MIRA INFORM REPORT

 

 

Report Date :

03.09.2007

 

IDENTIFICATION DETAILS

 

Name :

THE NARANDAS FAMILY HOLDING TRUST

 

 

Registered Office :

Unit 501, Mezzanine Level, The Pavilion, Westville, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

1 August 1989

 

 

Legal Form :

Trust

 

 

Line of Business :

Wholesale, retail and manufacture of gold, silver and diamond jewellery and retailing of watches.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

NARANDAS JEWELLERS

 

 

PHYSICAL ADDRESS

 

Unit 501

Mezzanine Level

The Pavillion

WESTVILLE

Durban

Kwa-Zulu Natal

TELEPHONE NUMBER: 031 265 1697

FAX NUMBER:                          031 265 1699

 

 

note

 

On investigation it was established that NARANDAS JEWELLERS is a trading name for the NARANDAS FAMILY HOLDING TRUST, which report should be consulted.

 

COMPANY NAME

 

THE NARANDAS FAMILY HOLDING TRUST

 

 

TRADING NAME

 

NARANDAS JEWELLERS

 

 

PHYSICAL ADDRESS

 

Unit 501

Mezzanine Level

The Pavilion

WESTVILLE

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 138

PAVILION

3611

TELEPHONE NUMBER:  031 265 1697

FAX NUMBER:                031 265 1699

 

 

TRUSTEES

 

B NARANDAS

D NARANDAS (Brother)

MRS M K VALABDASS

 

 

ASSOCIATE COMPANIES

 

NARANDAS NATAL (PTY) LTD (property owning company)

 

 

BANKERS

 

STANDARD BANK, Durban Branch, account number 050743406.

 

 

 

 

 

DATE REGISTERED

 

1 August 1989

 

 

MAJOR OPERATION

 

Wholesale, retail and manufacture of gold, silver and diamond jewellery and retailing of watches.

                                                                                                                       

 

MAJOR SUPPLIERS

 

ORO AGRICA  Cape Town

LANDAU DIAMONDS     Johannesburg

UNITY DIAMONDS  Johannesburg

RAM INTERNATIONAL  Johannesburg

ALAN MAIR  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Kwa-Zulu Natal

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±40

 

 

OTHER PREMISES

 

The subject is reported to have a shop in The Pavilion and Musgrave Centre in Durban.

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SHIELD

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         20 yrs               open acc           declined            30 days             30 days             Very good

 

2.         Do not give trade references.

 

3.         Old acc             open acc           R   100 000       30 days             30 days             Very good

 

4.         ±15 yrs             R2 000 000        R1 000 000        30 days             30 days             Excellent

                                    c/l

 

 

COMMENTS

 

This is an established business meeting its commitments timeously. The subject is considered equal to its normal business engagements.

 

 

 

 

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