MIRA INFORM REPORT

 

 

Report Date :

25.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

VISHWANAND PREMRAJH

 

 

Registered Office :

156 Berea Road, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

1980

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of Door Frames and Windows and the Sale of Complete Building Materials

 

 

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

 

 

 

 

 

 

 

SOLE PROPIETOR    

 

VISHWANAND PREMRAJH

ID No. 5010175112089

 

 

TRADING NAME 

 

WINDOWS DELITE BUILDING & TILE CENTRE

 

 

PHYSICAL ADDRESS

 

156 Berea Road

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

As above

TELEPHONE NUMBER: 031 201 7838

FAX NUMBER:  031 201 9329

 

The subject has a branch situated at 534 Silver Glen Drive, Silverglen, Chatsworth.

 

 

ASSOCIATE COMPANIES

 

WINDOWS DELITE BUILDING AND TILE CENTRE CC (dormant)

 

 

BANKERS

 

FIRST NATIONAL BANK, Musgrave branch, account number: 50820031230.  It was stated that the subject enjoys overdraft facilities to an extent of R1.5 million to R2 million, secured by policies and a bond.

 

 

DATE STARTED

 

1980

 

 

MAJOR OPERATION

 

Manufacturers of door frames and windows and the sale of complete building materials

 

MAJOR SUPPLIERS

           

EVERITE (SHEETRITE)

GYPSUM INDUSTRIES

NATAL PORTLAND CEMENT

W H SAFFER

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

DIY, contractors and general public

 

 

AREA OF DISTRIBUTION AND SELLING

 

Kwa-Zulu Natal & surrounds

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

35

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

All the premises are reported to be owned by V PREMRAJH in a Trust and bonded

 

The following estimated financial situation was submitted:

 

STOCK                         R1 000 000

DEBTORS                     R4 000 000

FIXED ASSETS             R   500 000

CREDITORS                  R3 000 000

TURNOVER per annum  R6 000 000

 

 

 

AUDITORS

 

BALASUMBRAMANIAN CHETTY

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

           

JEROME SCHOFIELD

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         5-10 yrs            R75 000            R25 000 -          30 days             30 days             Excellent

                                    R50 000

 

3.         8 yrs                 declined            declined            30 days             30 days             Excellent

 

The subject is reported to be clear of judgments.

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a 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