MIRA
INFORM REPORT
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Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
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Name : |
Z POWA – CORP 33 (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29 November 2004 |
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Com. Reg. No.: |
2004/033908/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing of tractor spares |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
Z POWA – CORP 33 (PTY) LTD
PHYSICAL ADDRESS
PIETERMARITZBURG
3201
POSTAL ADDRESS
As Above
TELEPHONE NUMBER: 033 345 8084
FAX NUMBER: 033 345 8086
SHAREHOLDERS
33⅓% A G CLOUSTAN
33⅓% J K B COOK
33⅓% G BRAITHWAITE
ASSOCIATE COMPANIES
VARIQUIP CC
VALIDTRADE 152 (PTY) LTD (property owing company)
DIRECTORS
A G CLOUSTON ID No. 5910205083887
J K B COOK ID No. 6407225014084
G BRAITHWAITE ID No. 5110285106086
BANKERS
FIRST NATIONAL BANK, Boom Street Branch, Account Number: 62051614983. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
29 November 2004
Registration Certificate Number: 2004/033908/07
It was stated that the subject converted from a close corporation that was established in March 2003
VAT NUMBER
4060205632
MAJOR OPERATION
Importing of tractor spares
MAJOR SUPPLIERS
The subject imports 100% of its supplies and deals locally with:
ROHLIG
LASER INTERNATIONAL
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Associate company VARIQUIP CC
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
Nil
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company and valued in the region of R2.5 million, bonded in favour of ABSA BANK to an extent of R700 000.
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 30 000
DEBTORS R2 500 000
CASH R 50 000
CREDITORS Nil
OVERDRAFT Nil
LOANS R1 800 000
TURNOVER per annum R4 200 000
AUDITORS
FRASER MCALLISTER
YEAR END
FEBRUARY
INSURANCE BROKERS
ST LEGER AND ASSOCIATES
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2003 R100 000 R60 000± 30 days 30 days+ Good
2. 01/2007 R 30 000 R20 000± 30 days 30 days Good
COMMENTS
This is a relatively established company which imports all of its supplies. The subject is meeting its local commitments slightly over terms at times. We have not traced dealings to an extent of US$10 000 000 and would prefer to see a far lesser amount 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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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%)