MIRA
INFORM REPORT
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Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
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Name : |
INGWE GLOBAL TRADING |
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Registered Office : |
305 Urban Street Erasmia Centurion |
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Country : |
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Year of Establishments : |
2003 |
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Legal Form : |
Sole Proprietory |
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Line of Business : |
Steel merchant company and also imports and distributes various machines, pumps, generators, building materials, fasteners and related 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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 |
SOLE PROPRIETOR
MAGRIETA COETZEE
ID No: 4608200016083
TRADING NAME
INGWE GLOBAL TRADING
PHYSICAL ADDRESS
305 Urban Street
ERASMIA
Centurion
POSTAL ADDRESS: As above mentioned
TELEPHONE NUMBER: 012 370 2167
FAX NUMBER: 012 370 2167 ask for
fax line
CELLULAR NUMBER: 082 783 4277
ASSOCIATE COMPANIES
None
BANKERS
ABSA BANK, Centurion branch.
It was stated that the subject enjoys an unsecured
overdraft facility to an extent of R120 000.
It was stated that the overdraft facility is utilised as a bridging
facility at month end.
DATE STARTED
2003
The subject was commenced as a new business. The respondent stated that MRS. M COETZEE has
been involved in the steel industry for 42 years and prior to commencing the
subject she was the Managing Director at ARCELOR MITTAL.
We contacted the Human Resources Department of
ARCELOR MITTAL to confirm her position at the company. The Human Resources Department was unable to
trace her as having been an employee, under her name or under her ID Number.
VAT NUMBER
4080220017
MAJOR OPERATION
The subject is a steel merchant company and also
imports and distributes various machines, pumps, generators, building
materials, fasteners and related products.
MAJOR SUPPLIERS
It was stated that the subject imports from
MULTI SHIP GLOBAL,
NEW ALOE FASTENERS,
VULCANIA REINFORCING,
KAPICO SA,
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Building contractors, distributors and end users.
AREA OF DISTRIBUTION AND SELLING
Mainly
EXPORTS
It was stated that the subject exports to 3rd world countries
such as
TOTAL EMPLOYEES
None – only the owner
OTHER PREMISES
None
OWNED OR LEASED
It was established that the office is at the home
of
MRS. M COETZEE, which is owned in her personal
capacity, market value in the region of R1 200 000, bonded in favour of ABSA
Bank for an outstanding amount of R45 000.
The respondent stated that MRS. M COETZEE is
divorced and owns no additional property in her personal capacity.
The following estimated financial situation was
submitted:
STOCK nil –
back to back stock
DEBTORS mainly
upfront payments
CREDITORS mainly
on a C.O.D. basis
TURNOVER per annum R5
000 000 – R7 000 000
AUDITORS
MRS. M COETZEE
YEAR END
FEBRUARY
INSURANCE BROKERS
OUTSURANCE
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Closed for the Christmas
period
2. 2005 R100 000 R50 000 30
days 30 days Excellent
Open
account -R100 000
3. 2007 R15 000 R1 000 30
days 30 days Excellent
-R15
000
4. Awaiting a fax trade
reference response
COMMENTS
This is a well established business meeting its commitments
timeously.
Suppliers speak highly of the subject.
We have not traced dealings to an extent of US$1 000 000 and it is
suggested that dealings be to a lesser extent on a secured 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.45.16 |
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1 |
Rs.70.64 |
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Euro |
1 |
Rs.58.68 |
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 |
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NB |
New Business |
-- |
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.