MIRA INFORM REPORT

 

 

Report Date :

16.10.2007

 

IDENTIFICATION DETAILS

 

Name :

FULOOS CC

 

 

Registered Office :

74 – 5th Street, Cnr 6th Avenue, Marlboro, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

8 November 2001

 

 

Com. Reg. No.:

2001/076381/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and distributors of specialised engineering tools

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

FULOOS CC

 

 

TRADING NAME

 

DUNCAN MAC DONALD AND CO

 

 

PHYSICAL ADDRESS

 

74 – 5th Street

Cnr 6th Avenue

Marlboro

SANDTON

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 650066

BENMORE

2010

TELEPHONE NUMBER: 011 444 4345

FAX NUMBER:                          011 444 5059

 

 

MEMBERS

 

50%      K OPPERMAN                          ID No:   6305165006088

50%      S E OPPERMAN (Wife)             ID No    6411230022082

 

 

ASSOCIATE COMPANIES

 

It was stated by the respondent that K OPPERMAN is involved in other businesses, however, the names of them were not forthcoming.

 

 

BANKERS

 

ABSA BANK, Benoni branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Members. Utilisation is stated to be nil at present.

 

 

 

 

 

 

DATE REGISTERED

 

8 November 2001

Registration Certificate Number:  2001/076381/23

 

 

VAT NUMBER

 

4710196413

 

                                                                       

MAJOR OPERATION

 

Importers and distributors of specialised engineering tools

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its supplies and deals locally with:

 

KUEHNE & NAGEL

A HARTRODT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Engineering industries and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

9

 

 

 

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject, however, further information was not forthcoming from the respondent.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from the respondent at the subject, however, the following estimated financial situation was submitted:

 

STOCK                                                             R3 000 000

DEBTORS                                                         R1 500 000

CREDITORS                                                      R   300 000

 

 

AUDITORS

 

D N L AND ASSOCIATES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SANTAM

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         6 yrs                 R50 000            declined            30 days             30 days             Good

 

2.         03/2007 R70 000            R22 000 -          30 days             30 days             Good

                                    R50 000

                                                                       

 

COMMENTS

 

This is an established business which is not a general credit seeker locally.  The subject is meeting its moderate commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured.  The lack of full financial information should be borne in mind.

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions