MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BLUE NIGHTINGALE TRADING 104 (PTY) LTD |
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Registered Office : |
Unit E, |
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Country : |
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Date of Incorporation : |
6 April 2004 |
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Com. Reg. No.: |
2004/009193/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Import and retail of household branded plastic ware, high quality stainless steel cutlery, towels, face cloths and dishcloths. |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
BLUE NIGHTINGALE TRADING 104 (PTY) LTD
PHYSICAL ADDRESS
Unit E
ISANDO
POSTAL ADDRESS
GARDENVIEW
2047
TELEPHONE NUMBER: 011 392 5901
FAX NUMBER: 011 392 5903
CELLULAR NUMBER: 083 557 6994
SHAREHOLDERS
50% S V MEHRA
50% S B MEHRA
ASSOCIATE COMPANIES
GOLDEX 215 (PTY) LTD, trading as HOME LINE DISTRIBUTION.
OVAL FREIGHT CC
DIRECTORS
S V MEHRA
S B MEHRA
It was stated that D R SUMANI runs the business on a day to day basis
BANKERS
ABSA BANK,
DATE REGISTERED
6 April 2004
Registration Certificate Number: 2004/009193/07
The subject was commenced as a new business.
VAT NUMBER
4680214832
MAJOR OPERATION
Import and retail of household branded plastic ware, high quality stainless steel cutlery, towels, face cloths and dishcloths.
MAJOR SUPPLIERS
The subject imports 100% of its supplies and deals locally with:
J C L CARGO
S D TRANSWORLD
OVAL FREIGHT (Associate Company)
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Wholesalers, e.g. Jumbo Cash ‘n Carry, Africa Cash & Carry
AREA OF
DISTRIBUTION AND SELLING
EXPORTS
TOTAL EMPLOYEES
15
OTHER PREMISES
It is reported that the subject has a representative in
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE
CAPITAL
R100
Full financial
information was declined by respondents at the subject, however, historical
information as at August 2005 reads as follows:
STOCK R2
500 000
DEBTORS R3
000 000
CASH R 260 000
CREDITORS R2
500 000
LOANS
Nil
OVERDRAFT
Nil
TURNOVER per month R4
000 000
AUDITORS
EBRAHIM AND
ASSOCIATES
YEAR END
JANUARY
INSURANCE BROKERS
S A EAGLE
TRADE REFERENCES –
SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 months R200 000 R200
000 30 days 30 days Too new to
comment
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. No longer trading, cannot comment
2. 3 yrs R300
000 R200 000 - 45 days Slow Acc on hold
R300 000
3. 2006 declined R240 000 45 days 45
days Excellent
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Have not purchased for last 9 months
2. 1½ yrs R100
000 R100 000 7 days 7
days Good
3. Associate company
COMMENTS
This is a relatively
new company which imports most of it supplies.
The subject is meeting its obtainable commitment timeously at present
but there were previous indications of cash flow problems this year. We would prefer to see dealings with the
subject on a secured basis
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%)