MIRA INFORM REPORT

 

 

Report Date :

16.05.2008

 

IDENTIFICATION DETAILS

 

Name :

ETHEREAL LIFESTYLE PRODUCTS CC

 

 

Registered Office :

47 Windsor Avenue, Umhlanga Ridge, Umhlanga, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.02. 2001

 

 

Com. Reg. No.:

2001/011310/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Distributors of Home Apparel and Home Furniture

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

 

 

COMPANY NAME

 

ETHEREAL LIFESTYLE PRODUCTS CC

 

 

PHYSICAL ADDRESS

 

47 Windsor Avenue

Umhlanga Ridge

UMHLANGA

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

As above

TELEPHONE NUMBER: 031 561 4500

FAX NUMBER:  031 561 4604

 

The subject moved from 4th Floor, New Market Junction, Dorset Street, Cape Town in March 2007.

 

 

MEMBERS

 

100%    C C SMITH        ID No. 6904250147086

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Cape Town branch.  It was stated that the subject enjoys overdraft facilities.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

23 February 2001

Registration Certificate Number: 2001/011310/23

 

 

 

 

VAT NUMBER    

 

41201983562

 

 

MAJOR OPERATION

 

Importers and distributors of home apparel and home furniture

 

 

 MAJOR SUPPLIERS

 

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

 

MICOR SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retail stores i.e. Mr Price, Loads of Living and Woolworths

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

2

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be the home premises of C C SMITH and owned in her personal capacity.

 

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK R     300 000

DEBTORS         R1 500 000 – R  2 000 000

CREDITORS      R     500 000

OVERDRAFT    Nil

TURNOVER per annum  R12 000 000

 

 

AUDITORS    

 

BHAGAT GINA & ASSOCIATES

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

KATZ BRESKELL

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

 

COMMENTS

 

This is an established business that is not a general credit seeker locally.  We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see dealings on a letter of credit basis.  The lack of a payment pattern should be borne in mind.

 

 

 

 

 

 

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