MIRA INFORM REPORT

Report No. :	502195
Report Date :	10.04.2018

IDENTIFICATION DETAILS

Name :	M AND N FITTINGS (PTY) LTD
Registered Office :	97 Augusta Road Regents Park Regents Park Gauteng,2137
Country :	South Africa
Date of Incorporation :	22.05.1997
Com. Reg. No.:	1997/007734/07
Legal Form :	Private Company
Line of Business :	The subject is involved in the wholesale, importing and supply of furniture fittings and hardware, such as: cupboard and door fittings, taps and mixers and related accessories utilised in the manufacture of furniture
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
South Africa	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. 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 but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; 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 government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

Executive Summary

Executive Summary

Subject was unresponsive. The subject is very well established. No judgments recorded against the subject. A comprehensive trade survey Executive Summary could not be obtained. The subject has an excellent reputation. The lack of financial information should be borne in mind.

COMPANY INFORMATION

OVERVIEW

M AND N FITTINGS (PTY) LTD was registered in May 1997, and commenced operations immediately

STATUTORY INFORMATION

Registered Name	M AND N FITTINGS (PTY) LTD
Registration Number	1997/007734/07
Type Of Company	Private Company
Registered Date	22/05/1997
Date Commenced Trading	22/05/1997
Commercial Status	In Business
Financial Year End	February

CONTACT DETAILS

Contact Number	+27 11 435 1115
Email Address	Mnn@firepower.co.za
Fax Number	+27 11 435 1512
Website	www.mnnfittings.co.za
Social Media Presence	Facebook; LinkedIn; Twitter
Registered Physical Address	97 AUGUSTA ROAD REGENTS PARK REGENTS PARK GAUTENG South Africa 2137
Trading Physical Address	97 Augusta Road Regents Park JOHANNESBURG Gauteng South Africa 2197
Postal Address	P O Box 1418 ROSETTENVILLE Gauteng South Africa 2130

GENERAL COMMENTS

Comments

The subject was reluctant in assisting us telephonically with the required information and requested an emailed questionnaire. This was duly sent. Further contact was made with the financial manager, Priscilla Pillay, who stated that she is currently busy with the auditors and would be unable to update the information until a later date. Any information contained in this report was obtained from partial information obtained in May 2017, outside sources and public information and is thus unconfirmed by the subject.

TAX INFORMATION

TAX INFORMATION

Income Tax Number

9024019813

VAT INFORMATION

VAT Status	The subject is registered for VAT (VAT number/s made available)
VAT Number	4740127636
Status	Active
Registered Name	M AND N FITTINGS (PTY) LTD

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name	Contact Number
Auditor	F W STUART AND ASSOCIATES	STEVE STEWART	+27119132952
Insurance	ZURICH INSURANCE

OWNERSHIP STRUCTURE

GENERAL COMMENTS

General Comments

Ownership structure could not be obtained

PRINCIPAL INFORMATION

Director / Member

Full Name ID No.		Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
MALENI PENTIA	7410260108083	Director	Active	01/03/2003	2	0	0	0
PUNITHA PILLAY	5511290128082	Director	Active	22/05/1997	1	0	0	0
SELVIN PILLAY	5212015114081	Director	Active	22/05/1997	2	0	0	0
PENATASEN PENTIA	6906015167085	Director	Active	01/03/2003	2	0	0	0

ACTIVE BUSINESS INTERESTS: MALENI PENTIA

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
FIREPOWER COMPUTING SYSTEMS	1996/012141/23	In Business	Active	Member	0
WINNERS POINT TRADING 126	2008/011668/07	In Business	Active	Director	0

ACTIVE BUSINESS INTERESTS: PUNITHA PILLAY
Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
PRISELY AGENCIES	1997/008057/07	In Business	Active	Director	0

ACTIVE BUSINESS INTERESTS: SELVIN PILLAY
Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
CHESTNUT HILL INVESTMENTS 75	2004/002262/07	AR Final deregistration	Active	Director	0
PRISELY AGENCIES	1997/008057/07	In Business	Active	Director	0

ACTIVE BUSINESS INTERESTS: SIVANASEN PENTIA
Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
WINNERS POINT TRADING 126	2008/011668/07	In Business	Active	Director	0
FIREPOWER COMPUTING SYSTEMS	1996/012141/23	In Business	Active	Member	0

Management

No principals found for this principal type.

Officer

No principals found for this principal type.

Other

No principals found for this principal type

BANK ACCOUNT INFORMATION

BANK ACCOUNTS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB138613	M AND N FITTINGS (PTY) LTD	1965347851	NEDBANK	JORRISEN STREET	198765	Verified by Bank Code

OPERATIONAL ACTIVITIES

Operational Activities Status	The subject declined to provide the information
Industry	Wholesale & Importing
Major Industry SIC Code	46630 - Wholesale of hardware and locks
Secondary Industry SIC Code(s)	Other business support service activities n.e.c.
NACE Code	46,74 - Wholesale of hardware, plumbing and heating equipment and supplies

MAJOR OPERATION

Major Business Activities	The subject is involved in the wholesale, importing and supply of furniture fittings and hardware, such as: cupboard and door fittings, taps and mixers and related accessories utilised in the manufacture of furniture.
Foreign Trade Activities	International
Major Suppliers	• UPPER EDGE • BRUMMER ADHESIVES
Major Customers	The furniture manufacturing industry
Major Brands	SAMET

GENERAL COMMENTS

General Comments

Information provided is obtained from open source investigations and is unconfirmed by the subject.

OPERATIONAL FOOTPRINT

Operational Footprint Status The subject declined to provide the information

BRANCH & PREMISES INFORMATION

Location	Description/Type	Size (m2)	# of Staff	Rented or Owned	Lease Expiry Date
REGENTS PARK	• Office • Warehouse • Showroom				N/A

GENERAL COMMENTS

General Comments Additional information could not be obtained.

FINANCING TERMS

FINANCING TERMS

Sales Terms	30 Days
Overdraft Facility	Details have been declined.
Sureties	Details have been declined
Debtors Ceded	Details have been declined.
Debtors Factored	Details have been declined.
Bonds	Details Declined

GENERAL COMMENTS

General Comments

Full financing terms were declined.

FINANCIAL FIGURES

GENERAL COMMENTS

General Comments Financial figures were declined

TRADE REFERENCES

TRADE REFERENCES

ReSrence Date		Trade Score	Terms Given (Taken) in days	Monthly Limit Account Given Opened (Taken)		Payment Trend (prev. 3 years)	Account Insured	Notes
TR180409283	09/04/2018	Positive	30 Days (30 Days)	200,000 (150,000) (ZAR)	2010	100%	No	This is an excellent account.
TR180409280	09/04/2018	N/A						No record of account
TR180409279	09/04/2018	Neutral	30 Days (30 Days)	Confidential (Confidential)	1993	50%	No	This is a good account.

TRADE REFERENCE ANALYTICS

Number of valid Trade References	3
Overall Trade Score	83%
Average Usage of Terms	100%
Average Monthly Purchase	150,000 ZAR

GENERAL COMMENTS

General Comments

Further creditor details were not made available for trade reference purposes.

!

COURT NOTICES

No judgments on file in the name of the subject

No liquidation applications on file in the name of the subject

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.93
UK Pound	1	INR 91.50
Euro	1	INR 79.69
ZAR	1	INR 5.39

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.