MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIYEZA FINE CHEM CC |
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Registered Office : |
2nd Floor, Nova House, 203 Main Street, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
16 October 2006 |
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Com. Reg. No.: |
2006/181730/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading company for pharmaceutical raw materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
SIYEZA FINE CHEM CC
PHYSICAL ADDRESS
2nd Floor
Nova House
203 Main Street
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 39383
BOOYSENS
2016
TELEPHONE NUMBER: 011 334 1426
FAX NUMBER : 011 334 1426
MEMBERS
50% S MOODLEY Identity number: 6504155180081
50% N T MOODLEY (Wife) Identity number: 6605120145081
ASSOCIATE COMPANIES
None
BANKERS
NEDBANK, the Glen, account number 1385053518 where it was stated that the subject does not have overdraft facilities but where credit balances are maintained.
DATE REGISTERED
16 October 2006
Registration Certificate Number: 2006/181730/23
Active operations of the subject commenced on the 1 February 2007.
Mr Moodley was previously involved in KIRSCH PHARMA as Sales Director for the past 8½ years. Mrs Moodley was previously a housewife.
VAT NUMBER
4090232770
MAJOR OPERATION
Trading company for pharmaceutical raw materials.
MAJOR SUPPLIERS
The subject imports from Italy and China and is opening new accounts with companies such as D B FINE CHEMICALS and MARFING and uses shippers TRURO SHIPPING.
MAJOR CUSTOMERS OR
BUSINESS SECTORS
The pharmaceutical industry.
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
None at present but they will be exporting once they have set up the company.
TOTAL EMPLOYEES
2
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased.
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R 50 000
(it was stated that all their stock is on
the water at present)
DEBTORS R 400 000
CASH R 100 000
FIXED ASSETS R 80 000
CREDITORS R 320 000
LONG TERM LIABILITIES Nil
MEMBERS LOANS R 500 000
TURNOVER anticipated for the first financial
year R4
000 000
AUDITORS
MARTHA CALLAGHAN of A J DE BEER, Cresta
YEAR END
FEBRUARY
INSURANCE BROKERS
ANBEW CHETTY CONSULTANTS
TRADE REFERENCES
TOO NEW TO COMMENT
COMMENTS
This is a very new company that commenced operations in February 2007. We have no basis upon which to recommend credit dealings and it is suggested that all dealings be 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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)