MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANDARINA TRADING 114 CC |
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Registered Office : |
279 Gale Street, Umbilo, Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
02.01.2002 |
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Com. Reg. No.: |
2002/000023/23. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Distributors of Clothing |
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
MANDARINA TRADING 114 CC
PHYSICAL ADDRESS
279 Gale Street
Umbilo
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
PostNet Suite 183
Private Bag X04
DALBRIDGE
4014
TELEPHONE NUMBER:
031 306 2697
FAX NUMBER: 031 306 2699
MEMBERS
100% N AGARWAL (resident in USA) D.O.B. 760819
ASSOCIATE COMPANIES
None
BANKERS
FIRST NATIONAL BANK, Durban Port Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
2 January 2002
Registration Certificate Number: 2002/000023/23.
VAT NUMBER
4120197860
MAJOR OPERATION
Importers and distributors of clothing
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
NOMAD FREIGHT
EDWARD JOHN SHIPPING.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retail chain stores, e g EDGARS and TRUWORTHS
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
7
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased.
MEMBERS CONTRIBUTION
R10
The following estimated financial situation was submitted:
STOCK R 2 000 000
DEBTORS R 1 000 000
TURNOVER R20 000 000
AUDITORS
GARACH & GARACH
YEAR END
FEBRUARY
INSURANCE BROKERS
T SLATER
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. COD Account
2. 5 yrs R300 000 R250 000 30 days 30 days Very good
COMMENTS
This is an
established business which imports most of its supplies. The subject is meeting its one obtainable
commitment timeously and also deals with another supplier on a COD basis. We have not traced dealings to an extent of
US$1 000 000 over DA terms and would prefer to see a far lesser amount on a letter
of credit basis in view of the fact that the sole Member is resident in the
USA.
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%)