MIRA
INFORM REPORT
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Report Date : |
27th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
HOME
SQUARE CC |
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Registered Office : |
256 Chamberlain Road JACOBS Durban Kwazulu Natal |
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Country : |
South
Africa |
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Date of Incorporation : |
7
November 2003 |
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Legal Forms : |
Limited
Liability Company |
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Line of Business : |
Suppliers
of furniture and soft goods |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
COMPANY NAME
HOME SQUARE CC
PHYSICAL ADDRESS
256 Chamberlain Road
JACOBS
Durban
Kwazulu Natal
POSTAL ADDRESS
P O Box 13200
CHAMBERLAIN ROAD
4026
TELEPHONE NUMBER: (031)
461-4746
FAX NUMBER: (031)
461-4850
MEMBERS
33.33%
J AMBARAM Identity
number: 7101265144088
33.33%
U GOVENDER Identity
number: 8111265106085
33.34%
S R MAHARAJ Identity
number: 6505055165056
ASSOCIATE COMPANIES
S R MAHARAJ is reported to own a company
named NIVEN CLOTHING INDUSTRIES CC.
BANKERS
NEDBANK, KZN Commercial branch. It was stated that the subject does not have overdraft facilities but factors its books with NEDBANK.
DATE REGISTERED
7 November 2003
Registration Certificate Number
2003/096289/23
VAT NUMBER
4860217167
MAJOR OPERATION
Supply of furniture and soft goods.
MAJOR SUPPLIERS
The subject imports most of its supplies and
deals locally with the clearing agent SPECTRUM SHIPPING.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers, chain stores and the Mr Price
Home retail chain stores.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
5
OTHER PREMISES
None
OWNED OR LEASED
Leased
The following estimated financial situation
was submitted:
STOCK fluctuates R500 000 – R1 000 000
DEBTORS R1 000 000 – R2 000 000
CREDITORS fluctuate on imports
TURNOVER per month R1 000 000
AUDITORS
SAB & T
YEAR END
FEBRUARY
INSURANCE BROKERS
SHIELD
TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 09/2005 R500 000 R130 000 30 days 30 days Good
COMMENTS
This is a new business that is
not a general credit seeker locally. We
have not traced dealings to an extent of US$1 000 000 and would prefer to see a
lesser figure on a letter of credit basis.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |