MIRA INFORM REPORT

 

 

 

Report Date :

03.12.2008

 

IDENTIFICATION DETAILS

 

Name :

APADANA RUGS AND KELIMS CC

 

 

Registered Office :

Shop L15, Entrance 3, Cresta Centre Shop, Cnr. Beyers Naude Drive and Weltevreden Drive, NORTHCLIFF, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.11. 2005

 

 

Com. Reg. No.:

2005/172779/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Retailers of Oriental Rugs

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

APADANA RUGS AND KELIMS CC

 

 

PHYSICAL ADDRESS    

 

Shop L15, Entrance 3

Cresta Centre Shop

Cnr. Beyers Naude Drive and Weltevreden Drive

NORTHCLIFF

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 3018

CRESTA

2118

 

TELEPHONE NUMBER: 011 478 2890

FAX NUMBER:              011 478 2891

 

 

MEMBERS

 

100%    N GHAHERI                  ID. No. 7007166156180

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK Cresta Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

30 November 2005

Registration Certificate Number: 2005/172779/23

 

It was stated by the respondent that the subject converted from a sole proprietorship that was established in 2005 which started trading as a closed corporation in August 2008.

 

 

VAT NUMBER    

 

4710250426

 

 

MAJOR OPERATION

 

Retailers of Oriental rugs

 

 

MAJOR SUPPLIERS

 

The subject imports 98% of it supplies through RAZVI TRADING.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES   

 

It was stated that the subject has a branch in Pretoria.

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

ASTREH

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

MUTUAL & FEDERAL

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         4 yrs                 declined            R30 000            90 days             90 days             Very good

 

 

COMMENTS

 

This is an established operation newly operating as a close corporation meeting its moderate local commitment timeously.  We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured.

 

 

 

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