MIRA INFORM REPORT

 

 

Report No. :

320262

Report Date :

08.05.2015

 

IDENTIFICATION DETAILS

 

Name :

YASHILA DIAMONDS CC

 

 

Formerly Known As :

SILVER RUBY TRADING 1084 CC

 

 

Registered Office :

Suite 412 A S A Jewellery Centre 225 Main Street Johannesburg Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

September 2002

 

 

Com. Reg. No.:

2002/075758/23

 

 

Legal Form :

Closed Corporation 

 

 

LINE OF BUSINESS :

EXPORTER AND SUPPLIER OF COSTUME JEWELLERY AND MINED DIAMONDS.

 

 

No. of Employees :

2

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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. The global financial crisis reduced commodity prices and world demand, and GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly, with 2014 growth less than 2%. 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, has built two new power stations and installed 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 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 those plants come on line. 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. 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

 

YASHILA DIAMONDS CC

 

Formerly: SILVER RUBY TRADING 1084 CC, the name having been changed on 26 September 2002.      

 

 

ADDRESS

 

PHYSICAL ADDRESS:                          Suite 412 A

            S A Jewellery Centre 225

            MAIN STREET

            Johannesburg

            Gauteng

 

POSTAL ADDRESS:                 Suite 412 A

                                                S A Jewellery Centre 225

            MAIN STREET

                                                Johannesburg

            Gauteng

 

 

TELEPHONE NUMBER

 

+27 11 334 3207           

 

 

CELL NUMBER

 

+27 82 322 3108           

 

 

MEMBERS

 

100%    Y DANI                                                 ID No.   7207220180081

 

 

ASSOCIATE COMPANIES

 

None

 

BANKERS

 

NEDBANK, Sandton Corporate Business Banking branch. The subject also banks with FIRST NATIONAL BANK, Sandton branch. Full banking details were not forthcoming from the respondent, however it was stated that the subject does not require an overdraft facility as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

October 2002

Registration Certificate Number: 2002/075758/23

 

YASHILA DIAMONDS CC was established in September 2002, when a shelf company, SILVER RUBY TRADING 1084 CC, was utilised for registration purposes. The subject changed its name to the current name on 26 September 2002. It was stated that the subject commenced operations during October 2002.

 

 

VAT NUMBER

 

4810205189      

                       

                       

TAX NUMBER

 

9996174141

 

 

BBBEE STUTUS 

 

The subject is non-compliant.

 

                                   

MAJOR OPERATION

 

The subject operates as an exporter and supplier of costume jewellery and mined diamonds.

 

 

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

 

Not within South Africa             

 

 

EXPORTS

 

Belgium                       

 

 

TOTAL EMPLOYEES

 

2         

 

 

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 R300 000 000.

 

 

AUDITORS

 

PRIMESH & ASSOCIATES CC  

 

           

YEAR END

 

FEBRUARY

 

           

INSURANCE BROKERS:

 

Unknown          

 

 

CURRENT TRADE REFERENCES:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT   EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         Do not give trade references.    

                       

 

COMMENTS

 

This appears to be a well-established business in the export industry. In view of the lack of full financial information and an established payment trend, we regard the subject as equal to a maximum of €37 271 over 30 days, however, caution is advised.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.96.81

Euro

1

Rs.71.51

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

VNT

 

               

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.