MIRA INFORM REPORT

 

 

Report Date :

15.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

ASFAT LOGISTICS CC

 

 

Formerly Known as :

ASFAT INVESTMENTS CC

 

 

Registered Office :

62 Harden Avenue, Seaview, DURBAN, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.03.1990

 

 

Com. Reg. No.:

1990/011201/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Transporters and Warehousing

 

 

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

 

ASFAT LOGISTICS CC

 

Formerly ASFAT INVESTMENTS CC, the name having been changed on 4 September 2006

 

 

TRADING NAME

 

A & J CARRIERS

 

 

PHYSICAL ADDRESS

 

62 Harden Avenue

Seaview

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 38295

POINT

4069

TELEPHONE NUMBER: 031 465 0285 / 86

FAX NUMBER:  031 465 5783

 

 

MEMBERS

 

100%    A E PARUK      ID No. 5104305185089

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Durban Business Centre branch.  It was stated that the subject enjoys overdraft facilities, unsecured.  Utilisation is stated to fluctuate.

 

DATE REGISTERED

 

30 March 1990

Registration Certificate Number: 1990/011201/23

 

 

VAT NUMBER

 

4020140168

 

 

MAJOR OPERATION

 

Transporters and warehousing

 

 

MAJOR SUPPLIERS

 

ARENALEE CARRIERS

STALLION TRANSPORT

STAR WHEELS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Various industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

20

 

 

OTHER PREMISES

 

The subject has a branch in Cape Town

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

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

 

 

AUDITORS

 

I KATHRADA

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

UNKNOWN

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             open                 R1 000 000 -      30 days             30 days             Very good

                                    R2 000 000

 

2.         Old acc             open                 R     50 000       30 days             30 days             Very good

 

3.         Old acc             open                 R1 000 000        30 days             30 days             Very 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 would prefer to see a far lesser amount spread and secured.  The lack of 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