MIRA
INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
EURO BRASS CC |
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Registered Office : |
Unit D19, Prime Park, Mooke Road, Diep River,
Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
21.10.1999 |
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Com. Reg. No.: |
1999/060011/23 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of Brass Handles (Iron Mongery). |
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
EURO BRASS CC
TRADING NAME
SOLID BRASS
PHYSICAL ADDRESS
Unit D19
Prime Park
Mooke Road
DIEP RIVER
Western Cape
POSTAL ADDRESS
P O Box 613
CONSTANTIA
7848
Telephone number: 021 761 9543 / 66
Fax number:
021 761 9569
The subject is previously reported to have
been situated at Unit 17 C, Moore Road.
MEMBERS
100% J
E HENRY ID No. 5301095123088
ASSOCIATE COMPANIES
None
BANKERS
STANDARD BANK, Constantia Branch, Account Number: 071836462. It was
stated that the subject enjoys overdraft facilities, secured by the personal
guarantee of the Member. Utilisation is
stated to be nil to partial at times.
ABSA BANK, Claremont branch, Account Number: 4064473085. It was stated
that the subject does not require overdraft facilities as credit balances are
maintained at the bank.
DATE REGISTERED
21 October 1999
Registration Certificate Number: 1999/060011/23
VAT NUMBER
4950186207
MAJOR OPERATION
Importers of brass handles (iron mongery)
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
CLOVER CARGO
UNITRACE
W & B HARDWARE
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers and wholesalers, builders
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES:
18
OTHER PREMISES
The subject has a branch in Plumstead
OWNED OR LEASED
The premises are reported to be owned by the business with a total value of R2.5 million, bonded in favour of STANDARD BANK.
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R10
000 000
DEBTORS R 2 000 000
FIXED ASSETS R 500 000
PROPERTY R 3 000 000
CREDITORS fluctuates
OVERDRAFT Nil
LOANS R 150 000
TURNOVER per month R 2 000 000
AUDITORS
N C VINCENT & ASSOCIATES
YEAR END
FEBRUARY
INSURANCE BROKERS
MARIE CLAIRE
TRADE REFERENCES – APRIL 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2002 R6
000 R 6 000 30 days 30 days Very
good
2. 1999 declined R15 000 - 30 days 30 days Good
R25
000
3. Do
not give trade references
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 8 yrs R500
000 R100 000 - 30 days 30
days Very good
c/l R400 000
2. 2002 declined R 6 000 30 days 30
days Very good
3. 1998 R
35 000 R 10 000 30
days 30 days Very good
COMMENTS
This is an
established business meeting its moderate commitments timeously. The subject is considered equal to its
normal business engagements.
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%)