MIRA
INFORM REPORT
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Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CONCORDIA ARTS AND CRAFTS (PTY) LTD |
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Registered Office : |
95, |
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Country : |
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Date of Incorporation : |
11 December 1989 |
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Com. Reg. No.: |
1989/007329/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of hospital furniture and importing and distribution of medical and beauty salon equipment |
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
CONCORDIA ARTS AND CRAFTS (PTY) LTD
TRADING NAME
CONCORDIA MEDICAL SPECIALITIES
PHYSICAL ADDRESS
95,
POSTAL ADDRESS
2015
TELEPHONE NUMBER: 011 887 0850
FAX NUMBER: 011 887 2262
SHAREHOLDERS
33⅓% S ABED
33⅓% A A DOCRAT
33⅓% A VAID
ASSOCIATE COMPANIES
None
DIRECTORS
S ABED
A A DOCRAT
A VAID
BANKERS
FIRST NATIONAL BANK, Melrose Arch branch, account number 51470371371. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
11 December 1989
Registration Certificate Number 1989/007329/07
VAT NUMBER
4220116901
MAJOR OPERATION
Manufacturing of hospital furniture and importing and distribution of medical and beauty salon equipment
MAJOR SUPPLIERS
ROBOR PRECISION TUBE
BOSAL
WELCH ALLYN
BIRKART INTERNATIONAL
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Medical sector and beauty salons
AREA OF
DISTRIBUTION AND SELLING
EXPORTS
Neighbouring countries
TOTAL EMPLOYEES
25
OTHER PREMISES
None
OWNED OR LEASED
The premises are stated to be leased.
ISSUED SHARE
CAPITAL
R100
The following
estimated financial situation was submitted:
STOCK R 500 000
DEBTORS R 1 000 000
FIXED ASSETS
replacement value R200 000 -R 300 000
CREDITORS fluctuates
LOANS from A A
Docrat R 300 000
TURNOVER per annum R11
000 000
AUDITORS
ABOO KALOO & CO
YEAR END
FEBRUARY
INSURANCE BROKERS
RELIANCE
TRADE REFERENCES –
APRIL 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R80
000 R20 000 - 60 days 30
days Excellent
c/l R60 000
2. 2001 R120
000 varies 30 days 30
days Excellent
c/l
3. 1996 R100
000 R20 000 - 14 days 14
days Very good
c/l R60 000
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc declined declined 30 days 30 days Good
2. 10 yrs+ R 80 000 R20
000- 60 days 30 days Very good
R30 000
3. Nov 2001 R120 000 R 7 000- 30
days 30 days Excellent
R60 000
4. Do not give trade references.
COMMENTS
This is an established company meeting commitments timeously, however, we have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread.
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%)