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Report No. : |
339417 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
E AKHALWAYA AND SONS CC |
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Registered Office : |
13 Central Road (Main Entrance), Fordsburg, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
16.03.1995 |
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Com. Reg. No.: |
1995/010867/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Subject is wholesalers and retailers of
spices, rice and various Eastern foods |
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No. of Employee : |
±32 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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.
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Source
: CIA |
NOTE:
On investigation
it was established that the correct registered name of the company is E AKHALWAYA
AND SONS CC trading as E AKHALWAYA AND CO, which report should be consulted.
E AKHALWAYA AND
SONS CC
Formerly: NASHRAH IMPORT AND EXPORT CC, the name having been changed on
15 July 1997.
AKHALWAYA AND CO
13 Central Road (Main Entrance)
FORDSBURG
Johannesburg
Gauteng
P O Box 42469
FORDSBURG
2033
+27 11 833 1068
+27 11 838 1315
It was reported by the respondent at the subject
that they also utilise No. 10 Central Road which is the same property however,
it has a separate entrance.
33.34% M E AKHALWAYA (son) ID No. 7210285056089
33.33% F E AKHALWAYA (son) ID No. 7506045155081
33.33% R AKHALWAYA (son) ID No. 8901315436080
It was stated that
E I AKHALWAYA (snr) resigned in 2014 and his shares have been divided equally
between the remaining members. The at
CIPC have not been updated to reflect this yet.
The shareholding
was previously:
51.00% E I AKHALWAYA (snr) ID No. 5010105619088
16.34% M E AKHALWAYA (son) ID No. 7210285056089
16.33% F E AKHALWAYA (son) ID No. 7506045155081
16.33% R AKHALWAYA (son) ID No. 8901315436080
None, however, the
members are reported to be involved in various other companies in their
personal capacities, such as the following property owning company.
FRAM PROPERTIES
CC, a property owning company
Registration Certificate Number: 1989/016772/23
NEDBANK, Booysens branch, Account Number:
198307199. It was stated that the
subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation of the overdraft is usually nil
as credit balances are maintained at the bank.
16 March 1995
Registration Certificate Number 1995/010867/23
E AKHALWAYA AND SONS CC was established in March 1995 as NASHRAH IMPORT
AND EXPORT CC, to incorporate the assets and operations of an existing Sole Proprietorship,
previously established by E I AKHALWAYA approximately 20 years previously. The
name of the company was changed in July 1997 to the current name.
VAT NUMBER: 4510118146
TAX NUMBER: 9408623842
BBBEE STATUS: Non-compliant
Wholesalers and retailers of spices, rice and
various Eastern foods. It was stated
that no specific name brands are carried by the subject.
The subject imports most of its supplies from
India and China and deals on a small scale with local 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.
Retailers (Account and C.O.D basis)
Mainly Gauteng
On occasion to Sub Saharan African countries
±32
None
The premises are reported to be owned by the
associate business.
The following estimated financial situation
was submitted 3 September 2015. It should
be noted that the same figures were supplied in August 2014, and it was stated
that the figures have mainly remained the same in the last year.
STOCK ±R2
000 000
DEBTORS ±R2
000 000 – R3 000 000
CASH ON HAND ±R 500 000
CREDITORS (weekly) ±R 500 000
TURNOVER per month
±R3
500 000
N HAMID & CO
(Lenasia)
FEBRUARY
RELIANCE INSURANCE
BROKERS
TRADE REFERENCES- SEPTEMBER 2009
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. May
2005 R480 000 R250 000 30 days 30 days Very
Good
2. Dec 2005 R 20 000 R 20 000 14
days 14 days Good
3. 3 years R150
000 R150 000 60 days 60 days Good
by
arrangement
TRADE REFERENCES – AUGUST 2014:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
+30 years Open R
500 000- 30 days 30 days Excellent
R1
000 000
2. +30
years Open R 5 000- 30 days 30 days Very Good
R 500 000
3. ±10
years Open R 100 000- 60 days 60
days Good
R 150 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +5 years Open R300
000 30 days 30 days Very Good
2. ±30
years Open +R1 000 000 30
days 30 days Excellent
3. Against
company policy to divulge trade reference information.
4. Not on
the system yet.
(These descriptions relate respectively by number to the above current
trade transactions):
1. Groceries
2. Groceries
& spices
This is a very
well-established business that is meeting its commitments timeously. The subject is spoken of highly by its
suppliers.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.61 |
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|
1 |
Rs.102.30 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
ASH |
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.