MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
AKSTEX |
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Registered Office : |
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Country : |
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Date of Incorporation : |
02.10.2002 |
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Com. Reg. No.: |
2002/083503/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesale of
Textiles and Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
AKSTEX
TRADING NAME
GANIS CASH & CARRY
PHYSICAL ADDRESS
FORDSBURG
POSTAL ADDRESS
FORDSBURG
2033
TELEPHONE NUMBER: (011)
492-1689
FAX NUMBER: (011) 492-1707
MEMBERS
A K GANI
MRS S GANI (Wife)
ASSOCIATE COMPANIES
None
BANKERS
STANDARD BANK, Fordsburg, account number 002521873. It was stated that the subject does not
require overdraft facilities as credit balances are maintained.
DATE REGISTERED
2 October 2002
Registration
Certificate Number 2002/083503/23
A K Gani formerly owned a business named Far
MAJOR OPERATION
Wholesale of
textiles and fabrics.
MAJOR SUPPLIERS
The subject imports
most of its supplies and deals locally with:
MARINECON
TRENDI TEXTILES
TEXTRIM
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers
AREA OF DISTRIBUTION AND SELLING
EXPORTS
TOTAL EMPLOYEES
15
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R100
The following estimated
financial situation was submitted:
STOCK R3 000 000 - R4 000 000
DEBTORS on extended terms R5 000 000
FIXED ASSETS R1 000 000
CREDITORS fluctuates
LOANS It was stated that there is a loan from an
individual
Investor of approximately R1 000 000
TURNOVER per month R2
000 000
AUDITORS
AHMED BISMILLA INC
YEAR END
FEBRUARY
INSURANCE BROKERS
None
TRADE REFERENCES – JANUARY 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 yrs R500
000 R250 000 - 30 days 30
days Very good
R350 000
2. Old ac. R1
mill R100 000 30 days 30 days Very
good (fluctuates)
3. 10 yrs R150
000 R50 000 - 30 days 30
days Good
R150 000
COMMENTS
This is a
comparatively new business meeting commitments timeously. A credit of £150 000 is considered as too
high, but acceptable as a maximum if shipments and due dates for payments are
spread.
18 January 2005
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 years R1 500 000 R1 500 000 45 days 45 days Very Good
2. Closed for Christmas holidays
3. Closed for Christmas holidays
COMMENTS
This is an established
business meeting its obtainable commitment timeously.
The subject is considered equal to its normal business engagements. The lack of
updated information should be borne in mind.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)