MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HEATHERGATE TRADING CC |
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Registered Office : |
Unit 7, |
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Country : |
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Date of Incorporation : |
1 March 2002 |
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Com. Reg. No.: |
2002/017353/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and distributors of household products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
COMPANY NAME
HEATERGATE TRADING
PHYSICAL ADDRESS
Unit 7
Kwa-Zulu
note
On investigation it was established that the correct registered name for the subject is HEATHERGATE TRADING CC.
Please see report on HEATHERGATE TRADING CC attached.
COMPANY NAME
HEATHERGATE TRADING CC
PHYSICAL ADDRESS
Unit 7
Kwa-Zulu
POSTAL ADDRESS
As above
TELEPHONE NUMBER: 031 303 1741
FAX NUMBER:
031 303 1743
MEMBERS
CHARLES ALEXANDER
ID No. 6802035034084
Residential Address:
Postal Address: As Residential
Date Appointed: 19 July 2002
Interest Held: 50%
ELIZABETH JANE VICTORIA MITCHELL
ID No. 6807100234089
Residential Address:
Postal Address:
Date Appointed: 19 July 2002
Interest Held: 50%
ASSOCIATE COMPANIES
None
BANKERS
NEDBANK, Kwa-Zulu Business Branch, Account Number: 1648084109. It was stated that the subject enjoys overdraft facilities secured by the Members. Utilisation is stated to fluctuate.
DATE REGISTERED
1 March 2002
Registration Certificate Number : 2002/017353/23
VAT NUMBER
4870201581
MAJOR OPERATION
Importers and distributors of household products
MAJOR SUPPLIERS
It was stated that the subject imports all of its supplies and deals locally with:
HENNAWAYS
EXPEDITORS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers and chain stores
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
20
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
MEMBERS CONTRIBUTION
R100
We are awaiting an email from respondents at the subject containing their latest available balance sheet. As soon as it is received, it will be forwarded to our Client.
AUDITORS
R I KENNEDY & ASSOCIATES
YEAR END
FEBRUARY
INSURANCE BROKERS
NETWORK BLUE BROKERS
TRADE REFERENCES –
APRIL 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 6 yrs R1 000 000 R 50 000 30 days 30 days Good
2. 3 mths R 400 000 R300 000 30 days 30 days Very good
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 6 yrs R1 000 000 R1 000 000 30 days 30 days Very good
c/l
2. 6 mths R
400 000 R 50 000 30
days 30 days+ Slow
c/l Amount outstanding and problems
COMMENTS
This is a relatively established business which imports most of its supplies. The subject is meeting its local commitments slowly at times. One supplier stated there are some outstanding amounts due from May 2007. It is suggested dealings be on a letter of credit basis. Should financials be available, they will be forwarded.
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. |
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%)