MIRA INFORM REPORT

 

 

Report Date :

13.12.2007

 

IDENTIFICATION DETAILS

 

Name :

REGAL JEWELLERS

 

 

Registered Office :

228A Oriental Plaza, Fordsburg, Johannesburg, Gauteng,

 

 

Country :

South Africa

 

 

Date of Incorporation :

1973

 

 

Legal Form :

Sole Proprietor

 

 

Line of Business :

Retailers of jewellery and watches

 

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

 

Maximum Credit Limit :

US$1 500 000

 

 

Status :

Small Concern

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear


SOLE PROPRIETORSHIP

 

ISMAIL MOOSA PATEL

ID No: 4306305050087

 

 

COMPANY NAME

 

REGAL JEWELLERS

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

228A Oriental Plaza

Fordsburg

Johannesburg

Gauteng

 

POSTAL ADDRESS:     

 

P O Box 529

CROWN MINES

2025                                        

TELEPHONE NUMBER  : 011 838 4726

FAX NUMBER               : 011 838 4726

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Oriental Plaza Branch as well as ABSA BANK, Fordsburg Branch, however, further information regarding banking facilities was not forthcoming from the respondent.

 

 

DATE REGISTERED

 

The business was started in 1973.

 

 

VAT NUMBER

 

4040103162

 

MAJOR OPERATION

 

Retailers of jewellery and watches.

 

 

MAJOR SUPPLIERS

 

C J R GIFT SALES

S BACHER AND CO

D R SUTHERLAND

ALAN MAIR

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by Mr Patel in his personal capacity. It was stated by the respondent that Mr Patel is married under Muslim rites.

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

AUDITORS

 

G M KHOTA

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

FOR SURE BROKERS

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         Old acc             declined            declined            30 days             30 days             Excellent

 

2.         Do not give trade references

 

3.         Unable to obtain a trade reference

 

4.         10 yrs               R220 000          R184 000          30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established business meeting its obtainable commitments timeously.  We have not traced dealings to an extent of US$1 500 000 DA and would prefer to see a far lesser amount spread and secured.

 

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