MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SANRAK IMPEX CC |
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Registered Office : |
Shop 8, 279 Aberdare Drive, Phoenix Industrial Area, Phoenix, Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
28 October 2005 |
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Com. Reg. No.: |
2005/156396/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and wholesalers of commercial heavy duty and light duty spares |
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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
SANRAK IMPEX CC
PHYSICAL ADDRESS
Shop 8
279 Aberdare Drive
Phoenix Industrial Area
Phoenix
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 701330
OVERPORT
4067
TELEPHONE NUMBER: 031 500 9877
FAX NUMBER: 031 500 9268
MEMBERS
50% S K SHARMA ID
No. 7412257120188
50% M K WAHAB ID
No. 7807245162087
ASSOCIATE COMPANIES
TEKWENI MOTOR SPARES CC
BANKERS
STANDARD BANK, Overport City branch. It was stated that the subject enjoys overdraft facilities to an extent of R120 000, secured by the personal guarantees of the Members. Utilisation is stated to fluctuate
DATE REGISTERED
28 October 2005
Registration Certificate Number: 2005/156396/23
The subject commenced trading on 1 May 2006. S K SHARMA was formerly involved in a similar family business prior to starting the subject. M K WAHAB is reported to have previously owned a business namely ABERDARE TRUST SPARES which assets and operations were incorporated into the subject.
VAT NUMBER
4940226352
MAJOR OPERATION
Importers and wholesalers of commercial heavy duty and light duty spares
MAJOR SUPPLIERS
VIRAJ INTERNATIONAL Durban
A N R IMPORT & EXPORT Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Wholesalers and retailers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Neighbouring countries
TOTAL EMPLOYEES
5-6
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R750 000
DEBTORS R600 000 – R700 000
CREDITORS fluctuates
TURNOVER per month R400 000 – R500 000
AUDITORS
R A KEMP
YEAR END
FEBRUARY
INSURANCE BROKERS
NAROTAM
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1 yr R 30 000 R 20 000 - 30 days 30 days Good
R 25 000
2. 2 yrs R200 000 R150 000 - 30 days 30 days Very good
R200 000
COMMENTS
This is a new
business meeting its current commitments timeously. We have not traced dealings to an extent of US$1 000 000 DA and
would prefer to see a lesser figure 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. |
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%)