MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AMARAT AFGHAN CARPETS CC |
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Registered Office : |
Cnr Rosslyn & Gwen Streets, Waterkloof, |
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Country : |
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Date of Incorporation : |
11 May 2004 |
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Com. Reg. No.: |
2004/044764/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retailers of carpets and rugs |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New & Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
AMARAT AFGHAN CARPETS CC
PHYSICAL ADDRESS
Cnr Rosslyn & Gwen Streets
WATERKLOOF
POSTAL ADDRESS
KARENPARK
0118
TELEPHONE NUMBER: 012 998 1217
FAX NUMBER: 012 998 1217
CELLULAR NUMBER: 072 355 5345 (Mr H Mohammed)
MEMBERS
100% H M YOUSEF
It was stated that Mr
Yousef is from
ASSOCIATE COMPANIES
None in
BANKERS
ABSA BANK Gesina Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
11 May 2004
Registration Certificate Number: 2004/044764/23.
It was stated by a respondent that Mr H M Yousef had purchased the business from his nephew K M Asef in April 2007.
VAT NUMBER
In the process of obtaining the VAT number
MAJOR OPERATION
Retailers of carpets and rugs
MAJOR SUPPLIERS
The subject will be importing all of its supplies from
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Public
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
3
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the member
MEMBERS CONTRIBUTION
R100
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.
AUDITORS
In the process of appointing an accounting officer
YEAR END
FEBRUARY
INSURANCE BROKERS
None at present
TRADE REFERENCES
Not applicable
COMMENTS
This is a very new
business that has not started trading as yet.
In view of the infancy of the concern it is suggested that all dealings
be on a letter of credit basis until the subject is well established.
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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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%)