MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
OVAL FREIGHT CC |
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Registered Office : |
3 Hulley Road, Isando Business Park, Isando, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
15 June 2006 |
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Com. Reg. No.: |
2006/098817/23 |
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Line of Business : |
Dealing with the clearing and forwarding for its associate companies as well as importing and distribution of household products. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
OVAL FREIGHT CC
TRADING NAME
OM FREIGHT FORWARDERS
PHYSICAL ADDRESS
3 Hulley Road
Isando Business Park
ISANDO
Gauteng
POSTAL ADDRESS
P O Box 1784
LENASIA
1820
TELEPHONE NUMBER :011 392 5901
FAX NUMBER : 011 392 4262
MEMBERS
34% R JOSHI
33% J JOSHI
33% D SUMANI
It was stated by the
respondent that the membership is in the process of change.
ASSOCIATE COMPANIES
GOLDEX 215 (PTY) LTD
BLUE NIGHTINGALE TRADING 104 (PTY) LTD
It was stated that D SUMANI is involved in the abovementioned companies.
BANKERS
ABSA BANK, Protea Park Branch, account number: 4066460971. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
15 June 2006
Registration Certificate Number: 2006/098817/23
The subject commenced operations in January 2007
VAT NUMBER
4660239817
MAJOR OPERATION
Dealing with the clearing and forwarding for its associate companies as well as importing and distribution of household products.
MAJOR SUPPLIERS
JCL CARGO
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Associate companies
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Botswana, Namibia, Lesotho and Swaziland
TOTAL EMPLOYEES
3 from the associate company
OTHER PREMISES
The subject has a branch in India & China
OWNED OR LEASED
The premises are reported to be leased
MEMBERS CONTRIBUTION
R100
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.
AUDITORS
EBRAHIM ASSOCIATES INC
YEAR END
FEBRUARY
INSURANCE BROKERS
MULTI
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1 yr declined declined C O D C O D
COMMENTS
This is a very new
business that is not a general credit seeker locally. The subject deals with its one local supplier on a C O D
basis. It is suggested that dealings be
on a letter of credit 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%)