MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ETHEREAL LIFESTYLE PRODUCTS CC

 

 

Formerly Known As :

MELTRADE 65 CC

 

 

Registered Office :

47 Windsor Avenue, Umhlanga Ridge, Umhlanga, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.02.2001

 

 

Com. Reg. No.:

2001/011310/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers and distributors of home apparel and home furniture

 

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 :

Unknown

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

 

ETHEREAL LIFESTYLE PRODUCTS CC

 

Formerly MELTRADE 65 CC, the name having been changed on 12 November 2001.

 

 

PHYSICAL ADDRESS

 

47 Windsor Avenue

Umhlanga Ridge

Umhlanga

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

As Above

Telephone Number:                  031 561 4500

Fax Number:                             031 561 4604

 

 

MEMBERS

 

100%    C C SMITH        ID No. 6904250147086

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Cape Town branch

 

It was stated that the subject enjoys overdraft facilities to an extent of R180 000 secured by the personal guarantee of the member.  Utilisation is stated to fluctuate.

 

DATE REGISTERED

 

23 February 2001

Registration Certificate Number: 2001/011310/23

 

 

VAT NUMBER

 

41201983562

 

 

MAJOR OPERATION

 

Importers and distributors of home apparel and home furniture

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies and deals locally with:

 

MICOR SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retail stores i.e. MR PRICE, LOADS OF LIVING, EDGARS and WOOLWORTHS

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

TOTAL EMPLOYEES

 

2

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be the home premises of C C SMITH and owned in her personal capacity.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted as at 18 January 2011:

 

STOCK                                                                 R150 000 - R   200 000

DEBTORS                                                                             R . 900 000

CREDITORS                                                                          R   500 000

OVERDRAFT                                                                          Fluctuates

TURNOVER per annum                                                           R5 000 000

 

 

AUDITORS    

 

It was stated by respondents that they are currently changing their auditors and have not decided on who their new auditors will be.  The subject previously dealt with FRYMER BYWATER MACKAY-DAVIDSON.

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

KATZ BRESKELL

 

TRADE REFERENCES – MAY 2008

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

 

COMMENTS

 

This is an established small business that is not a general credit seeker locally.  We have not traced dealings or are able to speak to a figure of US$1 000 000 DA terms and would prefer to see dealings on a letter of credit basis. 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

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.