MIRA INFORM REPORT

 

 

Report Date :

12.06.2008

 

IDENTIFICATION DETAILS

 

Name :

BULK BAGS & PALLETS CC

 

 

Registered Office :

28/171 Hawaii Drive, Randjesfontien, Midrand, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

24.11.1997

 

 

Com. Reg. No.:

1997/062753/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import and Distribution of Bulk Bags and Polypropylene Bags and Other Items for the Mining 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

 

BULK BAGS & PALLETS CC

 

 

PHYSICAL ADDRESS

 

28/171 Hawaii Drive

Randjesfontien

MIDRAND

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 50243

RANDJIESFONTEIN

1685

TELEPHONE NUMBER: 011 314 8074

FAX NUMBER:              011 314 5498

CELLULAR NUMBER:    083 6280882

 

 

MEMBERS

 

100%    J D E AYLWARD           ID No. 4101085062083

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

ABSA BANK, Midrand.  It was stated that the subject enjoys overdraft facilities, secured by the member’s guarantee and a cession of debtors.  Utilisation of the overdraft is stated to be partial.

 

 

DATE REGISTERED

 

24 November 1997

Registration Certificate Number  1997/062753/23

 

The subject was commenced as a new business.

 

 

 

 

VAT NUMBER    

 

4650171921

 

 

MAJOR OPERATION

 

Import and distribution of bulk bags and polypropylene bags and other items for the mining sector.

 

 

MAJOR SUPPLIERS

 

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

 

SEACARGO East Rand

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mining sector and industry in general.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be the home premises of the Member owned in his personal capacity.

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.  However, it was stated that the turnover per month is R4 000 000, there is no stock and debtors are C.O.D.

 

 

AUDITORS

 

GROBLER ACCOUNTANTS, Pretoria

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HILARY AGRELLA I.B. Randburg

 

 

TRADE REFERENCES – AUGUST 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         3  yrs                open                 R50 000            7 days              7 days              Good

 

 

 

COMMENTS

 

This is an established business meeting its local commitment timeously.  The subject is considered equal to its normal business engagements, secured.

 

 

 

 

 

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