MIRA INFORM REPORT

 

 

Report No. :

492443

Report Date :

28.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE METALS SCRAP RECYCLERS (PTY) LTD

 

 

Registered Office :

54 Main Reef Road Anderbolt Ext 15 Boksburg Gauteng, South Africa 1459

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.05.2015

 

 

Com. Reg. No.:

2015/167557/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Not Available

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

D

 

Credit Rating

 

Explanation

Rating Comments

D

High Risk

Business dealing not recommended or on secured terms only

 

Status :

Dormant Company

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

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

 

 

note

 

We were advised by Gaurov Bansal a former employer of FORTUNE METALS SCRAP RECYCLERS (PTY) LTD that the entity had been bought over by Lal Gautum, however, declined to provide or assist us with contact details for the new owner as mention in the general comments section of the report.


With regards to the status of the business, our local company registry has it as AR Deregistration Process; we can assume this has been recorded as such because the entity is currently dormant. We have not been able to make contact with an other alternate previous employees of FORTUNE METALS SCRAP RECYCLERS (PTY) LTD to obtain additional information regarding this matter.



 

COMPANY INFORMATION

 

OVERVIEW

 

History

FORTUNE METALS SCRAP RECYCLERS (PTY) LTD was registered in May 2015.

 

 

STATUTORY INFORMATION

 

Registered Name

FORTUNE METALS SCRAP RECYCLERS

Registration Number

2015/167557/07

Type Of Company

Private Company

Registered Date

25/05/2015

Date Commenced Trading

25/05/2015

Commercial Status

AR Deregistration Process

Financial Year End

March

 

 

CONTACT DETAILS

 

Contact Number

+27 11 892 5244

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 Gauteng

South Africa 1459

Trading Physical Address

145 Cason Road Anderbolt BOKSBURG

Gauteng South Africa 1459

 

 

GENERAL COMMENTS

 

Comments

Contact was made with GAUROV BANSAL on the provided contact number of 011 892 5244. It was advised that this company was sold to LAL GAUTAM at an unconfirmed date, however, the respondent declined to furnish any contact details for the new owner or any new contact details for the company. A search utilising public information sources revealed no information on the subject or the director. A further director search was undertaken, however, no additional contact information was obtained. It should be noted that at CIPC the company is reflected as being in AR deregistration process. No additional information on the subject could be obtained.

 

 

TAX INFORMATION

 

Income Tax Number                 9446975170

 

 

VAT INFORMATION

 

VAT Status

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

VAT Number

4070270394

Status

Active

Registered Name

FORTUNE METALS SCRAP RECYCLERS (PTY)LTD

Trading Name

FORTUNE METALS SCRAP RECYCLERS (PTY)LTD

 

 

OWNERSHIP STRUCTURE

 

GENERAL COMMENTS

 

General Comments                  No information could be obtained.

 

 

PRINCIPAL INFORMATION

 

Director / Member

 

Full Name

ID No.

Type

Status

DOA

Active Interests

Previous Interests

Judgments

Fraud Listing

GAUTAM LAL

h8916127

Director

Active

25/05/2015

2

1

0

0

 

 

ACTIVE BUSINESS INTERESTS: GAUTAM LAL

 

Company Name

Registration No.

Business Status

Principal Status

Principal Type

Judgments

GAGU STEEL

2015/280367/07

AR Deregistration Process

Active

Director

0

FORTUNE POWER SOLUTIONS

 

2015/305029/07

 

AR Deregistration Process

 

Active

 

Director

 

1

 

 

PREVIOUS BUSINESS INTERESTS: GAUTAM LAL

 

Company Name

Registration No.

Business Status

Principal Status

Principal Type

Judgments

SUPERIOR IMPEX

2011/048668/23

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.

 

 

GENERAL COMMENTS

 

General Comments                  Judgement on other business interest

 

 

GENERAL COMMENTS

 

General Comments                  The subject is untraceable.

 

 

BANK ACCOUNT INFORMATION

 

GENERAL COMMENTS

 

General Comments                  No information could be obtained

 

 

OPERATIONAL ACTIVITIES

 

Operational Activities Status    The subject declined to provide the information

 

GENERAL COMMENTS

 

General Comments                  No additional information could be obtained.

 

 

OPERATIONAL FOOTPRINT

 

Operational Footprint Status    No information could be obtained

 

GENERAL COMMENTS

 

General Comments                  No information could be obtained

 

 

FINANCING TERMS

 

GENERAL COMMENTS

 

General Comments                  No information could be obtained

 

 

FINANCIAL FIGURES

 

GENERAL COMMENTS

 

General Comments                  No information could be obtained

 

 

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 64.80

UK Pound

1

INR 92.25

Euro

1

INR 80.76

ZAR

1

INR 5.58

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

 

 

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.