MIRA INFORM REPORT

 

 

Report Date :

29.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

JUGANATHAN REDDY

 

 

Registered Office :

15 Booysens Road, Ophirton, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

1987

 

 

Legal Form :

Sole Proprietorship Concern.

 

 

Line of Business :

Retailers of motor 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 :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

SOLE PROPRIETOR

 

JUGANATHAN REDDY

 

ID NO: 6008075189057

 

 

TRADING NAME

 

REDDYS MOTOR SPARES

 

 

PHYSICAL ADDRESS    

 

15 Booysens Road

OPHIRTON

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 
P O Box 42668

FORDSBURG

2033

Telephone Number:                     011 493 7330

Fax Number:                              011 493 1211

 

It was stated by the respondent that the address of 15 Ophir Booysens Road, Ophirton, Johannesburg used to be a branch premises of the subject.

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, account number 62029905166. The subject no longer banks with NEDBANK.  Further information regarding banking facilities was declined by respondents at the business.

 

 

DATE STARTED

 

The subject was started in 1987.

VAT NUMBER

 

4440121970

 

 

MAJOR OPERATION

 

Retailers of motor spares.

           

 

MAJOR SUPPLIERS

 

COMMERCIAL AUTO PARTS

 

DANNYS AUTOMOTIVE

 

M I T AUTOPARTS

 

VALUE LOGISTICS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The motor industry and the general public.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

40

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by Mr Reddy in his personal capacity. It was stated by the respondent that Mr Reddy is married in community of property and owns his home premises in his personal capacity.

 

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

 

 

AUDITORS

 

MUHSIN KHOTA

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS    

 

UNINSURED    

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    3 Yrs+          R40 000         R30 000-         30 days    30 days        Excellent

                          c/l                 R40 000

 

2.    10 Yrs+        R100 000       R20 000          30 days    30 days        Excellent

                                                                     10%         10%

 

 

3.    5 Yrs+          declined         R50 000          30 days    30 days        Good        

 

 

COMMENTS

 

This is an established sole proprietorship meeting its moderate 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 on a spread and secured basis.

 

 

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