MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GARGLE TRADING CC |
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Registered Office : |
75 Fifth Street, Springs, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
02.07.2007 |
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Com. Reg. No.: |
2007/120852/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distribution and Sale of Dental Products |
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 : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
GARGLE
TRADING CC
PHYSICAL ADDRESS
75
Fifth Street
Springs
Gauteng
POSTAL ADDRESS
P O Box 1906
Highlands
North
2037
Telephone Number: 011 440 5553
Fax Number: 011 440 5553
MEMBERS
50% P S MOODLEY ID No. 5104205128080
50% DR R REDDY ID
No. 5403055218086
ASSOCIATE COMPANIES
None
BANKERS
NEDBANK,
Eastgate Branch, Account Number: 1924346976.
It was stated that the subject does not require overdraft facilities as
credit balances are maintained at the bank.
DATE REGISTERED
2
July 2007
Registration
Certificate Number: 2007/120852/23
DR
R REDDY is reported to be a dentist and has his own dental practice at the
heading address. P S MOODLEY is
reported to have previously been involved in the marketing of a 4 wheel drive
company for a number of years.
VAT NUMBER
4130238233
MAJOR OPERATION
Distribution
and sale of dental products
MAJOR SUPPLIERS
FIRST
MEDICAL & DENTAL
FEDEX
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Dentists
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
On occasion to neighbouring countries
TOTAL EMPLOYEES
2 Members only
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R100
Full
financial information was not forthcoming from respondents at the subject,
however, it was stated that the turnover is between R25 000 and R30 000 per
month and the subject is currently
looking to expand the business and may import latex gloves from overseas.
AUDITORS
RADISON
FINANCIAL SOLUTIONS, West Rand
YEAR END
FEBRUARY
INSURANCE BROKERS
Done
under DR R REDDY’s dental practice
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2006 R6 000 R6
000 30 days 30 days Good
2.
Do not give trade references
COMMENTS
This is a new business that is meeting its one small account
timeously. We have not traced dealings
to an extent of $1 000 000 over DA terms and it is suggested that dealings be
on a letter of credit basis to a far lesser extent.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)