MIRA INFORM REPORT

 

 

 

Report Date :

10.12.2008

 

IDENTIFICATION DETAILS

 

Name :

MARTIQ 714 CC

 

 

Registered Office :

235 Sparks Road, Suite 1, Star City, Overport, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.07.2002

 

 

Com. Reg. No.:

2002/054681/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Distribution of various items such as Dish Cloths, Towels, Crockery, Rice, 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 :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

COMPANY NAME

 

MARTIQ 714 CC

 

 

PHYSICAL ADDRESS

 

235 Sparks Road

Suite 1

Star City

OVERPORT

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

Postnet Suite 157

Private Bag

OVERPORT

4067

 

TELEPHONE NUMBER: 031 208 9658

 

On investigation it was established that both the members of the subject are currently overseas at present and will only be returning in January 2009. Contact was made with a manager of the subject on cellular number 083 357 1789 who assisted with the following basic information.

 

 

 

MEMBERS

 

50%      F DHOOMA                               ID. No. 7711170104082

50%      M Z U RESHAMWALA               D.O.B. 580902

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

ABSA BANK Musgrave Branch.

 

 

DATE REGISTERED

 

16 July 2002

Registration Certificate Number: 2002/054681/23

 

 

VAT NUMBER    

 

4570208977

 

 

MAJOR OPERATION

 

Importing and distribution of various items such as dish cloths, towels, crockery, rice, etc.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and wholesalers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Durban and surrounds.

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

2 (up to 8-10 on occasions)

 

 

OTHER PREMISES   

 

None

 

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    

 

U MISRA

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

M I A SULTAN AND ASSOCIATES

 

 

TRADE REFERENCES

 

NOT APPLICABLE

 

 

COMMENTS

 

This is an established business, however, in view of the fact that both members are overseas and detailed information is not available we are not in a position to speak to credit dealings, unless on a letter of credit basis at present.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.12

UK Pound

1

Rs.72.59

Euro

1

Rs.63.52

 

 

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