MIRA INFORM REPORT

 

 

Report Date :

16th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

PORT ELECTRICAL DISTRIBUTORS CC

 

 

Registered Office :

23 Stanger Street, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

06.10.1986

 

 

Com. Reg. No.:

1986/018079/23

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Importing and supplying of industrial electrical equipment.

 

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

 

PORT ELECTRICAL DISTRIBUTORS CC

 

 

PHYSICAL ADDRESS

 

23 Stanger Street

DURBAN

Kwazulu Natal

 

 

POSTAL ADDRESS

 

P O Box 4505

DURBAN

4000

 

 

TELEPHONE NUMBER

 

031 337 5482

 

 

FAX NUMBER

 

031 332 4318

 

 

MEMBERS

 

100%                                                        H S SINGH

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK Greyville Branch, Account Number 050815431.  It was stated that the subject enjoys overdraft facilities to an extent of R800 000, secured by the personal guarantee of the member.  Utilisation is stated to fluctuate.

DATE REGISTERED

 

6 October 1986

Registration Certificate Number 1986/018079/23

 

 

VAT NUMBER

 

4440102533

 

 

MAJOR OPERATION

 

Importing and supplying of industrial electrical equipment

 

 

MAJOR SUPPLIERS

 

ELEN ELECTRICAL  Johannesburg

AVNET KOPP Johannesburg

RAISE AND LOWER  Johannesburg

UTI

SIEMENS INDUSTRIAL

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry, wholesalers and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

Kwazulu Natal

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

10

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                      R450 000

DEBTORS                                                  R800 000

CREDITORS                                               R300 000

FIXED ASSETS                                          R300 000

TURNOVER per month                                R800 000

 

 

AUDITORS

 

TED NAIDOO

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HERITAGE

 

 

TRADE REFERENCES – JULY 2002

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT   EXPERIENCE

                                      CREDIT         CREDIT          PATTERN

 

1.    10 yrs+         R160 000       R50 000 -        30 days    30 days                      Very good

                                               R55 000 10%    10%

 

2.    Old acc.       R30 000         R  3 000 -        30 days    30 days                      Very good

                                               R30 000

 

3.    7 yrs            R40 000         R  5 000 30 days              30 days                             Good

 

 

CURRENT TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT   EXPERIENCE

                                      CREDIT         CREDIT          PATTERN

 

1.    1991            R  20 000       R    3 000 -      30 days    30 days       Very good

                                               R    4 000        10%         10 %

 

2.    Do not give trade references

 

3.    10 yrs           R100 000+     R    2 000 -      30 days    30 days       Very good

                                               R100 000        2.5%

 

4.    2006             R450 000       R200 000        30 days    30 days       Excellent

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  The subject is considered equal to its normal business engagements.  We have not traced dealings to an extent of US$1 million and would prefer to see a lesser figure 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/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