MIRA INFORM REPORT

 

 

Report Date :

16.04.2007

 

IDENTIFICATION DETAILS

 

Name :

IDEAL TRADING 112 CC

 

 

Registered Office :

Plot 10, 1st Road, Hillcrest, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

13 December 2006

 

 

Com. Reg. No.:

2006/222582/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importing of decorative ornaments

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

IDEAL TRADING 112 CC

 

 

PHYSICAL ADDRESS

 

Plot 10

1st Road

HILLCREST

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 8271

PUTFONTEIN

1513

 

The subject does not have a telephone line at present, however, utilises the telephone of its attorney and local manager, V MAISTRY on 083 441 7709.

 

 

MEMBERS

 

50%      H AGARWAL (resident in India)   D.O.B. 800609

50%      S GOYAL (resident in India)        D.O.B. 580505

 

 

ASSOCIATE COMPANIES

 

It was stated that both the Members are involved in the manufacturing of brass ware in India.

 

 

BANKERS

 

ABSA BANK, Benoni Branch.  It was stated by the respondent that the banking facilities have not as yet been finalised.

 

 

DATE REGISTERED

 

13 December 2006

Registration Certificate Number: 2006/222582/23

 

The subject is a brand new business that has only been trading since March 2007.  It was stated that the local manager, V MAISTRY, is an attorney and both the Members are actively involved in companies in India.

 

 

VAT NUMBER

 

4540233683

 

 

MAJOR OPERATION

 

Importing of decorative ornaments

 

 

MAJOR SUPPLIERS

           

Too new to comment, however, the subject is supplied by the companies owned by the Members in India

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

Due to the infancy of the concern full financial information was not available.  It was stated that the subject is being financed by the Members at present.

 

 

AUDITORS

 

HEWITT VAN DER WALT

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NONE

 

 

TRADE REFERENCES

 

NOT APPLICABLE

 

 

COMMENTS

 

This is a brand new business that has only recently begun trading.  The subject has therefore not as yet established a payment pattern with suppliers and it is suggested at present all dealings be on a letter of credit basis until the subject is better established.

 

 

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