MIRA INFORM REPORT

 

 

Report Date :

21.06.2007

 

IDENTIFICATION DETAILS

 

Name :

NEXOR 240 CC

 

 

Registered Office :

7 Bradford Estate, Bradford Road, Bedfordview, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20 February 2002

 

 

Com. Reg. No.:

2002/014623/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Sale of chemicals and equipment to the electroplating industry

 

 

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

 

NEXOR 240 CC

 

 

PHYSICAL ADDRESS

 

7 Bradford Estate

Bradford Road

BEDFORDVIEW

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 751791

GARDEN VIEW

2047

TELEPHONE NUMBER: 083 440 0370

FAX NUMBER:                          011 615 8149

 

 

MEMBERS

 

60%      G B PENTECOST          ID No. 5202075047081

40%      K A NEITELER              ID No. 7601305071084

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

NEDBANK, Eastgate Branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Members.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

20 February 2002

Registration Certificate Number: 2002/014623/23

 

The subject commenced trading in 2003.  It was stated that  G B PENTECOST has had experience in the chemical industry since 1974 and K A NEITELER has also had previous experience in the industry.

 

 

VAT NUMBER

 

4160201101

 

 

MAJOR OPERATION

 

Sale of chemicals and equipment to the electroplating industry

 

 

MAJOR SUPPLIERS

 

GSI INTERNATIONAL

CREST CHEMICALS

PROTEA CHEMICALS

DAYTONA CHEMICALS

UPS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Electroplating industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

1

 

 

OTHER PREMISES

 

The subject is reported to have a warehouse in Heriotdale

 

 

 

 

 

 

OWNED OR LEASED

 

The premises are reported to be owned by G B PENTECOST in his personal capacity.  The warehouse premises are leased.

 

 

MEMBERS CONTRIBUTION

 

R10

           

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is R5 million.

 

 

AUDITORS

 

HAIG RANDALL

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

INGWE

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         4 yrs                 open acc           R  20 000-         30 days             30 days             Very Good

                                                            R140 000

 

2.         11/2002 R150 000          R  20 000          30 days             35 days             Good

                                    c/l                     R  50 000

 

3.          Do not give trade references

 

4.         2005                 R30 000            R5 000              30 days             30 days             Good

 

5.         Do not give trade references

 

 

 

 

 

 

 

COMMENTS

 

This is an established business meeting commitments over terms at times.  We have not traced dealings to an extent of US$ 1 000 000 and would prefer to see a far lesser figure well 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

 

 

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