MIRA INFORM REPORT

 

 

Report Date :

17.08.2007

 

IDENTIFICATION DETAILS

 

Name :

EMET DIAMOND CUTTING WORKS (PTY) LTD

 

 

Registered Office :

Suite 305A SADC, 225 Main Street, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

29 June 1973

 

 

Com. Reg. No.:

1973/008018/07

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Buying, selling and cutting of diamonds

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

EMET DIAMOND CUTTING WORKS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Suite 305A SADC

225 Main Street

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 1066

HOUGHTON

2041

TELEPHONE NUMBER:  011 334 8977

FAX NUMBER:                011 334 8767

 

 

SHAREHOLDERS

 

100%    Y ILLOS           

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

Y ILLOS                        ID No. 7110205447089

 

 

BANKERS

 

NEDBANK, Diamond Exchange Branch.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

29 June 1973

Registration Certificate Number 1973/008018/07

 

 

VAT NUMBER

 

4030107058

 

 

MAJOR OPERATION

 

Buying, selling and cutting of diamonds

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

BRINKS SA

RAM

 

The subject declined further suppliers names due to the competitive nature of the business.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

UK, Israel

 

 

TOTAL EMPLOYEES

 

3

 

 

OTHER PREMISES

 

The subject is reported to have an office in the Far East

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 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

 

LUTRIN AND ASSOCIATES

 

 

YEAR END

 

SEPTEMBER

 

 

INSURANCE BROKERS

 

GEM & JEWEL ACCEPTORS

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         5 yrs                 open                 R50 000            30 days             30 days             Very good

 

 

COMMENTS

 

This is an established business which imports most of its supplies.  The subject is meeting its one local commitment timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure spread and secured.  The lack of financial information should be borne in mind.

 

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.

 

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