MIRA
INFORM REPORT
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Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
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Name : |
OVAL FREIGHT FORWARDERS CC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
15 June 2006 |
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Com. Reg. No.: |
2006/098817/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Dealing with the clearing and forwarding for its associate companies |
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 Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
OVAL FREIGHT FORWARDERS CC
TRADING NAME
PHYSICAL ADDRESS
ISANDO
POSTAL ADDRESS
LENASIA
1820
TELEPHONE NUMBER: 011 392 5401
FAX NUMBER:
011 392 4262
MEMBERS
34% R JOSHI
33% J JOSHI
33% D SUMANI
ASSOCIATE COMPANIES:
GOLDEX 215 (PTY) LTD
BLUE NIGHTINGALE TRADING 104 (PTY) LTD
It was stated that D SUMANI is involved in the abovementioned companies.
BANKERS
ABSA BANK, Protea Park Branch, account number: 4066460971. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
15 June 2006
Registration Certificate Number: 2006/098817/23
The subject commenced operations in January 2007
VAT NUMBER
Awaiting from SARS
MAJOR OPERATION
Dealing with the clearing and forwarding for its associate companies
MAJOR SUPPLIERS
The subject is in the process of applying for accounts with suppliers
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Associate companies
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
3 from the associate company
OTHER PREMISES
The subject has a branch in
OWNED OR LEASED
The premises are reported to be leased
MEMBERS CONTRIBUTION
R100
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.
AUDITORS
EBRAHIM ASSOCIATES INC
YEAR END
FEBRUARY
INSURANCE BROKERS
MULTI
TRADE REFERENCES
NOT APPLICABLE
COMMENTS
This is a very new business
that is not a general credit seeker locally.
It is suggested that dealings be on a letter of credit basis until the
subject is better established.
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%)