MIRA
INFORM REPORT
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Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.02.1993 |
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Com. Reg. No.: |
1993/003216/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Manufacturer’s agents, representing
international and local clothing companies, and apparel manufacturers. |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY NAME
Address
PHYSICAL ADDRESS:
STAMFORD HILL
POSTAL ADDRESS:
WESTVILLE
3630
TELEPHONE NUMBER: 031 303
8318 / 7310
FAX NUMBER: 031 303 8319
MEMBERS
75% R S NELL ID
No. 4807225032000
25% I L ROBERTSON (son-in law) ID No.
7806065027081
ASSOCIATE COMPANIES
KUMROY IMPORTS CC – owned by R S NELL
Registration Certificate Number : 2003/039328/23
URBAN RAGS S A CC – owned by R S NELL, I L
ROBERTSON and an overseas investor
Registration Certificate Number : 2003/039328/23
PRO EDGE CLOTHING (PTY) LTD – owned by R S NELL, I
L ROBERTSON and two other shareholders.
Registration Certificate Number : 2010/008497/07
BANKERS
STANDARD BANK, Westville Acc no. 252536851
It was stated that the subject enjoys overdraft
facilities that are unsecured.
Utilisation is stated to fluctuate.
DATE REGISTERED
11 February 1993
Registration Certificate Number: 1993/003216/23
The subject originated in 1970 as a private
company, and it was stated that R S NELL has always been involved in the
company.
VAT NUMBER
4560101281
MAJOR OPERATION
Manufacturer’s agents, representing international
and local clothing companies, and apparel manufacturers.
MAJOR SUPPLIERS
The subject deals mainly on a cash basis, however,
they have accounts with:
DAWN WING COURIERS,
TNT EXPRESS,
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Local retailers and wholesalers
AREA OF DISTRIBUTION AND SELLING
Throughout
EXPORTS
TOTAL EMPLOYEES
5
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased.
MEMBERS CONTRIBUTION
R6
Full financial information was not forthcoming
from respondents at the subject as it was stated that the business is an agency
and therefore works on a commission basis.
The subject does not carry stock and has no loans. It was stated that the turnover per annum
(commission earned) is estimated at R2 000 000.
AUDITORS
MIKE LUNN FINANCIAL SERVICES,
Pietermaritzburg
Tel no. 033 386 8030
YEAR END
FEBRUARY
INSURANCE BROKERS
BRETT WALKER,
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade
references
2. 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 in view of the absence of
a full payment pattern, we would prefer to see dealings with the subject on a
letter of credit basis. The lack of full
financial information should be borne in mind.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.02 |
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1 |
Rs.73.21 |
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Euro |
1 |
Rs.60.70 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.