MIRA INFORM REPORT

 

 

Report Date :

21.09.2007

 

IDENTIFICATION DETAILS

 

Name :

GOLDEX 215 (PTY) LTD

 

 

Registered Office :

Unit E, Old Mutual Business Park, Hulley Street, Isando, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

5 April 2004

 

 

Com. Reg. No.:

2004/009123/07

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import of household branded plastic ware, high quality stainless steel cutlery, towels, face cloths and dishcloths for chain stores

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

GOLDEX 215 (PTY) LTD

 

 

TRADING NAME

 

HOME LINE DISTRIBUTION

 

 

PHYSICAL ADDRESS

 

Unit E

Old Mutual Business Park

Hulley Street

ISANDO

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 752401

GARDENVIEW

2047

TELEPHONE NUMBER: 011 392 5901

FAX NUMBER:                          011 392 5903

CELLULAR NUMBER:                083 5576994

 

 

SHAREHOLDERS

 

100%  D R SUMANI

 

 

ASSOCIATE COMPANIES

 

BLUE NIGHTINGALE TRADING (104) (PTY) LTD, trading as MECCA CLOTHING

 

 

DIRECTORS

 

D R SUMANI

 

 

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

 

Import 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 India and deals locally with:

 

S D TRANSWORLD

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Large wholesalers and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Botswana, Lesotho, Namibia and Zambia.

 

 

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         R48 000 000

 

 

AUDITORS

 

AR – RAHMAN ACCOUNTING SERVICES

 

 

YEAR END

 

JANUARY

 

 

INSURANCE BROKERS

 

S A EAGLE

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         03/2007 R400 000          declined            30 days             declined            Too new to

                                                                                                                                    comment

 

COMMENTS

 

This is a new company that imports all of its supplies.  We therefore would prefer to see all dealings with the subject on a letter of credit basis, in the absence of a payment pattern.

 

 

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/normal.

 

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