MIRA INFORM REPORT

 

 

Report Date :

02.04.2008

 

IDENTIFICATION DETAILS

 

Name :

H K CASH AND CARRY (PTY) LTD

 

 

Registered Office :

61/5 Ivory Street, Elti Villas, Louis Trichardt, Limpopo

 

 

Country :

South Africa

 

 

Date of Incorporation :

18.04.2001

 

 

Com. Reg. No.:

2001/008779/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaling and retailing of general goods including bicycles, mattresses, etc

 

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

 

H K CASH AND CARRY (PTY) LTD

 

 

PHYSICAL ADDRESS

 

61/5 Ivory Street

Elti Villas

LOUIS TRICHARDT

Limpopo

 

 

POSTAL ADDRESS   

 
P O Box 122

LOUIS TRICHARDT

0920

Telephone Number:                     015 516 1016 / 2054

Fax Number:                              086 657 5169

 

 

SHAREHOLDERS

 

100%    A ISMAIL

 

 

ASSOCIATE COMPANIES

 

SKATZ INVESTMENTS CC which is 100% owned by A ISMAIL (property owning company)

 

 

DIRECTORS

 

A ISMAIL          ID No. 6008315138088

 

 

BANKERS

 

ABSA BANK, Makhado Branch, account number: 4052756229.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

18 April 2001

Registration Certificate Number: 2001/008779/07

 

 

VAT NUMBER

 

4320194329

 

 

MAJOR OPERATION

 

Wholesaling (90%) and retailing of general goods including bicycles, mattresses, etc (10%)

 

 

MAJOR SUPPLIERS

 

DISCOUNT CASH AND CARRY

REPOWILD

SD AGENCIES

UNIMATTRESS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public, retail shops, etc

 

 

AREA OF DISTRIBUTION AND SELLING

 

Limpopo

 

 

EXPORTS  

 

None

 

 

TOTAL EMPLOYEES

 

19

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED  

 

The premises are reported to be owned by the associate property owning company

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is R10 million.

 

 

AUDITORS

 

S AHMED AND COMPANY

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

OMEGA

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    07/1995        R150 000       R  80 000 -      30 days    30 days        Good

                                               R140 000

 

2.    Old acc        declined         declined          30 days    30 days        Good

 

3.    Do not give trade references

 

4.    5 yrs            R100 000       R100 000        30 days    30 days        Good

 

 

 

 

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 over DA terms and suggest dealings be to a lesser extent on a well spread and secured basis.

 

 

 

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