MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
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Name : |
GOLDEX 215 (PTY) LTD |
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Registered Office : |
Unit E, |
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Country : |
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Date of Incorporation : |
5 April 2004 |
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Com. Reg. No.: |
2004/009123/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer of household branded plastic ware, high quality stainless steel cutlery, towels, face cloths and dishcloths for chain stores. |
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 : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
GOLDEX 215 (PTY) LTD
TRADING NAME
HOME LINE DISTRIBUTION
PHYSICAL ADDRESS
Unit E
SANDO
POSTAL ADDRESS
GARDENVIEW
2047
TELEPHONE NUMBER: 011 392 5901
FAX NUMBER: 011 392 5903
CELLULAR NUMBER: 083 5576994
SHAREHOLDERS
74% D R SUMANI
26% F M HANIF
The Shareholding changed on 9 July 2007 and was previously 100% D R SUMANI.
ASSOCIATE COMPANIES
BLUE NIGHTINGALE TRADING (104) (PTY) LTD
DIRECTORS
D R SUMANI
F M HANIF
BANKERS
ABSA BANK, Protea Park Branch, Account Number: 4059673492. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
5 April 2004
Registration Certificate Number: 2004/009123/07
VAT NUMBER
4020214823
MAJOR OPERATION
Importer of household branded plastic ware, high quality stainless steel cutlery, towels, face cloths and dishcloths for chain stores
MAJOR SUPPLIERS
The subject imports all of its supplies from
RHODE & LIESENFELD
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Large wholesalers and retailers
AREA OF
DISTRIBUTION AND SELLING
EXPORTS
TOTAL EMPLOYEES
16
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
ISSUED SHARE
CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 6 400 000
DEBTORS R 4 900 000
CASH R 500 000
CREDITORS R 3 500 000
OVERDRAFT Nil
TURNOVER per annum R52 000 000
AUDITORS
EBRAHIM & ASSOCIATES
YEAR END
JANUARY
INSURANCE BROKERS
S A EAGLE
TRADE REFERENCES –
APRIL 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 03/2007 R400 000 declined 30 days declined Too new to
comment
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2006 R500 000 varies 30 days 30 days Good
COMMENTS
This is a new company that imports all of its supplies. The subject is meeting its local commitment timeously and is considered equal to its normal business engagements.
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%)