MIRA INFORM REPORT

 

 

 

Report Date :

23.04.2008

 

IDENTIFICATION DETAILS

 

Name :

GRAVELROAD TRADING CC

 

 

Registered Office :

Factory 2, 673 Sunset Avenue Chatsworth, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.03. 1999

 

 

Com. Reg. No.:

1999/051761/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of Footwear

 

 

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 :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

COMPANY NAME

 

GRAVELROAD TRADING CC

 

 

TRADING NAME

 

GRAVELROAD SHOES

 

 

PHYSICAL ADDRESS

 

Factory 2

673 Sunset Avenue

Chatsworth

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 56635

CHATSWORTH

4030

TELEPHONE NUMBER: 031 403 2815

FAX NUMBER:  031 403 5264

CELL NUMBER:            082 451 1540

 

 

MEMBERS

 

100%    G PILLAI           ID No. 710510 5171 086

 

 

ASSOCIATE COMPANIES

 

PILLAI FAMILY TRUST (property owning Trust)

 

 

BANKERS

 

STANDARD BANK, Chatsworth branch (044126), account number: 250614065.  It was stated the subject enjoys overdraft facilities to an extent of R70 000, unsecured.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

9 March 1999

Registration Certificate Number: 1999/051761/23

 

 

VAT NUMBER

 

4300186105

 

 

MAJOR OPERATION

 

The manufacturing of footwear

 

 

MAJOR SUPPLIERS

 

CELLETRON TECHNOLOGIES

HANSA TOOL & DYE

NICA TRANSPORT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±30

 

 

OTHER PREMISES   

 

None

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property owning Trust

 

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

 

 

AUDITORS

 

M C MAHARAJ & CO, Durban

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

ROY GOVENDER & ASSOICATES

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         3 yrs                 open                 R60 000            30 days             30 days             Good

 

2.         COD account                                                                                                     Problematic

 

3.         COD account

 

 

COMMENTS

 

This is an established business meeting most commitments on a COD basis.  It is suggested that dealings be on a letter of credit basis.  The lack of financial information 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