MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
IDEAL ART (PTY) LTD |
|
|
|
|
Registered Office : |
79 Tatius Street, Poortview, Roodepoort, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
11 December 1996 |
|
|
|
|
Com. Reg. No.: |
1996/017662/07 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Sale of original art as well as being agents for South African artists, wholesaling, retailing and exhibiting of art and the sale of Persian carpets. |
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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
IDEAL ART (PTY) LTD
PHYSICAL ADDRESS
79 Tatius Street
Poortview
ROODEPOORT
Gauteng
POSTAL ADDRESS
P O Box 2015
RUIMSIG
1732
TELEPHONE NUMBER: 011 958 1226
FAX NUMBER: 011 955 4380
SHAREHOLDERS
100% E T PELSER
ASSOCIATE COMPANIES
It was stated that E T PELSER owns a number of dormant companies that do not trade
DIRECTORS
E T PELSER (Mrs) ID No. 6004220008086
BANKERS
ABSA BANK, Horizon Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
11 December 1996
Registration Certificate Number: 1996/017662/07
VAT NUMBER
4210164788
MAJOR OPERATION
Sale of original art as well as being agents for South African artists, wholesaling, retailing and exhibiting of art and the sale of Persian carpets.
MAJOR SUPPLIERS
CHARLES GREY
FLORIDA FRAMERS
AIR MARK
HENEWAYS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Galleries, shops, public and corporates, etc
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Namibia and Botswana
TOTAL EMPLOYEES
10
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be the home premises of E T PELSER and her husband, and are owned by themselves
Full financial information was not forthcoming from respondents at the subject, however, it was stated that the stock is R2 million to R3 million at any given time and the monthly turnover is R250 000 to R300 000
AUDITORS
CARRIM MARITZ & ASSOCIATES
YEAR END
FEBRUARY
INSURANCE BROKERS
DE WET & DE VILLIERS
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 15 yrs open R50 000 30 days 30 days Excellent
2. 1½ yrs declined R40 000 COD Very good
3. COD account
COMMENTS
This is an
established business meeting its moderate commitments timeously. We have not traced dealings to an extent of
US$1 000 000 and would prefer to see dealings to a far lesser extent 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. |
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%)