MIRA INFORM REPORT

 

 

 

Report Date :

04.08.2008

 

IDENTIFICATION DETAILS

 

Name :

PARADISE IT INT CC

 

 

Registered Office :

14 Darling Street, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

17.07. 2002

 

 

Com. Reg. No.:

2002/053091/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Sale of Cell Phones, Cell Phone Accessories and Airtime as well as Computer Accessories and the Exporting of Sheepskins.

 

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

 

PARADISE IT INT CC

 

 

PHYSICAL ADDRESS

 

14 Darling Street

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 3047

CAPE TOWN

8000

TELEPHONE NUMBER: 021 465 3568

FAX NUMBER:                            021 465 3568

 

 

MEMBERS

 

100%    S KHAN            D.O.B.730310

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Athlone Branch.  It was stated that the subject enjoys overdraft facilities to an extent of R50 000, unsecured.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

17 July 2002Registration Certificate Number: 2002/053091/23

 

 

VAT NUMBER    

 

4120216199

 

 

MAJOR OPERATION

 

Importing and sale of cell phones, cell phone accessories and airtime as well as computer accessories and the exporting of sheepskins.

 

 

MAJOR SUPPLIERS

 

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

 

FEDERAL CLEARING Cape Town

MICOR Port Elizabeth

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Pakistan

 

 

TOTAL EMPLOYEES

 

5

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                            fluctuates

LOANS                                                                                                                      Nil

TURNOVER per month                                                                                      R900 000

 

 

AUDITORS    

 

ELISE (Bookkeeper)

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

OUTSURANCE

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 yrs            R100 000       R100 000        30 days    30 days        Excellent

 

2.    Do not give trade references

 

 

COMMENTS

 

This is an established business that is not a general credit seeker locally.  It is suggested that dealings be on a letter of credit basis.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.40

UK Pound

1

Rs.83.57

Euro

1

Rs.66.02

 

 

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