MIRA INFORM REPORT

 

 

 

Report Date :

05.07.2008

 

IDENTIFICATION DETAILS

 

Name :

NISIDA TECHNOLOGIES CC

 

 

Registered Office :

52 Buxton Street, Doornfontein, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

26.05.2003

 

 

Com. Reg. No.:

2003/041256/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

The Repairing, Designing and Manufacturing of Electrical Motors.  

 

 

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

 

NISIDA TECHNOLOGIES CC

 

 

PHYSICAL ADDRESS

 

52 Buxton Street

DOORNFONTEIN

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 44635

LINDEN

2195

TELEPHONE NUMBER: 011 402 6211

FAX NUMBER:                            011 402 6212

 

The address of 132 9th Street, Linden, Johannesburg is reported to be a previous address ofthe subject.

 

 

MEMBERS

 

74%      G J GREEFF     ID.No: 5707305020088

26%      M S RADEBE    ID.No:  5304095588084

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Cresta. It was stated the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

26 May 2003

Registration Certificate Number: 2003/041256/23

 

 

 

VAT NUMBER

 

4510211149

 

 

MAJOR OPERATION

 

The repairing, designing and manufacturing of electrical motors.                

 

 

MAJOR SUPPLIERS

 

NU START ELECTRIC MOTORS Johannesburg

WIRE MART Johannesburg

ZHOUS BEARINGS Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The industrial market

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Gauteng and surrounds

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±14

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

 

AUTHORISED SHARE CAPITAL

 

R100  divided into 100  ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         Nil

FIXED ASSETS             R500 000

CREDITORS                  fluctuate

LOANS                         Nil

TURNOVER per month   ±R450 000

 

 

AUDITORS    

 

PAUL MARIUS SAAIMAN Johannesburg

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NONE

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5yrs                  open                 R150 000          30 days             30 days             Very good

 

2.         2yrs                  R30 000            R15 000 -          30 days             30 days             Very good

                                    C/L                   R20 000           

 

3.         Oct 2007           R25 000            R20 000            30 days             30 days             Good

                                    c/l                     varies

 

 

 

 

COMMENTS

 

This is an established business meeting commitments timeously.  We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser figure well spread and secured.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.21

UK Pound

1

Rs.85.72

Euro

1

Rs.67.92

 

 

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