MIRA INFORM REPORT

 

 

Report Date :

2nd November 2006

 

IDENTIFICATION DETAILS

 

Name :

SHAH CARPETS CC

 

 

Registered Office :

Shop 11

Stellenbosch Square

Webersvallei Road

STELLENBOSCH

Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

11 August 2005

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Retail of oriental carpets

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

New Concern

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

SHAH CARPETS CC

 

 

TRADING NAME

 

SHAH RUGS

SHAH FINE RUGS

 

 

PHYSICAL ADDRESS

 

Shop 11

Stellenbosch Square

Webersvallei Road

STELLENBOSCH

Western Cape

 

 

POSTAL ADDRESS

 

21 Commorant Circle

Innhoff’s Gift

KOMMETJIE

7975

 

TELEPHONE NUMBER: (021) 880-2069 / 2029

 

FAX NUMBER:                          (021) 880-2069

 

 

MEMBERS

 

55%      M H HAIDERZADA

Date of birth:  16 March 1968

Date appointed:  11 August 2005

 

M H Haiderzada is resident in Germany, however, will be moving to South Africa in October 2006.

 

45%      M D HARRISON

Identity number:  6702270085082

Date appointed:  11 August 2005

Date of birth:  27 February 1967

 

 

ASSOCIATE COMPANIES

 

M H Haiderzada is reported to own a company in Germany named Andkhoi which has been trading for over 30 years and is involved in a similar industry to the subject.

 

 

BANKERS

 

NEDBANK, Constantia, account number 1011110164.  It was stated that the subject does not require overdraft facilities as credit balances are maintained.

 

 

DATE REGISTERED

 

11 August 2005

Registration Certificate Number 2005/110730/23

 

M D Harrison was formerly employed in a similar industry, however, further details were not forthcoming.  M H Haiderzada has been resident in Germany for a number of years and is involved in the associate company.

 

 

VAT NUMBER

 

4330222870

 

 

 

MAJOR OPERATION

 

Retail of oriental carpets.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies through the local clearing agents SAEL

in Cape Town.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public

 

 

AREA OF DISTRIBUTION AND SELLING

 

Cape Town and surrounding areas.

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

Waged: 4

 

 

OTHER PREMISES

 

None, however, the subject will be opening branch premises in Franscchoek in October 2006.

 

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                   R1 800 000

DEBTORS                                                         cash

FIXED ASSETS                                       R   270 000

CREDITORS                              fluctuates on imports

LONG TERM LIABILITIES             vehicle R   100 000

LOANS None

TURNOVER         Per month R350 000 – R   400 000

 

 

AUDITORS

 

SWEMMER, MCINNES & ASSOCIATES

 

 

REGISTERED ADDRESS

 

Shop 11

Stellenbosch Square

Webersvallei Road

STELLENBOSCH

Western Cape

 

TELEPHONE NUMBER:   (021) 880-2069

 

 

FINANCIAL YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

OUTSURANCE

 

 

TRADE REFERENCES

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         COD

 

 

COMMENTS

 

This is a new business that is not a general credit seeker locally.  It is suggested that all dealings be on a letter of credit basis only.

 

 

 

 

 

 

 

 

 

                                                             

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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