MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VENETIAN BLIND CENTRE CC |
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Registered Office : |
442 Greyling Street,
PIETERMARITZBURG, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
03.03.2008 |
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Com. Reg. No.: |
2008/045050/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Sale of Blinds and Wooden Floors |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
VENETIAN
BLIND CENTRE CC
PHYSICAL ADDRESS
442 Greyling Street
PIETERMARITZBURG
Kwa-Zulu
Natal
POSTAL ADDRESS
P
O Box 8800
CUMBERWOOD
3235
Telephone Number: 033
394 1991
Fax Number: 033 345 4759
The
address of 439 Victoria Road, Pietermaritzburg is reported to belong to an
associate business named PAPINI TRADING CC and is also reported to be the
administration offices for the group where the accountant is also situated.
MEMBERS
R
A A K PATEL ID No.
6401075047088
S
PATEL ID No.
7511100096089
ASSOCIATE COMPANIES
PAPINI
TRADING CC, formerly PMBURG VENETIAN BLIND CENTRE CC. This business is owned by the PATEL family and has been trading
since 1997.
BANKERS
FIRST
NATIONAL BANK, Boom Street branch (221325), account number: 62180140156. It was stated that the subject enjoys
overdraft facilities. Utilisation is
stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
3
March 2008
Registration
Certificate Number: 2008/045050/23
The
subject commenced as a new business.
MAJOR OPERATION
Manufacturing
and sale of blinds and wooden floors
MAJOR SUPPLIERS
The
subject imports it supplies and deals locally with:
ROHLIG
VENTOLITE
WISPECO
BLIND
SYNDICATE
HULLETS
ALUMINIUM
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Interior
decorators, general public, etc
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
Indirectly to Lesotho and Swaziland
TOTAL EMPLOYEES
25
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be owned through the group and valued in the region of R3.5
million, free of bond.
MEMBERS CONTRIBUTION
R100
The
following estimated financial situation was submitted:
STOCK R1
000 000
DEBTORS R300
000 – R 400 000
CREDITORS R 300 000
LOANS Nil
TURNOVER per annum R4
000 000
AUDITORS
A
H KHAN, Pietermaritzburg 033 394 1638
YEAR END
FEBRUARY
INSURANCE BROKERS
ALVIN
ANTHONY
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R 50 000 R
25 000 30 days 30 days Very
good
c/l
2. 13 yrs R200 000 R150
000 - 30 days 15 days Excellent
c/l R180
000
These trade references apply to PMBURG VENETIAN BLIND CENTRE CC
3. Do not give trade references
4. 10/1999 declined declined 30 days 30 days Very good
These trade references apply to PAPINI TRADING CC
Please note that these are group trade references.
COMMENTS
This is a new company that forms part of a group that is meeting its
commitments timeously. We would prefer
to see dealings with the company on a secured basis until it is better
established.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)