MIRA INFORM REPORT

 

 

Report Date :

11.04.2007

 

IDENTIFICATION DETAILS

 

Name :

FRANDSH CC

 

 

Registered Office :

9 Kramer Road, Kramerville, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

13 December 2006

 

 

Com. Reg. No.:

2006/222585/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesaling of linen

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

note

 

COMPANY NAME : FR & SH LINEN CC

 

PHYSICAL ADDRESS : 9 Kramer Road,

             KRAMERVILLE

                                    Gauteng

 

On investigation it was established that the correct registered name of the company is FRANDSH CC, which report is given.

 

COMPANY NAME

 

FRANDSH CC

 

 

TRADING NAME

 

FR & SH

 

 

PHYSICAL ADDRESS

 

9 Kramer Road

KRAMERVILLE

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 22

FOURWAYS

2055

TELEPHONE NUMBER: 011 444 2453

FAX NUMBER:                          011 444 2141

 

 

MEMBERS

 

60%      F J M MULLER              ID No. 5412275194084

40%      S G SHIELDS                ID No. 4803090106082

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Kramerville, Account Number: 62123925135.  It was stated that the subject has not as yet applied for overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

13 December 2006

Registration Certificate Number: 2006/222585/23

 

The subject commenced trading in January 2007

 

Both Members are reported to have previously worked for a company known as COTTON TRADERS trading as CHRYSALIS, F J M MULLER for 4 years and S G SHIELDS for over 8 years.

 

 

VAT NUMBER

 

The subject is still waiting for the VAT number.

 

 

MAJOR OPERATION:

 

Wholesaling of linen

 

 

MAJOR SUPPLIERS

           

Too new to comment as the subject is also paying on a COD basis with suppliers at present

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers, decorators, hospitality industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Uganda, Mozambique, Namibia

 

 

TOTAL EMPLOYEES

 

2

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

           

Full financial information was not forthcoming from respondents at the company in view of the infancy of the concern but it was stated that the subject was financed by the Members and the turnover per month at present is in the region of R300 000.

 

 

AUDITORS

 

FAA

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

None as yet.

 

 

TRADE REFERENCES

 

Not applicable as yet.

 

 

COMMENTS

 

This is a brand new business that is paying suppliers on a cash basis at present.  We would therefore prefer to see dealings 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

 

 

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%)

 

 

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