MIRA INFORM REPORT

 

 

 

Report Date :

08.07.2008

 

IDENTIFICATION DETAILS

 

Name :

L P SPARES INTERNATIONAL (PTD) LTD

 

 

Registered Office :

55 Edward Rubenstein Drive, Sandown, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

08.09. 2000

 

 

Com. Reg. No.:

2000/022989/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Distributors of Spares for the Agricultural Sector

 

 

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

 

L P SPARES INTERNATIONAL (PTD) LTD

 

 

PHYSICAL ADDRESS    

 

55 Edward Rubenstein Drive

Sandown

SANDTON

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 89

STRATHAVON

2031

TELEPHONE NUMBER: 011 884 1922

FAX NUMBER:                               011 252 8243

 

 

SHAREHOLDERS

 

100%    T PORELLI

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

E PORELLI (son)           ID No. 7208135942185

T PORELLI                    ID No. 4010265117189

 

 

BANKERS

 

NEDBANK.  It was stated that the subject enjoys overdraft facilities.  Further banking information was not forthcoming from respondents at the subject.

 

 

 

DATE REGISTERED

 

8 September 2000

Registration Certificate Number: 2000/022989/07

 

 

VAT NUMBER    

 

4690193236

 

 

MAJOR OPERATION

 

Importers and distributors of spares for the agricultural sector

 

 

 MAJOR SUPPLIERS

 

The subject imports all of its supplies and deals locally with:

 

SEATRANS

JAS FORWARDING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Agricultural industry

 

 

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 T PORELLI in his personal capacity and are stated to be his home premises

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

F T G

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SELA

 

 

 

 

 

 

 

 

 

 

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         4yrs                  open                 R20 000 -          30 days             30 days+           Good

                                                            R50 000

 

2.         May 08             R100 000          R100 000          30 days             30 days             Good

                                    c/l

 

 

COMMENTS

 

This is an established business meeting its commitments slightly over terms at times.  We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser amount spread and secured.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.37

UK Pound

1

Rs.85.51

Euro

1

Rs.68.08

 

 

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