MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
AQUILLA BUSINESS DEVELOPMENT (PTY) LTD |
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Registered Office : |
Unit C H S I, 13 Betschana Road, Sebenza, Edenvale, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
11 March 1999 |
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Com. Reg. No.: |
1999/024550/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesaler of security products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
COMPANY NAME
AQUILLA BUSINESS DEVELOPMENT (PTY) LTD
TRADING NAME
L AND B SECURITY WHOLESALERS
PHYSICAL ADDRESS
Unit C H S I
13 Betschana Road
Sebenza
EDENVALE
Gauteng
POSTAL ADDRESS
P O Box 7823
BIRCHLEIGH
1621
TELEPHONE NUMBER: 011 452 6993
FAX NUMBER: 011 452 6994
SHAREHOLDERS
50% V S PITOUT
50% B G PITOUT (son)
ASSOCIATE COMPANIES
None
DIRECTORS
V S PITOUT ID No. 5204065035001
B G PITOUT (son) ID No. 7912015122087
BANKERS
NEDBANK, Glenacres branch. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to be partial.
DATE REGISTERED
11 March 1999
Registration Certificate Number 1999/024550/07
The subject utilised a dormant company for registration purposes and commenced trading in March 2005.
It was stated that prior to commencing the subject V S Pitout was employed at a security company for 2 years and B G Pitout was employed at the same security company for approximately 6 years.
VAT NUMBER
4930218484
MAJOR OPERATION
Wholesaler of security products
MAJOR SUPPLIERS
The subject imports 50% of its supplies and deals locally with:
ULTRA FAB
ASSA ABLOY
REGAL SECURITY
KNOB & KNOCKER
AVIOCEAN
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Hardware stores, locksmiths and security companies.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
12
OTHER PREMISES
None
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
NEXIA HBLT CHARTERED ACCOUNTANTS INC
YEAR END
FEBRUARY
INSURANCE BROKERS
UNINSURED
TRADE REFERENCES – OCTOBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs R150
000 R50 000 30 days 30 days Good
2. 1 yr R60
000 R30 000 30 days 30 days Very
good
3. 8 months R30 000 declined 33 days 33 days Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open R200
000 30 days 30 days Good
2. 2005 R 60 000 R 15 000 - 30
days 30 days Excellent
R 23 000 EFT
3. 08/2005 R150
000 R 40 000 30 days 35-40 days Good
COMMENTS
This is a comparatively new company meeting one of its commitments over terms at times. We have not traced dealings to an extent of US$1 500 000 and would prefer to see a far lesser amount on a well spread and fully secured basis.
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%)