MIRA INFORM REPORT

 

 

 

Report Date :

13.12.2008

 

IDENTIFICATION DETAILS

 

Name :

S & N INDUSTRIES CC

 

 

Registered Office :

55 Main Road, Fordsburg, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

18.02. 2003

 

 

Com. Reg. No.:

2003/012752/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of Heater Bars and Printing Elements

 

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

 

S & N INDUSTRIES CC

 

 

PHYSICAL ADDRESS    

 

55 Main Road

Fordsburg

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 599

CROWN MINES

2025

 

TELEPHONE NUMBER: 011 838 7844

FAX NUMBER:              011 838 7844

 

 

MEMBERS

 

100%    A BULBULIA     ID No. 4609215558083

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Fordsburg branch, account number: 002510499.  It was stated that the subject enjoys overdraft facilities to an extent of R80 000, secured by the personal guarantee of the Member.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

18 February 2003

Registration Certificate Number: 2003/012752/23

 

VAT NUMBER    

 

4390206076

 

 

MAJOR OPERATION

 

Manufacturers of heater bars and printing elements

 

 

MAJOR SUPPLIERS

 

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

 

M & F SHIPPING Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and retailers, heater manufacturers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

3

 

 

OTHER PREMISES   

 

 None

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R1000

 

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

 

 

AUDITORS    

 

DK MATIRAM & COMPANY

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MISTRYS

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2 years             R300 000          R200 000          30 days             30 days             Very good

 

 

COMMENTS

 

This is an established business that is not a general credit seeker locally. We have not traced dealings to an extent of $1 000 000 over DA terms and suggest a far lesser figure well spread and fully secured. The lack of financial information should be borne in mind.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.71

UK Pound

1

Rs.72.85

Euro

1

Rs.64.70

 

 

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