MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
RICH-SCHEME TRADE CC |
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Registered Office : |
Waterblom Drive, Stilbaai, Riversdale, Western
Cape |
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Country : |
South Africa |
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Date of Incorporation : |
02.04.1998 |
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Com. Reg. No.: |
1998/018784/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Wholesalers of Home ware |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
K & L
DISTRIBUTORS C/O DOCK SHIPPING
PHYSICAL ADDRESS
2 Baker Street
Montague Gardens
CAPE TOWN
Western Cape
On investigation it was established that the correct
registered name of the subject is RICH-SCHEME TRADE CC trading as K & L
DISTRIBUTORS, which report should be consulted.
The heading address is that of DOCK SHIPPING which are
the subject’s clearing agents.
COMPANY NAME
RICH-SCHEME TRADE CC
TRADING NAME
K & L DISTRIBUTORS
PHYSICAL ADDRESS
Waterblom Drive
Stilbaai
RIVERSDALE
Western Cape
POSTAL ADDRESS
P O Box 1623
CAPE TOWN
8000
TELEPHONE NUMBER: 021 673 6875
FAX NUMBER: 086 649 9400
MEMBERS
100% F E
MATTHEWS ID No. 5004165068005
ASSOCIATE COMPANIES
None
BANKERS
FIRST NATIONAL BANK, Cape Town City branch. Further banking information was not
forthcoming from respondents at the subject.
DATE REGISTERED
2 April 1998
Registration Certificate Number: 1998/018784/23
VAT NUMBER
4880174083
MAJOR OPERATION
Importers and wholesalers of homeware
MAJOR SUPPLIERS
The subject imports all of its supplies and deals
locally with:
LASER LOGISTICS (Dock Shipping)
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
18
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was
submitted:
STOCK R1
200 000
DEBTORS R 600 000
FIXED ASSETS R 200 000
CREDITORS R1
800 000
LOANS Nil
TURNOVER per annum R4
500 000
AUDITORS
VALENTINE SARGEANT
YEAR END
FEBRUARY
INSURANCE BROKERS
G VAN GYCK
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc R3 000 000 R500 000 60/90
day 60/90 days Good
COMMENTS
This is an established business which imports all of its supplies. The subject is meeting its one local
commitment 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)