MIRA
INFORM REPORT
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Report Date : |
19.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PREMIER HOUSEWARES CC |
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Registered Office : |
16 Mopedi Road, Sebenza, Edenvale, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
07.02.1995 |
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Com. Reg. No.: |
1995/004149/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and Distribution of Houseware Products such as
Brushes, Scourers, Textiles etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
PREMIER HOUSEWARES CC
PHYSICAL ADDRESS
16 Mopedi Road
Sebenza
EDENVALE
Gauteng
POSTAL ADDRESS
P O Box 10324
edenglen
1609
TELEPHONE NUMBER: 011 609 6536
FAX NUMBER: 011 609 6215
MEMBERS
100% H L KAHN
ASSOCIATE COMPANIES
None
BANKERS
STANDARD BANK, Edenvale branch, account number: 220125783. It was stated that the subject enjoys overdraft facilities to an extent of R4 million, secured by a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
7 February 1995
Registration certificate number 1995/004149/23
VAT NUMBER
4320149430
MAJOR OPERATION
Importing and distribution of houseware products such as brushes, scourers, textiles etc.
MAJOR SUPPLIERS
S M I INDUSTRIAL Pretoria
BRITS TEXTILES Pretoria
KINGHORN BRUSHWARE Durban
KUEHNE & NAGEL Johannesburg
ARROW BRUSHWARE
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Namibia and Botswana
TOTAL EMPLOYEES
45
OTHER PREMISES
None
OWNED OR LEASED
Leased
The following estimated financial situation was submitted:
STOCK R2 000 000
DEBTORS 30-90 days R9 000 000
FIXED ASSETS R2 000 000
CREDITORS R3 000 000
OVERDRAFT Nil
LONG TERM LIABILITIES Nil
LOANS Nil
TURNOVER per month R4 000 000
AUDITORS
KRUGER HARALAMBAUS & ASSOCIATES, 011 264 0487
YEAR END
FEBRUARY
INSURANCE BROKERS
LIONEL ISAACS
TRADE REFERENCES – NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1994 R25
000 R20 000 - 60 days 180 days Slow
R25
000
2. 10 months R600 000 R200 000 - 30 days 30
days Excellent
c/l R600 000
3. 5 yrs+ R400
000 R200 000 60 days 60 days Very
good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R100 000 R100 000 30 days 30 days Very good
2. 5 yrs declined R500 000 - 60 days 60 days Very good
R700 000
3. 07/1994 R 30
000 R 9 500 60 day 60 days Good
COMMENTS
This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms and suggest dealings be to a lesser extent well spread.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)