MIRA INFORM REPORT

 

 

Report No. :

492441

Report Date :

24.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE METALIKS SA PTY LTD

 

 

Registered Office :

54 Main Reef Road Anderbolt Ext 15 Boksburg 1459

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.12.2011

 

 

Com. Reg. No.:

2011/145417/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The subject is involved in the steel industry.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

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

 

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

 

The subject was uncooperative, therefore we are unable to comment on your enquiry.

 

 

COMPANY INFORMATION

 

OVERVIEW

 

History

FORTUNE METALIKS (SOUTH AFRICA) (PTY) LTD was registered in December 2011. It is

unconfirmed when operations commenced.

 

 

STATUTORY INFORMATION

 

Registered Name

FORTUNE METALIKS SA PTY LTD

Registration Number

2011/145417/07

Type Of Company

Private Company

Registered Date

12/12/2011

Date Commenced Trading

12/12/2011

Commercial Status

In Business

Financial Year End

February

 

 

CONTACT DETAILS

                                                       

Contact Number

+27 11 814 1090

Website

The subject does not have a website.

Social Media Presence

The subject does not have a social media presence.

 

Registered Physical Address

54 MAIN REEF ROAD

ANDERBOLT EXT 15 BOKSBURG

South Africa 1459

 

Trading Physical Address

54 Main Reef Road

Anderbolt Extension 15

BOKSBURG

Gauteng

South Africa 1459

 

Postal Address

P O Box 2368

BOKSBURG

Gauteng

South Africa 1459

 

 

GENERAL COMMENTS

                                                       

Comments

The subject declined to provide any information without details of the enquirer. Any information contained in this report was obtained from outside sources and public information records and is thus unconfirmed by the subject.

 

 

TAX INFORMATION

 

VAT INFORMATION

 

VAT Status

The subject is registered for VAT (VAT number/s made available)

VAT Number

4550260410

Status

Active

Registered Name

FORTUNE METALIKS SA PTY LTD

Trading Name

FORTUNE METALIKS SA PTY LTD

 

 

OFFICERS AND PROFESSIONAL SERVICES

 

LIST OF OFFICERS AND PROFESSIONAL SERVICES

 

Type

Name

Contact Name

Contact Number

Auditor

J A EBRAHIM AND ASSOCIATES

 

 

 

 

OWNERSHIP STRUCTURE

 

 

GENERAL COMMENTS

 

General Comments

Shareholding information was not made available

 

 

PRINCIPAL INFORMATION

 

Director / Member

 

Full Name

ID No.

Type

Status

DOA

Active Interests

Previous Interests

Judgments

Fraud Listing

ASHWANI

KUMAR

7502190000000

Director

Active

12/12/2011

0

0

0

0

GAURAV BANSAL

7610170000000

Director

Active

01/01/2012

0

0

0

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

 

GENERAL COMMENTS

 

General Comments

Financial information was declined

 

 

OPERATIONAL ACTIVITIES

 

Operational Activities Status    The subject declined to provide the information

 

 

MAJOR OPERATION

 

Major Business Activities

The subject is involved in the steel industry, however, further clarification was declined

 

 

GENERAL COMMENTS

 

General Comments

Full information could not be obtained

 

 

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

BOKSBURG

 

 

 

 

N/A

 

 

GENERAL COMMENTS

 

General Comments

Full information could not be obtained

 

 

FINANCING TERMS

 

GENERAL COMMENTS

 

General Comments

Financing terms were declined

 

 

FINANCIAL FIGURES

 

GENERAL COMMENTS

 

General Comments

Financial information was declined

 

 

TRADE REFERENCES

 

GENERAL COMMENTS

 

General Comments

No creditor details were 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 65.13

UK Pound

1

INR 91.95

Euro

1

INR 80.34

ZAR

1

INR 5.53

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU / SYL

                                                


 

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.