MIRA
INFORM REPORT
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Report Date : |
22nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CROSIBLE SOUTH AFRICA CC |
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Registered Office : |
32 Kalk Road, Beckendan, Tarlton, Gauteng |
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Country : |
South
Africa |
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Date of Incorporation : |
01.02.1996 |
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Com. Reg. No.: |
1996/004275/23 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturing and distribution of filtration 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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Maximum Credit Limit : |
US$1 000
000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
CROSIBLE SOUTH AFRICA CC
TRADING NAME
CROSIBLE FILTRATION
PHYSICAL ADDRESS
32 Kalk Road
Beckendan
TARLTON
Gauteng
POSTAL ADDRESS
P O Box 8
RANT EN DAL
1751
TELEPHONE NUMBER
011 952 1135
FAX NUMBER
011 952 1169
MEMBERS
60% S BUISMAN ID
No. 6511285008082
40% A M BUISMAN (Wife) ID
No. 7107210106080
ASSOCIATE COMPANIES
FILTRATION TEXTILES CC
BANKERS
NEDBANK, Krugersdorp Branch, Account Number
1988342848. It was stated that the
subject enjoys overdraft facilities to an extent of R200 000, secured by the
members’ guarantees. Utilisation is
stated to be partial.
DATE REGISTERED
1st February 1996
Registration certificate number 1996/004275/23
The subject was commenced as a new business.
VAT NUMBER
4160155307
MAJOR OPERATION
Manufacturing and distribution of filtration products.
MAJOR SUPPLIERS
The subject imports most of its supplies from overseas
and use local clearing and forwarding agents MANTA FREIGHT as well as local
suppliers FILTEG SOLUTIONS in Johannesburg.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
All mines in South Africa.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries
TOTAL EMPLOYEES
40
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by S BUISMAN in
his personal capacity, bonded in favour of NEDBANK. The premises are reported to be his residence.
MEMBERS CONTRIBUTION
R100
The following
estimated financial situation was submitted:
STOCK R500
000
DEBTORS R800
000
FIXED ASSETS R2
000 000
CREDITORS local &
foreign R400
000
LOANS Nil
TURNOVER per month R800
000
AUDITORS
BDO SPENCER STEWARD Tel 643 7271 (Leigh-Anne)
YEAR END
FEBRUARY
INSURANCE BROKERS
FIDELITY INSURANCE BROKERS
TRADE REFERENCES – AUGUST 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 05/2006 R150
000 R70 000 7 days 7 days Good
2. 7 yrs R 35 000 R35
000 30 days 30 days Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R200
000 R100 000 7 days 7 days Good
2. 2 yrs R30
000 R19 000 - 30 days 30
days Very good
R30
000
COMMENTS
This is a
comparatively established business that imports most of its supplies. The subject is meeting its local commitment
timeously. A figure of US$1 000 000 is
considered high and above the firm’s normal credit requirement. It is suggested that dealings be to a lesser
extent, well spread and secured.
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/normal. |
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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