MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
WHEEL CASH & CARRY CC |
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Registered Office : |
Shop 2, Beatrice Street
Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
15.11.1989 |
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Com. Reg. No.: |
1989/037085/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supermarket |
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
WHEEL CASH & CARRY CC
TRADING NAME
JUMBO’S SUPERMARKET
PHYSICAL ADDRESS
Shop 2
Beatrice Street
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
As above
TELEPHONE NUMBER: 031 309 3577
FAX NUMBER: 031 309 6559
MEMBERS
45% M VALJEE ID No. 5005150103056
45% D H VALJEE (son) ID No. 7608090039085
10% J VALJEE (daughter) ID No. 7308185063088
The Membership was previously 100% MRS MAMOONA VALJEE having changed.
ASSOCIATE COMPANIES
HIMAT CASH & CARRY CC
BANKERS
STANDARD BANK, Greyville branch, account number 052710939. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
15 November 1989
Registration Certificate Number 1989/037085/23
The subject commenced as a new business.
VAT NUMBER
4450131562
MAJOR OPERATION
The subject is a supermarket. Respondents stated that they pack their own rice and beans. The rice is packaged under the name Golden Star and Golden Penny and the beans are packaged as Jumbo’s.
MAJOR SUPPLIERS
ELANGENI OIL Durban
SASKO Durban
FLEXOTHENE
TROPIC PLASTICS
WESTMEAD CASH & CARRY
IMPACT FREIGHT
MAJOR CUSTOMERS OR BUSINESS SECTORS
Public and wholesalers.
AREA OF DISTRIBUTION AND SELLING
Durban (Ulundi, Mandini and Eshowe)
EXPORTS
None
TOTAL EMPLOYEES
18
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned. Further details on the ownership of the premises were not forthcoming from respondents.
MEMBERS CONTRIBUTION
R100
Financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
GARACH & GARACH, Tel No. 031 572 4000
YEAR END
FEBRUARY
INSURANCE BROKERS
GOSURE BROKERS
TRADE REFERENCES – NOVEMBER 2002
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 5 yrs R50 000+ R50 000+ 30 days 30 days Very good
2. 8 yrs R100 000 R60 000 30 days 15 days Very good
3. 2 yrs R50 000 R50 000 - 30 days 30 days Very good
R75 000 2.5%
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1991 R150 000 R70 000 - 30 days 30 days Good
R90 000
2. 10 yrs declined R50 000 30 days 30 days Good
3. New account – have not yet purchased
4. 10/2000 R 50 000 R50 000+ 30 days 30 days Good
5. Do not give trade references
COMMENTS
This is an established business that is meeting its commitments timeously. 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 spread and secured. The lack of financial information should be borne in mind.
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%)