MIRA INFORM REPORT

 

 

Report Date :

16th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

NADAIR INTERNATIONAL (PTY) LTD

 

 

Registered Office :

69 Joubert Street, Cnr Chruch & Jorrissen Street, Polokwane, Limpopo

 

 

Country :

South Africa

 

 

Financials (as on) :

28.02.2006

 

 

Date of Incorporation :

05.07.1994

 

 

Com. Reg. No.:

1994/004727/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and distributors of lighting products and assembly of such as well as supplying of hardware.

 

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

 

NADAIR INTERNATIONAL (PTY) LTD

 

 

PHYSICAL ADDRESS

 

69 Joubert Street

Cnr Chruch & Jorrissen Street

POLOKWANE

Limpopo

 

 

POSTAL ADDRESS

 

P O Box 3411

POLOKWANE

0700

 

 

TELEPHONE NUMBER

 

015 295 9901

 

 

FAX NUMBER

 

015 295 4994

 

It was stated that the postal address of P O Box 442, Polokwane (formerly Pietersburg) is also a postal address for the subject

 

 

SHAREHOLDERS

 

50%      M H AYOB

50%      S AYOB

 

 

ASSOCIATE COMPANIES

 

LIGHTHOUSE MICA HARDWARE (PTY) LTD

GROUP BUILDING INDUSTRIES (PTY) LTD (property owning company)

 

 

DIRECTORS

 

M H AYOB                                ID No. 4408095130051

S AYOB (Son)                           ID No. 6901065232087

 

 

BANKERS

 

NEDBANK, Polokwane Branch (141148), Account Number: 1411318153.  It was stated that the subject enjoys overdraft facilities to an extent of R5 million, secured by pledge of property.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

5 July 1994

Registration Certificate Number: 1994/004727/07

 

The subject commenced as a new business.

 

 

VAT NUMBER

 

4320145230

 

 

MAJOR OPERATION

 

Manufacturers and distributors of lighting products and assembly of such as well as supplying of hardware.

 

 

MAJOR SUPPLIERS

 

The subject imports substantially and deals locally with:

 

OSRAM

PAHAD CLEARING AGENTS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

62

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by GROUP BUILDING INDUSTRIES (PTY) LTD and valued in the region of R22 million, bonded in favour of NEDBANK to an extent of R2 million.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Please see latest available financial statements as at 28 February 2006 on the subject.

 

 

AUDITORS

 

MAJID GANI Pietersburg

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

DONRO FINANCIAL SERVICES

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    1997             R150 000       R130 000        30 days    30 days        Very good

                                                                     2.5%

 

2.    5 yrs            R700 000       R150 000        30 days    30 days        Very good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. The subject is considered equal to its normal business engagements, however, we have not traced dealings to an extent of US$1 million and would prefer to see such dealings on a spread and secured basis.

 



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/normal.

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

 

 

 

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