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MIRA INFORM REPORT
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Report No. : |
497344 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
DYEFIN TEXTILES PTY LTD |
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Registered Office : |
915 Umgeni Road Durban, Kwa-Zulu Natal, 4001 |
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Country : |
South Africa |
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Date of Incorporation : |
22.03.1989 |
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Com. Reg. No.: |
1989/001702/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The subject operates as a dye house, specialising in dyeing, finishing and printing services |
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No. of Employees : |
220 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Executive
Summary
|
Executive Summary |
Subject was unresponsive. The subject is very well established. No judgments recorded against the subject. Accounts are paid on due date. The subject is considered equal to its normal business engagements. The lack of financial information should be borne in mind |
COMPANY
INFORMATION
OVERVIEW
|
History |
DYEFIN TEXTILES (PTY) LTD was registered in March 1989 and commenced operations immediately |
STATUTORY
INFORMATION
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Registered Name |
DYEFIN TEXTILES PTY LTD |
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Registration Number |
1989/001702/07 |
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Type Of Company |
Private Company |
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Registered Date |
22/03/1989 |
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Date Commenced Trading |
22/03/1989 |
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Commercial Status |
In Business |
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Financial Year End |
December |
CONTACT
DETAILS
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Contact Number |
+27 31 904 1547 |
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Email Address |
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Fax Number |
+27 86 637 4056 |
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Website |
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Social Media Presence |
Facebook; LinkedIn |
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Registered Physical Address |
915 UMGENI ROAD DURBAN KWA-ZULU NATAL South Africa 4001 |
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Trading Physical Address |
1 Dickens Road; Heartland Industrial Complex Umbogintwini DURBAN KwaZulu-Natal South Africa 4120 |
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Postal Address |
P O Box 1431 AMANZIMTOTI KwaZulu-Natal South Africa 4125 |
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, Abdulla Shaik, who stated that he is currently extremely busy and would only attend to the questionnaire at a later date. Any information contained in this report was obtained from historic information obtained in June 2017, outside sources and public information records and is thus unconfirmed by the subject. The physical address provided of 16 Malcolm Road, Westmead, 3608 is stated to be the previous address of the subject. The details provided in our report are the current address details |
TAX
INFORMATION
TAX INFORMATION
Income Tax Number 9078021202
VAT
INFORMATION
|
VAT Status |
The subject is registered for VAT (VAT number/s made
available) |
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VAT Number |
4660102494 |
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Status |
Active |
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Registered Name |
DYEFIN TEXTILES PTY LTD |
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Trading Name |
DYEFIN TEXTILES PTY LTD |
OFFICERS
AND PROFESSIONAL SERVICES
LIST OF OFFICERS AND
PROFESSIONAL SERVICES
|
Type |
Name |
Contact Name |
Contact Number |
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Insurance |
MARSH INSURANCE BROKERS |
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Auditor |
RSM SOUTH AFRICA |
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OWNERSHIP
STRUCTURE
SHAREHOLDING
INFORMATION
CURRENT
|
Shareholder/Member Name |
Share/Interest |
Type |
Comment |
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THE DAVE STACEY FAMILY TRUST |
1.50% |
Shareholder |
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D GOVENDER |
5.00% |
Shareholder |
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B P MANAGEMENT TRUST |
46.00% |
Shareholder |
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NINIAN AND LESTER (PTY) LTD |
47.50% |
Shareholder |
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PRINCIPAL
INFORMATION
Director / Member
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Full Name |
ID No. |
Type |
Status |
DOA |
Active Interests |
Previous Interests |
Judgments |
Fraud Listing |
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ADRIAAN VERHAGEN |
6102075320182 |
Director |
Active |
03/01/2011 |
3 |
0 |
0 |
0 |
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DEVANDARAN MARIMUTHU GOVENDER |
7001315124082 |
Director |
Active |
07/12/2005 |
1 |
0 |
0 |
0 |
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GERD WALTER RAHMER |
4901245099184 |
Non-Executive Director |
Active |
03/01/2011 |
0 |
0 |
0 |
0 |
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LANCE BRENTON POOLEY |
5402135077082 |
Director |
Active |
29/11/1989 |
5 |
2 |
0 |
0 |
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BARRY JOHN HAVENGA |
5212295049007 |
Director |
Resigned |
23/03/1989 |
31 |
14 |
0 |
0 |
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CHRISTIAN DANIEL EDWARD SMITH |
7003175417085 |
Director |
Resigned |
07/12/2005 |
3 |
0 |
0 |
0 |
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FELICITY JUNE WYMAN |
4811010086003 |
Director |
Resigned |
14/08/1992 |
0 |
0 |
0 |
0 |
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HANS
JURGEN MARIUS LUTH |
320320 |
Director |
Resigned |
23/03/1989 |
0 |
0 |
0 |
0 |
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JOHN GODFREY GILSON |
4010245011007 |
Director |
Resigned |
23/03/1989 |
5 |
0 |
0 |
0 |
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KRISHNA VEERASAMY |
4910145152084 |
Director |
Resigned |
18/08/1999 |
1 |
2 |
0 |
0 |
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LUNDON MANFRED KELLY |
7103105121086 |
Director |
Resigned |
01/09/1997 |
0 |
1 |
0 |
0 |
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MAX FRITZ WOLFGANG PAULIG |
3906285113184 |
Director |
Resigned |
14/07/2000 |
1 |
1 |
0 |
0 |
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RAIMUND GERHARD
EDMUND FROBEL |
490327 |
Director |
Resigned |
23/03/1989 |
0 |
0 |
0 |
0 |
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THERESA DAWN GILSON |
6908130037086 |
Director |
Resigned |
01/08/2008 |
2 |
1 |
0 |
0 |
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VOLKER
UDO GUNDERT |
6804235820189 |
Director |
Resigned |
18/08/1999 |
1 |
0 |
0 |
0 |
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ACTIVE BUSINESS
INTERESTS: ADRIAAN VERHAGEN
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Company Name RAPTOFLASH |
Registration No. 2010/024224/08 |
Business Status In Business |
Principal Status Active |
Principal Type Director |
Judgments 0 |
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SOUTH AFRICA
POLYPROPYLENE VALUE CHAIN CLUSTER |
2014/112013/08 |
In Business |
Active |
Director |
0 |
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SOUTH
AFRICA DESIGN BRAND CLUSTER |
2013/002138/08 |
In Business |
Active |
Director |
0 |
ACTIVE BUSINESS
INTERESTS: DEVA NDARAN MARIMUTHU GOVENDER
|
Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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MALA DYEING |
2004/022122/07 |
In Business |
Active |
Director |
0 |
ACTIVE
BUSINESSINTERESTS: LANC E BRENTON POOLEY
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Company Name SOUTH AFRICA DESIGN BRAND
CLUSTER |
Registration No. 2013/002138/08 |
Business Status In Business |
Principal Status Active |
Principal Type Director |
Judgments 0 |
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DYEFIN-MONSANTO |
2003/000644/07 |
AR Deregistration Process |
Active |
Director |
0 |
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MALA DYEING |
2004/022122/07 |
In Business |
Active |
Director |
0 |
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VALLEY LAKES |
1984/000360/07 |
Deregistration Final |
Active |
Director |
0 |
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TURBOTEX MANIFACTURERS |
1999/005470/07 |
AR Final deregistration |
Active |
Director |
0 |
PREVIOUS BUSINESS
INTERESTS: LANCE BRENTON POOLEY
|
Company Name |
Registration
No. |
Business Status |
Principal
Status |
Principal Type |
Judgments |
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DANGIRA PROPERTY |
2002/046313/23 |
In Business |
Resigned |
Director |
0 |
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DANGIRA PROPERTY |
2002/046313/23 |
In Business |
Resigned |
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 ACCOUNT CLIENT
REQUESTED DETAILS
|
Account Reference Number |
Account Holder |
Account Number |
Bank Name |
Branch Name |
Branch Code |
Verification Status |
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ABB142332 |
DYEFIN TEXTILES (PTY) LTD |
051444321 |
Standard Bank (South Africa) |
GREYVILLE |
051001 |
Verified by Bank Code |
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BANK
ACCOUNTS
|
Account Reference Number |
Account Holder |
Account Number |
Bank Name |
Branch Name |
Branch Code |
Verification Status |
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ABB147597 |
DYEFIN TEXTILES
(PTY) LTD |
051444321 |
Standard Bank |
GREYVILLE |
051001 |
Verified
by Document |
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OPERATIONAL
ACTIVITIES
|
Operational Activities
Status |
The following information
was provided |
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Industry |
Manufacturing |
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Major Industry SIC Code |
13130 - Finishing of
textiles |
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NACE Code |
13,3 - Finishing of textiles |
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MAJOR OPERATION
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Major Business Activities |
The subject operates as a
dye house, specialising in dyeing, finishing and printing services. |
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Foreign Trade Activities |
National |
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Agencies Held |
Subject holds no agencies. |
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Franchises Held |
The subject holds no
franchises. |
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• DYESTAR |
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• CREST CHEMICALS |
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Major Suppliers |
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• CLARIANT • SPRING
LIGHT GAS • DYECOM • C H T SOUTH
AFRICA |
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Major Customers |
Textile Industry |
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Major Brands |
Subject does not have any
brands. |
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Major Contracts |
Subject does not operate on
a contract basis. |
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IMPORT
ACTIVITIES
Subject imports.
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Imports From |
To the value of |
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India |
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Operational
Footprint
Operational Footprint Status The following information was provided
BRANCH
& PREMISES INFORMATION
|
Location |
Description/Type |
Size (m2) |
# of Staff |
Rented or Owned |
Lease Expiry Date |
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UMBOGINTWINI |
• Office • Factory |
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|
Leased |
N/A |
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EMPLOYEES
|
Permanent Employees |
220 |
FINANCING
TERMS
FINANCING TERMS
|
Sales Terms |
30 Days |
|
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Overdraft Facility |
The Subject has an overdraft
facility. |
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Overdraft |
5,500,000 ZAR |
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Overdraft Usage |
Seldom |
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Sureties |
The Principals have not
signed sureties. |
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Debtors Ceded |
Debtors have been ceded. |
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Debtors Factored |
Debtors have not been factored. |
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Bonds |
The Subject has no bonds. |
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FINANCIAL
FIGURES
GENERAL COMMENTS
|
GENERAL COMMENTS |
Financial information declined. |
TRADE
REFERENCES
TRADE REFERENCES
|
Trade Reference |
Date |
Trade Score |
Terms Given (Taken)
in days |
Monthly Limit Given
(Taken) |
Account Opened |
Payment Trend
(prev. 3 years) |
Account Insured |
Notes |
||
|
TR180313194 |
13/03/2018 |
Positive |
30 Days (30 Days) |
500,000 (155,000) (ZAR) |
2007 |
75% |
|
|
No |
This is an excellent account. Monthly purchases range between ZAR 100,000 and ZAR 220,000. These purchases will decrease as the subject now imports the chemicals themselves. |
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TR180313190 |
13/03/2018 |
Positive |
30 Days (30 Days) |
350,000 (200,000) (ZAR) |
2008 |
100% |
|
|
Yes |
This is a very good account. Monthly purchases range between ZAR 180,000 and ZAR 220,000. |
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TR180313187 |
13/03/2018 |
Neutral |
30 Days (30-35 Days) |
Confidential (Confidential) |
2010 |
50% |
|
|
Unknown |
This is a good account. The account is paid slightly over terms, however, this is not considered a problem. |
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TR170906123 |
06/09/2017 |
Positive |
60 Days (60 Days) |
2,500,000 (950,000) (ZAR) |
2010 |
100% |
|
|
No |
This is an excellent account which enjoys a 2,5 % settlement discount if settled within 30 days. |
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 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
ZAR |
1 |
INR 5.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.