MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

CONCORDIA ARTS AND CRAFTS (PTY) LTD

 

 

Registered Office :

95, 11th Road, Kew, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.12.1989

 

 

Com. Reg. No.:

1989/007329/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturing of hospital furniture and importing and distribution of medical and beauty salon equipment

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

CONCORDIA ARTS AND CRAFTS (PTY) LTD

 

 

TRADING NAME 

 

CONCORDIA MEDICAL SPECIALITIES

 

 

PHYSICAL ADDRESS    

 

95, 11th Road

Kew

Johannesburg

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 37061

Birnam Park

2015

Telephone Number:                  011 887 0850

Fax Number:                             011 887 2262

 

 

SHAREHOLDERS

 

100% A A DOCRAT

It was stated that the shareholders were formerly 33.3% each for S ABED, A VAID and A A DOCRAT.

 

 

ASSOCIATE COMPANIES

 

CRIMSON KING PROPERTIES (PTY) LTD

 

DIRECTORS

 

·         A A DOCRAT                      ID No: 4810065102053

·         B A DOCRAT (Son)              ID No: 8001095189080

·         Y A DOCRAT (Son)              ID No: 7502155033085

·         A VAID                               ID No: 4710255015056

 

 

BANKERS

 

FIRST NATIONAL BANK, Melrose Arch branch, account number 51470371371.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

11 December 1989

Registration Certificate Number 1989/007329/07

 

 

VAT NUMBER          

 

4220116901

 

 

MAJOR OPERATION

 

Manufacturing of hospital furniture and importing and distribution of medical and beauty salon equipment

 

 

MAJOR SUPPLIERS

 

·         ROBOR PRECISION TUBE

·         BOSAL  Pretoria

·         WELCH ALLYN

·         LOGWIN

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Medical sector and beauty salons

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Neighbouring countries

 

 

TOTAL EMPLOYEES

 

25

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are stated to be leased.

 

 

ISSUED SHARE CAPITAL    

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                                             R     500 000

DEBTORS                                                                                         R  1 000 000

FIXED ASSETS replacement value                                      R200 000 -R     300 000

CREDITORS                                                                                     R     600 000

LOANS from A A Docrat                                                                     R     300 000

TURNOVER per annum                                                                      R11 000 000

 

AUDITORS

 

ABOO KALOO & CO

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

RELIANCE

 

 

TRADE REFERENCES – APRIL 2004

 

                  ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                10 yrs           R80 000         R20 000 -       60 days      30 days        Excellent

                          c/l                 R60 000

 

2.    2001             R120 000       varies             30 days      30 days        Excellent

                          c/l

 

3.    1996             R100 000       R20 000 -       14 days      14 days        Very good

                          c/l                 R60 000

 

 

TRADE REFERENCES – SEPTEMBER 2007

 

      ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc       declined         declined         30 days      30 days        Good

 

2.    10 yrs+         R  80 000       R20 000-        60 days      30 days        Very good

                                               R30 000

 

3.    Nov 2001      R120 000       R  7 000-        30 days      30 days        Excellent

                                               R60 000

 

4.    Do not give trade references.

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years+     declined         figures             30 days    30 days        Very Good

 

2.    1997             R200 000                             60 days    60 days        Very Good

                          c/l

 

3.    1996             R150 000       R130 000        14 days    14 days        Very Good

                          c/l

 

 

COMMENTS

 

This is an established company meeting its commitments timeously, however, we have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.50

UK Pound

1

Rs.73.07

Euro

1

Rs.61.63

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.