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MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DECORAMICS (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.02.2005 |
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Com. Reg. No.: |
2005/004003/07. |
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Legal Form : |
Private |
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Line of Business : |
Importers and distributors of sanitary ware and tiles. |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
COMPANY NAME
DECORAMICS (PTY) LTD
ADDRESS
PHYSICAL ADDRESS
Vereeniging
Nelspruit
POSTAL ADDRESS
Vereeniging
1939
TELEPHONE NUMBER : 016 455 1909
FAX NUMBER : 016 455 1910
CELL NUMBER : 082-776-5030
SHAREHOLDERS
50% M
50% M PATEL (Brother)
ASSOCIATE /
SUBSIDIARY COMPANIES
PATEL CERTAMICS (VEREENIGING) (PTY) LTD
MOSON TILE AND DÉCOR (PTY) LTD
PATBRO INVESTMENTS (PTY) LTD
DIRECTORS
M S PATEL ID No. 5410275116081
M PATEL ID No. 4006245042083
BANKERS
HBZ BANK, Fordsburg. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the Bank.
DATE REGISTERED
8 February 2005
Registration Certificate Number: 2005/004003/07.
It was stated by the respondent that the subject commenced trading in July 2007 when it took over the importing for the associate companies.
MAJOR OPERATION
Importers and distributors of sanitary ware and tiles.
MAJOR SUPPLIERS
The subject imports 100% of it supplies and deals locally with:
J A S FORWARDING,
It was stated by the respondent that the subject had recently received its first shipment and will be making its first payment soon.
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Associate companies.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
3
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate company, PATBRO INVESTMENTS (PTY) LTD.
AUTHORISED SHARE CAPITAL
R4000 divided into 4000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R100
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
AUDITORS
H POCHEE AND COMPANY, Vereeniging
YEAR END
FEBRUARY
INSURANCE BROKERS
RELIANT INSURANCE BROKERS
TRADE REFERENCES
NOT APPLICABLE
COMMENTS
This is a very new business which has only recently started trading. In view of the infancy of the concern it is suggested that all 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%)