MIRA INFORM REPORT

 

 

 

Report Date :

17.12.2008

 

IDENTIFICATION DETAILS

 

Name :

S S STONE SLABS CC

 

 

Registered Office :

268 Inanda Road, Springfield Road, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

21.01.1999

 

 

Com. Reg. No.:

1999/002632/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Fabrication of Granite and Marble Slabs

 

 

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

 

S S STONE SLABS CC

 

 

PHYSICAL ADDRESS    

 

268 Inanda Road

Springfield Road

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

2 Durnford Place

Westville North

DURBAN

4001

 

TELEPHONE NUMBER: 031 577 9797

FAX NUMBER:              031 577 0358

 

 

MEMBERS

 

100%    Y H ESSACK    ID No.5005015645082

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Westville Branch, account number: 053095987.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

21 January 1999

Registration Certificate Number: 1999/002632/23

 

VAT NUMBER    

 

4430186058

 

 

MAJOR OPERATION

 

Fabrication of granite and marble slabs

 

 

MAJOR SUPPLIERS

 

STONE CONNECTION

INTERNATIONAL SLAB SALES

SHALOM INTERIORS

STARLING PLUMBERS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Kitchen manufacturers, privates, contractors

 

 

AREA OF DISTRIBUTION AND SELLING

 

Durban & surrounds

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

20

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

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    

 

BRAND VAN NIEKERK & COMPANY, Umhlanga

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HALIFAX

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         6-7 yrs              R100 000          R  75 000          30 days             30 days             Very good

                                    c/l

 

2.         10 yrs               R150 000          R100 000          30 days             30 days             Good

 

3.         Old acc             R100 000          R  50 000 -        30 days             30 days             Very good

                                                            R  60 000

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 over DA terms and suggest dealings to a far lesser extent be well spread. The lack of financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.33

UK Pound

1

Rs.73.92

Euro

1

Rs.66.69

 

 

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