MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION
DETAILS
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Name : |
BOREQUIP (PTY) LTD |
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Registered Office : |
Unit 4, |
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Country : |
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Date of Incorporation : |
17 May 2006 |
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Com. Reg. No.: |
2006/015455/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing of utility and agricultural pipes |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
BOREQUIP (PTY) LTD
PHYSICAL ADDRESS
Unit 4
Bellville
POSTAL ADDRESS
SANLAMHOF
7532
TELEPHONE NUMBER: 021 949 0902
FAX NUMBER: 021 948 2264
SHAREHOLDERS
50% T H H HISCOCK
50% G G R SMALBERGER
ASSOCIATE COMPANIES
BRITERRA PROPERTIES (PTY) LTD (property owning company)
DIRECTORS
T H H HISCOCK ID No. 4905215127081
G G R SMALBERGER ID No. 5206195073083
BANKERS
ABSA BANK, Santyger Business branch, account number: 4065335199. It was stated that the subject enjoys overdraft facilities to an extent of R750 000,secured by cash deposit of R500 000. Utilization is stated to fluctuate.
DATE REGISTERED
17 May 2006
Registration Certificate Number: 2006/015455/07
The subject was a shelf company that changed its name and began trading in September 2006.
Messrs HISCOCK and SMALBERGER previously owned a company called AQUANOX (PTY) LTD, which was a national distributor of water pumps. This company was in existence from 2004. It was stated that prior to that G G R SMALBERGER purchased into a company named BRIAN WILLIAMS & CO in 1998 and T H H HISCOCK joined this company in 2003. This company was then closed and the operations were incorporated into AQUANOX (PTY) LTD.
VAT NUMBER
4420228803
MAJOR OPERATION
Importing of utility and agricultural pipes
MAJOR SUPPLIERS
The subject imports all of its supplies and deals locally with:
PIONEER FREIGHT
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Government, construction and agriculture
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Neighbouring countries
TOTAL EMPLOYEES
2 Directors
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE
CAPITAL
R1 divided into 1 ordinary share of R1
ISSUED SHARE CAPITAL
R1
Full financial information was not forthcoming from respondents at the subject, however, it was stated that the subject’s turnover for July was R300 000, August R400 000 and estimated for September is R1.2 million. Turnover on average per month is between R300 000 and R500 000.
AUDITORS
BKR LOGISTA INC
YEAR END
FEBRUARY
INSURANCE BROKERS
D HOLLAND & ASSOCIATES
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS
PAYMENT EXPERIENCE
CREDIT CREDIT
PATTERN
1. Old acc open acc R50 000 30 days 30 days Good
COMMENTS
This is a very new company that imports all of its supplies. We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser figure on a well spread and 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%)