MIRA INFORM REPORT

 

 

 

Report Date :

26.09.2008

 

IDENTIFICATION DETAILS

 

Name :

ISLAMIC ART TRADING COMPANY (PTY) LTD

 

 

Registered Office :

Plot 73, Bard Street Raslouw, Centurion, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.01.1984

 

 

Com. Reg. No.:

1984/000225/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Sale of Persian Carpets

 

 

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 :

Unknown

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

ISLAMIC ART TRADING COMPANY (PTY) LTD

 

 

TRADING NAME

 

RAVATS PERSIAN CARPET GALLERY

 

 

PHYSICAL ADDRESS

 

Plot 73

Bard Street

Raslouw

CENTURION

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 52269

WIERDAPARK

0149

TELEPHONE NUMBER: 012 666 8628

FAX NUMBER:  012 666 9224

 

 

SHAREHOLDERS

 

A RAVAT

E RAVAT

M RAVAT

 

 

ASSOCIATE COMPANIES

 

MUFF INVESTMENTS (PTY) LTD

 

 

DIRECTORS

 

A RAVAT (son)  ID No. 8305095252081

E RAVAT          ID No. 3701135102085

M RAVAT (wife) ID No. 5409140120088

 

 

BANKERS

 

ABSA BANK, Centurion branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the Shareholders.   Utilisation is stated to be occasional.

 

 

 DATE REGISTERED

 

11 January 1984

Registration Certificate Number: 1984/000225/07

 

The subject commenced as a Sole Proprietorship in 1980.

 

 

VAT NUMBER

 

4480107871

 

 

MAJOR OPERATION

 

Importing and sale of Persian carpets

 

 

MAJOR SUPPLIERS

 

The subject imports all its supplies and deals locally with:

 

KODIAK SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Botswana and UK

 

 

TOTAL EMPLOYEES

 

15

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by an associate company

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         R10 000 000

DEBTORS                     mainly cash trade

FIXED ASSETS             R300 000 – R     400 000

CREDITORS                  fluctuates

OVERDRAFT                Nil

LOANS                         Nil

TURNOVER per annum  R12 000 000

 

 

AUDITORS    

 

OSMAN MOOSA & ASSOCIATES

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

RELIANCE

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         3½ yrs              R100 000          R100 000          30 days             30 days             Very good

                                                            Up to

 

COMMENTS

 

This is an established family business that is not a general credit seeker locally.  We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see dealings to a lesser extent well spread and secured.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.43

UK Pound

1

Rs.85.38

Euro

1

Rs.67.95

 

 

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