MIRA INFORM REPORT

 

 

Report Date :

14.02.2008

 

IDENTIFICATION DETAILS

 

Name :

D I Y LOCK WAREHOUSE CC

 

 

Registered Office :

76 Pomona Road, Pomona, Kempton Park, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

19.03.1999

 

 

Com. Reg. No.:

1999/015043/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Sale of Locks

 

 

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

 

D I Y LOCK WAREHOUSE CC

 

 

PHYSICAL ADDRESS

 

76 Pomona Road

Pomona

KEMPTON PARK

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 10880

ASTON MANOR

1603

TELEPHONE NUMBER: 011 312 1790

FAX NUMBER:  011 312 1676

 

 

MEMBERS

 

50%      G P JURRIUS                ID No:   6107105062084

50%      V E JURRIUS                ID No:   6610270035009

 

 

ASSOCIATE COMPANIES

 

CASTLE ULTRA TRADING 45 (PTY) LTD trading as DYNAMIC LOCKS

 

 

BANKERS

 

STANDARD BANK, Kempton Park, account number 020275943. It was stated that the subject enjoys overdraft facilities to an extent of R200 000 unsecured. Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

19 March 1999

Registration Certificate Number: 1999/015043/23

 

The subject was dormant and began operating in 2002.

 

 

VAT NUMBER

 

4220211652

 

 

 MAJOR OPERATION

 

Importing and sale of locks.

 

 

MAJOR SUPPLIERS

 

The subject imports 99% of its supplies and deals locally with TURNERS SHIPPING.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and the associate company which distributes.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

2

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the members in their personal capacities.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK R1 000 000

FIXED ASSETS Minimal

LOANS Nil

TURNOVER per month   R200 000 – R300 000

 

 

AUDITORS

 

NEXIA HBLT CHARTERED ACCOUNTANTS (EAST RAND) INC

 

 

YEAR END

 

JULY

 

 

INSURANCE BROKERS

 

UNINSURED

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                    PATTERN

           

1.         ±6 yrs               R200 000          R200 000          7 days              7 days              Good

c/l

 

 

COMMENTS

 

This is an established company that is not a general credit seeker locally. We have not traced dealings to $1 000 000 over DA terms and suggest a far lesser figure well spread and secured.

 

 

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