MIRA INFORM REPORT

 

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

PRETTY GOOD IMPORT N EXPORT CC

 

 

Registered Office :

1c Liverpool Road Actonville Benoni Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.06.2009

 

 

Com. Reg. No.:

2009/126998/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Importers and distributors of chemicals

 

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 :

New Company

 

 

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

 

COMPANY NAME

 

PRETTY GOOD IMPORT N EXPORT CC

 

 

Address

 

PHYSICAL ADDRESS: 

1C Liverpool Road

Actonville

BENONI

Gauteng

 

POSTAL ADDRESS:    

P O Box 4100

DELPARK

1543

 

TELEPHONE NUMBER: 011 420 3627

 

FAX NUMBER:                          011 420 2329

 

It was stated by the respondent that the subject was never situated at 1A Liverpool Road.

 

 

MEMBERS

 

S HEMRAJ                   

 

It was stated by the respondent that the members are in the process of changing and that there are other members, however, the names were not forthcoming.  The Cipro records are stated to be out of date that reflect V GARG as the 100% member.

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

NEDBANK, Global Business Centre, Account Number: 1916129595.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

DATE REGISTERED

 

30 June 2009

Registration Certificate Number: 2009/126998/23

 

It was stated by the respondent that the subject commenced trading in September 2009.

 

 

VAT NUMBER    

 

4750253777

 

 

MAJOR OPERATION

 

Importers and distributors of chemicals

 

 

MAJOR SUPPLIERS

 

It was stated that the subject imports 98% of its supplies and deals locally with the clearing agent ACTIVE FREIGHT.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Foundry industry

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

11

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted as at 13 January 2011:

 

STOCK                                     R  5 000 000

DEBTORS                                 R  2 300 000

CREDITORS                              R     150 000

LOANS                                     nil

TURNOVER per annum              R20 000 000

 

 

AUDITORS    

 

BACK TO BLACK ACCOUNTING

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

CHALLENGER INSURANCE BROKERS

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 months           undisclosed       R500 000-         30 days             30 days             Very Good

                                                            R900 000

 

COMMENTS

 

This is a new business meeting its local commitment timeously.  We have not traced dealings to an extent of US$1 000 000 DA and would prefer to see a far lesser amount spread and secured.  The change in members and the lack of their identity should be borne in mind.

 

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

--

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%)

 

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.