MIRA INFORM REPORT

 

 

 

Report Date :

03.12.2008

 

IDENTIFICATION DETAILS

 

Correct Name :

GRALAN (PTY) LTD

 

 

Registered Office :

358 Marshall Street, Cnr Karl Street, Jeppestown, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.08.1968

 

 

Com. Reg. No.:

1968/008918/07. 

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Importers and Wholesalers of Upholstery Materials.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

GRALAN XTREME

 

 

PHYSICAL ADDRESS

 

358 Marshall Street

Jeppestown

JOHANNESBURG

Gauteng

 

On investigation it was established that the subject is a trading name for a company named GRALAN (PTY) LTD, which report should be consulted.

 

 

 

COMPANY NAME

 

GRALAN (PTY) LTD

 

 

TRADING NAME 

 

GRALAN FABRICS

GRALAN XTREME

 

 

PHYSICAL ADDRESS

 

358 Marshall Street

Cnr Karl Street

Jeppestown

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 33298

JEPPESTOWN

2043

 

TELEPHONE NUMBER: 011 614 1436

FAX NUMBER:              011 614 1924

 

 

SHAREHOLDERS

 

50%      B COHEN

50%      J COHEN

 

 

ASSOCIATE COMPANIES

 

DESIGNER DRAPES CC in which the Shareholders were previously involved

DESIGNER CHAIRS CC which B COHEN was previously a Member

 

 

DIRECTORS

 

B COHEN                                 ID No. 2906225032008

J COHEN (Wife)             ID No. 4111180087109

A SCHRODER (nee Cohen)        ID No. 6903080140089

A D COHEN (Son)                     ID No. 6609075165003

 

 

BANKERS

 

NEDBANK, Commissioner Street branch, account number 1990023126.  It was stated that the subject enjoys overdraft facilities, secured by ther personal guarantees of the Shareholders.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

7 August 1968

Registration certificate number 1968/008918/07. 

 

The subject was commenced as a new business.

 

 

VAT NUMBER    

 

4250103548

 

 

MAJOR OPERATION

 

Importers and wholesalers of upholstery materials.

 

 

MAJOR SUPPLIERS

 

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

 

COURT FABRICS  Paarl

ROHLIG GRINDROD

S A FINE WORSTEDS  Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Interior decorators and material shops.

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

20

 

 

OTHER PREMISES

 

The subject is reported to have a showroom in Kramerville.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the company, while the showroom premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

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

 

 

AUDITORS    

 

OCTAGON Johannesburg

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

INSURANCE RISK BROKERS

 

 

TRADE REFERENCES – AUGUST 2006

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         1997                 R200 000          R200 000          30 days             30 days             Good

 

2.         06/1996 R200 000          R200 000          30 days             30 days             Good

 

3.         Unable to obtain trade reference 

                                                                                                                       

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         Do not give trade references.

 

2.         3 yrs+               R100 000          ±R100 000         30 days             30 days             Good

 

3.         1997                 R200 000          Last                   60 days                        60 days             Good

                                    c/l                     purchased

                                                            in Feb 08

 

COMMENTS

 

This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a well spread and fully secured basis. The lack of financial information should be borne in mind.

 

 

 

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