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MIRA INFORM REPORT
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Report No. : |
492442 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE STEELS PTY LTD |
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Formerly Known As : |
AFRO
PRIME TRADING (01/10/2013) |
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Registered Office : |
107
Johnson Road, Pretoriustad Nigel, Gauteng 1490 |
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Country : |
South Africa |
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Date of Incorporation : |
03.08.2012 |
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Com. Reg. No.: |
2012/139989/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Other business support service activities n.e.c. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis. |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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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
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The
subject was uncooperative; therefore we are unable to comment on the enquiry. |
COMPANY INFORMATION
OVERVIEW
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History |
FORTUNE STEELS (PTY) LTD was registered in
August 2012 as AFRO PRIME TRADING (PTY) LTD. The name of the company was
changed to the current name in October 2013. It is unconfirmed when
operations commenced. |
STATUTORY INFORMATION
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Registered
Name |
FORTUNE
STEELS |
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Previous
Names |
AFRO
PRIME TRADING (01/10/2013) |
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Registration
Number |
2012/139989/07 |
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Type
Of Company |
Private
Company |
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Registered
Date |
03/08/2012 |
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Commercial
Status |
In
Business |
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Financial
Year End |
March |
CONTACT DETAILS
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Contact
Number |
+27
11 814 1090 |
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Email
Address |
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Website |
The
subject does not have a website. |
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Social
Media Presence |
Facebook |
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Registered
Physical Address |
107
JOHNSON ROAD PRETORIUSTAD
NIGEL GAUTENG
South
Africa 1490 |
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Trading
Physical Address |
107
Johnson Road Nigel EKHURHULENI
Gauteng
South
Africa 1490 |
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Postal
Address |
107
Johnson Road Nigel EKHURHULENI
Gauteng
South
Africa 1490 |
GENERAL COMMENTS
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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
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TAX
INFORMATION |
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Income Tax Number |
9204476189 |
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VAT
INFORMATION |
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VAT Status |
The subject is registered for VAT (VAT
number/s made available) |
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VAT Number |
4370261580 |
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Status |
Active |
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Registered Name |
FORTUNE STEELS PTY LTD |
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Trading Name |
FORTUNE STEELS |
OWNERSHIP STRUCTURE
GENERAL COMMENTS
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General Comments |
Shareholding information was declined. |
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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GAURAV BANSAL |
7610175778181 |
Director |
Active |
03/08/2012 |
0 |
0 |
0 |
0 |
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SHIKHA
BANSAL |
N6637955 |
Director |
Active |
12/10/2017 |
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
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General Comments |
Banking details were declined. |
OPERATIONAL ACTIVITIES
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Operational Activities Status |
The subject declined to provide the
information |
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Industry |
Import, Manufacturing and Wholesale |
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Major Industry SIC Code |
8299 - Other business support service
activities n.e.c. |
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Secondary Industry SIC Code(s) |
· Other manufacturing · Other specialised wholesale |
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NACE Code |
82,99 - Other business support service
activities n.e.c. |
MAJOR OPERATION
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Major Business Activities |
The subject is involved in the import,
manufacture and wholesale supply of steel. |
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Foreign Trade Activities |
International |
GENERAL COMMENTS
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General Comments |
Information provided is obtained from open
source investigations and is unconfirmed by the subject. |
OPERATIONAL FOOTPRINT
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Operational Footprint Status |
The subject declined to provide the
information |
BRANCH & PREMISES INFORMATION
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Location |
Description/Type |
Size
(m2 ) |
# of
Staff |
Rented
or Owned |
Lease
Expiry Date |
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NIGEL |
· Factory · Warehouse · Office |
- |
- |
- |
NA |
GENERAL COMMENTS
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General Comments |
Information provided is obtained from open
source investigations and is unconfirmed by the subject. |
FINANCING TERMS
GENERAL COMMENTS
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General Comments |
Financing terms were declined |
FINANCIAL FIGURES
GENERAL COMMENTS
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General
Comments |
Financial
information was declined. |
TRADE REFERENCES
GENERAL COMMENTS
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.80 |
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1 |
INR 92.26 |
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Euro |
1 |
INR 80.76 |
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ZAR |
1 |
INR 5.57 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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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 |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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.