MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17 January 2007 |
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Com. Reg. No.: |
2007/008501/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importing of animal feeds chemicals and white cement |
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 : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
PHYSICAL ADDRESS
8 Millar Place
KLOOF
Kwa-zulu
POSTAL ADDRESS
8 Millar Place
KLOOF
3610
TELEPHONE NUMBER: 031 764 0727
FAX NUMBER: 031 764 7344
CELLULAR NUMBER: 083 454 3824
MEMBERS
100% M K NAIR ID No. 6104225207186
ASSOCIATE COMPANIES
BANKERS
STANDARD BANK, Durban Main branch, account number 050670867. It was stated that the subject enjoys
overdraft facilities to an extent of R10 000, unsecured. Utilisation is stated to be occasional.
DATE REGISTERED
17 January 2007
Registration Certificate Number 2007/008501/23
The subject converted from a private company
registered on 20th December 1995.
K MANJEE and M K NAIR were each 50% shareholders in the company. K MAJEE emigrated and M K NAIR took over the
operations of the company and the subject converted to a close corporation
MAJOR OPERATION
Importing of animal feeds chemicals and white cement
MAJOR SUPPLIERS
The subject imports all of its supplies and deals locally with:
SHARAF CARGO (a division of Diamond Shipping)
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Farmers, co-operatives, tilers and Swimming pool builders
AREA OF
DISTRIBUTION AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
2
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by Mr Nair who is married in community
of property. The premises are reported
to be valued in the region of R2 million, free of bond.
MEMBERS
CONTRIBUTION
R120
The following estimated financial situation was submitted:
STOCK Nil
at present
DEBTORS R200 000 – R 300 000
CASH on hand R
25 000
FIXED ASSETS R
200 000
CREDITORS R
70 000
MEMBERS LOANS R1 000 000
TURNOVER per month R
400 000
It was stated by the respondent they are awaiting 3 consignments totalling
81 tons which is valued in the region of $7 600 and all other stock is supplied
directly to the customer and not held by the subject and this is the reason why
the stock is nil.
It was stated that the subject has applied to SARS for the tax amnesty
as it was stated that K MANJEE previously handled the accounts. The Member was not certain what had been done
in the past and wanted to clean up the account and start afresh, hence this is
the reason for the large Members loan.
AUDITORS
GCABASHE INC,
YEAR END
FEBRUARY
INSURANCE BROKERS
INSURANCE ON-LINE
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2
Yrs R300 000 R200 000 30 days 30
days Good
COMMENTS
This is a newly registered business that took over the operations of an
established company. We have not traced
dealings to an extent of $1 00 000 DA and would prefer to see far lesser
dealings on a letter of credit 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%)