MIRA INFORM
REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CORDISPEX CC |
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Registered Office : |
63 River Horse Road, River Horse Industrial
Park, Durban, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
04.05.2010 |
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Com. Reg. No.: |
2010/059742/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Importers and wholesalers
of various merchandise such as home ware, linen, pillows, curtains etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Nb |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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South Africa |
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 |
Note:
(The
information contained in this report, other than comment by outside
authorities, has been voluntarily supplied by Officials of the subject):
COMPANY
NAME
CORDISPEX CC
PHYSICAL
ADDRESS
63 River Horse Road
River
Horse Industrial Park
Durban
Kwazulu
Natal
POSTAL
ADDRESS
P O Box 2939
Durban
4000
Telephone Number: 031 569 6361
Fax Number: 031 569 6362
Cellular Number: 083
378 5568
MEMBERS
100% A MAHARAJ ID No. 701010594082
ASSOCIATE
COMPANIES
None
BANKERS
STANDARD BANK, Greyville branch, account number: 281640890.
It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the above mentioned bank.
DATE
REGISTERED
4 May 2010
Registration Certificate Number: 2010/059742/23
The subject was commenced as a new business.
It was stated that prior to commencing the subject, A MAHARAJ was a member in his father’s business, EXQUISITE INDENTS CC for 12 years.
VAT
NUMBER
Awaiting a response from the member
The investigator was unable to obtain a VAT Registration Number from SARS.
MAJOR
OPERATION
Importers and wholesalers of various merchandise such as home ware, linen, pillows, curtains etc.
MAJOR
SUPPLIERS
The subject imports from China and India and deals with the local forwarding and clearing agent UTI in Durban.
Several messages were left for the member to assist the investigator with the names of the subject’s South African suppliers. To date no reply has been forthcoming.
MAJOR
CUSTOMERS OR BUSINESS SECTORS
Retail chain stores and independent retailers
AREA
OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
None
TOTAL
EMPLOYEES
10 permanent employees
OTHER
PREMISES
None
OWNED
OR LEASED
The heading premises
are reported to be leased.
MEMBERS
CONTRIBUTION
R100
The following estimated financial situation was
submitted:
STOCK R750
000 – R 1 000 000
DEBTORS R 1 500 000
CREDITORS R500
000 – R 600 000
TURNOVER anticipated
annual turnover for 2011 R30
000 000
AUDITORS
The member stated that the subject recently changed their auditors.
Several
messages were left for the member to assist the investigator with the name of
the new auditors. To date no reply has
been forthcoming.
YEAR
END
FEBRUARY
INSURANCE
BROKERS
MARKU
BROKERS
TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
COMMENTS
This is a very new business, which is stated to import substantially. In view of the infancy of the subject and the lack of a payment pattern, it is suggested that all dealings be on a letter of credit basis, until the subject is better established.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
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|
1 |
Rs.7208 |
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Euro |
1 |
Rs.63.66 |
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.