MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOTANICS AFRICA TRUST |
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Registered Office : |
22 Keswick Road,
Morningside, Durban, KwaZulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
July 1998 |
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Com. Reg. No.: |
IT1436/98 |
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Legal Form : |
Trust |
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Line of Business : |
Manufacturers and
Distributors of Home Decor. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
BOTANICS AFRICA TRUST
TRADING NAME: VANILLA TRADING CO
PHYSICAL ADDRESS
22 Keswick Road
Morningside
DURBAN
KwaZulu-Natal
POSTAL ADDRESS
P O Box 568
HYPER-BY-THE-SEA
4053
TELEPHONE NUMBER: 031 561 2085
FAX NUMBER: 086 512 7799
TRUSTEES
D SWART
(MRS) R M SWART (wife)
C M POOLE
ASSOCIATE COMPANIES
NONE
BANKERS
STANDARD BANK, Musgrave
branch, account number 051218933. It
was stated that the subject enjoys overdraft facilities to an extent of R95 000,
secured by the Trustees. Utilisation is
stated to fluctuate.
DATE REGISTERED
July 1998
Registration Certificate
Number: IT1436/98
It was stated by the
respondent that subject commenced trading in 2004.
VAT NUMBER
4010209866
MAJOR OPERATION
Manufacturers and
distributors of home decor.
MAJOR SUPPLIERS
EAGLE FURNITURE
Pietermaritzburg
ECT ETVALL Durban
PINE FURNITURE
MANUFACTURERS Durban
VEGMO-FLORA Durban
TRADEWING SHIPPING
Durban
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The retail groups such
as Mr Price and Sheet Street
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEE
Leased
OTHER PREMISES
None
OWNED OR LEASED
The following estimated
financial situation was submitted:
STOCK R 50
000
DEBTORS R1 200 000
CREDITORS R 700 000
LOANS Nil
TURNOVER per annum R6 000 000
AUDITORS
R I KENNEDY &
ASSOCIATES
YEAR END
FEBRUARY
INSURANCE BROKERS
MOMENTUM
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1yr declined R300 000 30 days 30
days Very good
2. 4 months open R100
000 30 days 30 days Very good
3. 5 months open R50
000 30 days 30 days Very good
COMMENTS
This is an established business meeting its commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)