MIRA INFORM REPORT

 

 

Report Date :

31.01.2011

 

IDENTIFICATION DETAILS

 

Name :

AQUILLA BUSINESS DEVELOPMENT (PTY) LTD

 

 

Registered Office :

Unit C H S I, 13 Betschana Road, Sebenza, Edenvale, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.03.1999

 

 

Com. Reg. No.:

1999/024550/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesaler of security products

 

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

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

COMPANY NAME

 

AQUILLA BUSINESS DEVELOPMENT (PTY) LTD

 

 

TRADING NAME

 

L AND B SECURITY WHOLESALERS

 

 

PHYSICAL ADDRESS    

 

Unit C H S I

13 Betschana Road

Sebenza

Edenvale

Gauteng

 

 

Postal Address

 

P O Box 7823

Birchleigh

1621

Telephone Number:                  011 452 6993

Fax Number:                             011 452 6994

 

 

SHAREHOLDERS

 

50%      V S PITOUT

50%      B G PITOUT (son)

 

 

ASSOCIATE COMPANIES    

 

None

 

DIRECTORS

 

V S PITOUT                   ID No. 5204065035001

B G PITOUT (son)          ID No. 7912015122087

 

 

BANKERS

 

NEDBANK, Glenacres branch.  It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

11 March 1999

Registration Certificate Number 1999/024550/07

 

The subject utilised a dormant company for registration purposes and commenced trading in March 2005.

 

It was stated that prior to commencing the subject V S Pitout was employed at a security company for 2 years and B G Pitout was employed at the same security company for approximately 6 years.

 

 

VAT NUMBER          

 

4930218484

 

 

MAJOR OPERATION

 

Wholesaler of security products

 

 

MAJOR SUPPLIERS

 

The subject imports 50% of its supplies and deals locally with:

 

ULTRA FAB

ASSA ABLOY

REGAL SECURITY

KNOB & KNOCKER

KINTETSU

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Hardware stores, locksmiths and security companies.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

30

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

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

 

AUDITORS    

 

T VOSLOO & ASSOCIATES

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

CIB

 

 

TRADE REFERENCES – OCTOBER 2006

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                2 yrs            R150 000       R50 000          30 days    30 days        Good

 

2.                1 yr              R60 000         R30 000          30 days    30 days        Very good

 

3.                8 months      R30 000         declined          33 days    33 days        Good

 

 

TRADE REFERENCES – DECEMBER 2007

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Old acc       open              R200 000        30 days    30 days        Good

 

2.                2005             R  60 000       R  15 000 -      30 days    30 days        Excellent

                                                           R  23 000                        EFT

 

3.                08/2005        R150 000       R  40 000        30 days    35-40 days    Good

 

TRADE REFERENCES – FEBRUARY 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                4-5 years      open              R200 000-       30 days    30-37 days    Good        

                                      c/l                 R300 000       

 

2.                2005             R60 000         R  30 000-       30 days    30 days        Good

                                      c/l                 R  40 000        2.5%        2.5%

 

3.                2005             R180 000       R  30 000-       30 days    120 days      Very Slow

                                      c/l with CGIC  R100 000

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1 year           R100 000       R 30 000         30 days   50 days        Slow

                                      c/l

 

2.                Have not purchased in a while

 

3.       Do not give trade references

 

4.       Old acc                    Undisclosed   R100 000-       30 days    30 days+      Average

                                                           R200 000

 

 

COMMENTS

 

This is an established company meeting its commitments over terms.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see all dealings with the subject on a letter of credit basis only.

 

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.