MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AKBAR ALI SAKOOR |
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Registered Office : |
109 Oriental Plaza, Commercial Road, Fordsburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
01.01. 1947 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Retailing of various Fabrics. |
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
AKBAR ALI SAKOOR
ID No. 5207225650080
TRADING NAME
JERRYS DESIGNER & BRIDAL FABRICS
PHYSICAL ADDRESS
109 Oriental Plaza
Commercial Road
FORDSBURG
Gauteng
POSTAL ADDRESS
P O Box 13146
FORDSBURG
2092
TELEPHONE NUMBER: 011 836 9990
FAX NUMBER: 011 834 7838
A S SAKOOR’S home premises are at 10 Lelangeni Street, Eldoglen, Centurion, Gauteng.
ASSOCIATE COMPANIES
HUMZA INVESTMENTS (PTY) LTD (property owning company)
SHEERPROPS 1100 CC
BANKERS
STANDARD BANK, Commercial Suites, Johannesburg, Account number 002520958. It was stated that the subject enjoys overdraft facilities. Utilisation is stated to fluctuate.
DATE REGISTERED
The subject originated on 1 January 1947 and has over the years been a partnership. It was stated that A A SAKOOR took over the business as a Sole Proprietorship in 1995.
MAJOR OPERATION
Retailing of various fabrics.
MAJOR SUPPLIERS
The subject imports 90% of its supplies and deals locally with:
TRURO SHIPPING Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
80% to the public and 20% to retailers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
15
OTHER PREMISES
The subject has a shop at C130, Grand Bazaar, Ground Floor, Oriental Plaza, Fordsburg.
OWNED OR LEASED
Both premises are reported to be owned by the associate property owning company. A A SAKOOR is reported to be married under ante-nuptial contract. His home premises and other holiday premises situated at Mpumalanga, Pretoria, Durban and Centurion are all owned under separate companies with other family members as well as trusts.
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
AUDITORS
N THALIA & CO
YEAR END
FEBRUARY
INSURANCE BROKERS
SALEYS INSURANCE
TRADE REFERENCES – JANUARY 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 16 years R150 000 R150 000 COD/30 COD/30 Very good
days days
2. Old R100 000+ R100 000 30 days 30 days Very good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 yrs open R 60 000 - 14/30days 14/30 days Good
R700 000
COMMENTS
This is a well established business meeting its commitments timeously. We have not traced dealings to an extent of US$1 500 000 over DA terms and would prefer to see a far lesser figure on a well spread and secured 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%)