MIRA INFORM REPORT

 

 

Report Date :

21.11.2007

 

IDENTIFICATION DETAILS

 

Name :

PARS ARIA CC

 

 

Registered Office :

Shop 10A, Woodmead Value Mart, Woodmead, Sandton

 

 

Country :

South Africa

 

 

Date of Incorporation :

18 June 1998

 

 

Com. Reg. No.:

1998/034685/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and retailers of hand woven rugs

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear


COMPANY NAME

 

PARS ARIA CC

 

 

TRADING NAME

 

ORIENTAL RUGS

 

 

PHYSICAL ADDRESS

 

Shop 10A

Woodmead Value Mart

WOODMEAD

Sandton

 

 

POSTAL ADDRESS

 

P O Box 5485

RIVONIA

2128

TELEPHONE NUMBER: 011 804 2743

FAX NUMBER:                          011 804 2744

 

 

MEMBERS

 

50%      M RAEISI                      D.O.B. 630723

50%      N RAEISI (Wife) D.O.B. 691129

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

NEDBANK, Rivonia Branch. It was stated that the subject enjoys overdraft facilities to an extent of R100 000, secured by the personal guarantees of the Members. Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

18 June 1998

Registration Certificate Number: 1998/034685/23

 

VAT NUMBER

 

4060207737

 

 

MAJOR OPERATION

 

Importers and retailers of hand woven rugs

 

 

MAJOR SUPPLIERS

 

The subject imports 95% of its supplies and deals locally with:

 

IN TIME LOGISTICS.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public

 

 

AREA OF DISTRIBUTION AND SELLING

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

7

 

 

OTHER PREMISES

 

The subject has a branch in Killarney

 

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, the following was submitted:

 

STOCK                                                             R2 000 000

TURNOVER per annum                                      R2 000 000

 

 

AUDITORS

 

A D VISSER

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SANTAM

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         2004                 R200 000          R200 000          30 days             30 days+           Good

                                    c/l                     sporadic purchases

 

 

COMMENTS

 

This is an established business which is not a general credit seeker locally. The subject is meeting its one local commitment over terms. We have not traced dealings to an extent of US$1 000 000 and would prefer to see dealings on a letter of credit basis.

 

 

 

 

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.

 

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