MIRA INFORM REPORT

 

 

Report Date :

26.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

ALI KHAN FINE CARPETS & RUGS CC

 

 

Registered Office :

381 Lois Avenue, Waterkloof, Pretoria, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.12. 1995

 

 

Com. Reg. No.:

1995/053722/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Retailer and Wholesaler of Rugs and Carpets

 

 

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.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

COMPANY NAME

 

ALI KHAN FINE CARPETS & RUGS CC

 

 

PHYSICAL ADDRESS

 

381 Lois Avenue

Waterkloof

PRETORIA

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 1047

MENLYN CENTRAL

0077

TELEPHONE NUMBER:012 993 2819

 

FAX NUMBER:  012 993 2819

 

It was stated that the subject does not utilise the postal address of P O Box 37122, Birnam Park, 2015.

 

 

MEMBERS

 

100%    M A KHAN        ID No. 8105295821184

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Hyde Park branch.  It was stated that the subject enjoys overdraft facilities to an extent of R130 000, secured.  Utilisation is stated to fluctuate

 

 

DATE REGISTERED

 

11 December 1995

Registration Certificate Number: 1995/053722/23

 

VAT NUMBER    

 

4630158267

 

 

MAJOR OPERATION

 

Importer, retailer and wholesaler of rugs and carpets

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies and deals locally with:

 

BAHAD SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public, retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

5

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are stated to be owned by M A KHAN in his personal capacity

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the overdraft is currently at R8 000 and the monthly turnover fluctuates between R100 000 to R700 000

 

 

AUDITORS

 

DOCKRATS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

BABE JASSAT & ASSOCIATES

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                        CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

 

COMMENTS

 

This is an established business, however, in view of the lack of payment pattern and financial information we are unable to recommend credit dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured.

 

 

 

 

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