MIRA INFORM REPORT

 

 

 

Report Date :

28.07.2008

 

IDENTIFICATION DETAILS

 

Name :

WEST GERMANY DISTRIBUTORS CC

 

 

Registered Office :

Unit 2, 214 Rochdale Road, Seacow Lake, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.07.2007

 

 

Com. Reg. No.:

2007/143941/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Sale of Truck Spares

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

New Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

COMPANY NAME

 

WEST GERMANY DISTRIBUTORS CC

 

 

PHYSICAL ADDRESS    

 

Unit 2

214 Rochdale Road

Seacow Lake

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

As above

 

TELEPHONE NUMBER: 031 577 6573

FAX NUMBER:                          031 577 6581

 

 

MEMBERS

 

34%      M S S BACHER (resident in India)           D.O.B. 671215

33%      P S BACHER (nephew) (resident in India)            D.O.B. 860425

33%      P MAHARAJ                                         ID No. 6912225117084

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

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

 

 

DATE REGISTERED

 

27 July 2007

Registration Certificate Number: 2007/143941/23

 

It was stated that M S S BACHER and P S BACHER are resident in India and are involved in businesses there.  P MAHARAJ is reported to have a number of years experience in a similar industry.

 

 

VAT NUMBER    

 

4320241963

 

 

MAJOR OPERATION

 

Importing and sale of truck spares

 

 

 MAJOR SUPPLIERS

 

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

 

MULTI SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry, truck repair businesses, etc

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Durban & surrounds

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

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

 

 

AUDITORS    

 

M HLABANO (unconfirmed)

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

UNKNOWN

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    01/2008        declined         R20 000 -        COD account                Very good

                                               R30 000

 

 

COMMENTS

 

This is a new business that is not a general credit seeker locally.  It is suggested that all dealings be on a letter of credit basis.  The lack of financial information should be borne in mind.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.30

UK Pound

1

Rs.84.03

Euro

1

Rs.66.42

 

 

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