MIRA INFORM REPORT

 

 

 

Report Date :

04.12.2008

 

IDENTIFICATION DETAILS

 

Name :

5TH AVENUE FINE ARTS CC

 

 

Registered Office :

404 Jan Smuts Avenue, Craighall Park, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.03.1998

 

 

Com. Reg. No.:

1998/015330/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing, Retailing and Wholesaling of Furniture, Sculptures, Paintings, Carpets, etc

 

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 :

No Complaints

 

 

Litigation :

Clear

 

COMPANY NAME

 

5TH AVENUE FINE ARTS CC

 

 

PHYSICAL ADDRESS

 

404 Jan Smuts Avenue

Craighall Park

SANDTON

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 784191

SANDTON

2146

TELEPHONE NUMBER: 011 781 2040

FAX NUMBER:              011 787 7593

 

 

MEMBERS

 

100%    ALIREZA RAFII              ID No. 5906025234108

 

 

ASSOCIATE COMPANIES

 

PERSICO PROPERTY HOLDINGS CC

CASPIAN COMMERCIAL CC

5TH AVENUE AUCTIONEERS CC

404 JAN SMUTS AVENUE CC

 

 

BANKERS

 

STANDARD BANK Sandton City Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the member. Utilisation of the overdraft facility is stated to be seldom as normally credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

20 March 1998

Registration Certificate Number: 1998/015330/23

 

The subject was originally a private company that started in 1991.

 

 

VAT NUMBER    

 

4160121879

 

 

MAJOR OPERATION

 

Importing, retailing and wholesaling of furniture, sculptures, paintings, carpets, etc.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its products from the Far East and the Middle East and deals with the local clearing agents ROHLIG GRINDROD.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers, public and businesses.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Neighbouring Countries

 

 

TOTAL EMPLOYEES

 

14

 

 

OTHER PREMISES   

 

None

 

OWNED OR LEASED

 

The premises are reported to be owned by 404 JAN SMUTS AVENUE CC, which is also 100% owned by Mr. Rafii.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is ±R14 000 000.

 

 

AUDITORS

 

HPC INCORPORATED

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

JVC INSURANCE / SANTAM

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         09/1997 R180 000          R200 000          30 days             30 days             Good

                                    c/l        

 

 

COMMENTS

 

This is an established business that is not a general credit seeker locally. The subject is considered equal to it’s normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.90

UK Pound

1

Rs.74.30

Euro

1

Rs.63.42

 

 

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