MIRA INFORM REPORT

 

 

Report Date :

04.12.2007

 

IDENTIFICATION DETAILS

 

Name :

TRADEAM SA (PTY) LTD

 

 

Registered Office :

Block A, Bellevue Campus, 5 Bellevue Road, Kloof 3610 Durban,

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.06.2000

 

 

Com. Reg. No.:

2000/011600/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing of rugs, bath mats and other home ware products

 

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.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear


COMPANY NAME

 

TRADEAM SA (PTY) LTD

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

Block A

Bellevue Campus

5 Bellevue Road

Kloof

Durban

Kwa-Zulu Natal

 

POSTAL ADDRESS:     

 

P O Box 620

KLOOF

3640

TELEPHONE NUMBER  : 031 717 2606 / 031 717 2509

FAX NUMBER               : 031 717 2601

 

 

SHAREHOLDERS

 

50%      TRADEAM INTERNATIONAL INCORPORATED (USA)

50%      ITI HOLDINGS (PTY) LTD

 

 

ASSOCIATE COMPANIES

 

There is reported to be an international group of companies associated with TRADEAM INTERNATIONAL INCORPORATED.

 

 

DIRECTORS

 

A LADHA                      D.O.B.  580323

J ROBERTSON             ID No. 7005150137083

           

 

BANKERS

 

STANDARD BANK, Florida Road Branch, Durban. It was stated that the subject enjoys overdraft facilities, however, further banking details were not forthcoming from respondents at the subject.

 

 

DATE REGISTERED

 

12 June 2000

Registration Certificate Number: 2000/011600/07

 

 

VAT NUMBER

 

4510218771

                                                                                                                                   

 

MAJOR OPERATION

 

Importing of rugs, bath mats and other home ware products

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its supplies and deals locally with

 

UTI Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Chain stores and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

5

 

 

OTHER PREMISES

 

None

 

OWNED OR LEASED

 

Leased

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the average debtors are in excess of R1 million and the turnover per month is R1 million.

 

 

AUDITORS

 

MOORES STEVENS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

All insurance is done through the subject’s shipping agents as their stock is not held on the premises.

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         Do not give trade references

 

 

COMMENTS

 

This is an established company that is not a general credit seeker locally. It is suggested that all dealings be on a letter of credit basis.  The lack of full 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