MIRA INFORM REPORT

 

 

Report Date :

29.01.2011

 

IDENTIFICATION DETAILS

 

Name :

WEST GERMANY DISTRIBUTORS CC

 

 

Registered Office :

Unit 2, 214 Rochdale Road, Seacow Lake, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.07.2007

 

 

Com. Reg. No.:

2007/143941/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importing and sale of truck spares

 

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 :

Slow

 

 

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

 

WEST GERMANY DISTRIBUTORS CC

 

 

PHYSICAL ADDRESS

 

Unit 2

214 Rochdale Road

Seacow Lake

Durban

Kwa-Zulu Natal

 

 

Postal Address

 

Unit 2

214 Rochdale Road

Seacow Lake

Durban

Kwa-Zulu Natal

 

Telephone Number:                  031 577 6573

Fax Number:                             031 577 6581

 

 

MEMBERS

 

100%    P MAHARAJ                 ID No. 6912225117084

 

The membership changed in 2009 and was previously 34% M S S BACHER (resident in India), 33% P S BACHER (resident in India) and 33% P MAHARAJ.

 

 

ASSOCIATE COMPANIES

 

None


BANKERS

 

FIRST NATIONAL BANK, Briardene branch.  It was stated that the subject enjoys overdraft facilities secured by the personal guarantee of the member.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

27 July 2007

Registration Certificate Number: 2007/143941/23

 

P MAHARAJ is reported to have a number of years experience in a similar line of business .

 

 

VAT NUMBEr

 

4320241963

 

 

MAJOR OPERATION

 

Importing and sale of truck spares

 

 

MAJOR SUPPLIERS

 

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

 

PRO LOGISTICS, Johannesburg and previously dealt with MULTI SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry, truck repair businesses, etc

 

 

AREA OF DISTRIBUTION AND SELLING

 

Durban and surrounding Kwazulu-Natal areas

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

8

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

NADINE SMITH (Tel No. 083 792 3388)

 

 

YEAR END    

 

FEBRUARY

 

INSURANCE BROKERS 

 

KAIZER BIRD

 

 

TRADE REFERENCES – JULY 2008

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                01/2008        declined         R20 000 -        COD account                Very good

                                                           R30 000

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                ±3 years       R300 000       R300 000        30 days    30-90 days    Fair

 

 

COMMENTS

 

This is an established business which is not a general credit seeker locally.  The subject is however meeting its local commitment over terms and it is suggested that all dealings be on a letter of credit basis.  We have not traced dealings to an extent of US$1 000 000 over DA terms and are not in a position to recommend maximum credit dealings in view of the slow payment pattern.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

 

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.