplies from
worldwide overseas suppliers.
MAJOR
CUSTOMERS OR BUSINESS SECTORS
The subject supplies to wholesalers, such as Pick
& Pay and Shoprite.
AREA
OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Neighbouring countries, such as Swaziland and Botswana.
TOTAL
EMPLOYEES
35. It was stated that the subject also sub-contracts
to local factories to manufacture certain items of clothing from the textiles
which are imported.
OTHER
PREMISES
None
OWNED
OR LEASED
The premises are
reported to be owned by the Trustee in his personal capacity. Further information was declined.
FINANCIALS
The following estimated financial situation was
submitted as at 17 March 2015:
STOCK R10 000
000
TURNOVER per annum R40 000
000
AUDITORS
ITI INCORPORATED
FINANCIAL
YEAR END
FEBRUARY
INSURANCE
BROKERS
EXCILE AGENCIES on behalf of MUTUAL & FEDERAL
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years Open R150 000- 30 days 30
days Good
R250 000
2. 1999 Open R40 000- 30 days 30
days Good
R100
000
NATURE OF GOODS OR SERVICES SUPPLIED
(These descriptions relate respectively by number
to the above current trade transactions):
1. Freight
forwarding
2. Plastic
sheeting
COMMENTS
This is a comparatively newly established
Trust which imports most of its supplies, however, is meeting its local
commitments timeously. No adverse
comments have been heard regarding the subject.
The subject is considered equal to its normal business engagements and
to a maximum figure of €25 000 over 30 days, preferably secured in view of the
lack of full 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.62.67 |
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1 |
Rs.92.46 |
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Euro |
1 |
Rs.66.34 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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 |
-- |
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.