MIRA INFORM REPORT
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Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELS AGENCIES CC |
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Registered Office : |
1 Emily Road, Scottsville, Pietermaritzburg, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
1999/055507/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Retail trade , general outfitters, textiles,leather, travel accessories |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
a2 |
a2 |
|
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 |
Assessment:
The subject commenced operations in 2008 and is paying its only local
commitment on a C.O.D. basis.
Foreign creditors are paid on a cash upfront basis.
We have not traced dealings to an extent of U$1 000 000,
therefore cannot advise dealing to such an extent.
The lack of a comprehensive payment pattern should be borne in mind.
We still await a bank code.
Company Information
|
Registered
Name |
ELS AGENCIES CC |
|
Registration
Number |
1999/055507/23 |
|
Registration
Date |
20 September 1999 |
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Date Commenced
Trading |
2007 |
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History of
Business |
The subject was dormant and commenced active operations in 2007. |
|
History of
Principals |
It was stated that prior to commencing the subject the principle, C J P
ELS, was a shareholder and director in APECO (PTY) LTD, which is involved in
the importing and distribution of shoe components, leather, synthetic
materials and shoe repair materials. |
|
Shareholders/Members/Partners
of subject and % holding |
100% C J P ELS |
|
Members
Contribution |
R100 |
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Age of Company |
12 years |
|
Status |
Active |
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Operations
Assessment |
The importing, warehousing and selling of
leather. |
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Industry/
Customers |
Shoe manufacturing industry |
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Major Industry
Code / SICC |
62323 Wholesale Retail |
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Definition of
Code |
Retail trade , general outfitters,
textiles,leather, travel accessories. |
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Head Office
Physical Address |
1 Emily Road SCOTTSVILLE Pietermaritzburg Kwazulu Natal |
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Head Office
Postal Address |
P O Box 1063 PIETERMARITZBURG 3200 |
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Current Tel
Number Cell number |
033 386 2590 082 862 6671 |
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Current Fax
Number |
033 386 2590 |
The warehousing premises are situated at: 18 Failsworth Street, Avondale.
Auditors Information
|
Company Registered
Name |
CG FORD & CO INC |
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Trading Name |
None |
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Registration
Number |
Not given |
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Physical Address |
295 A Greyling Street PIETERMARITZBURG Kwazulu Natal |
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Postal Address |
P O Box 1063 PIETERMARITZBURG 3200 |
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Contact Person |
Mr. Joe Buchanan |
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Contact Number |
033 394 7616 |
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Email |
jbuchanan@futurenet.co.za |
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Principals |
2 |
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Judgements
Against Subject |
No information recorded |
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Judgements
Against Principals |
No information recorded |
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Subject Verified
as Client |
yes |
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SAICA number for
J BUCHANAN |
00118481 |
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Practice number |
925535E |
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VAT Number |
4080165907 |
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Tax Number |
9580943216 |
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BEE Status |
No |
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Financial Year
End |
March |
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Years With
Auditors |
12 |
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Website |
gcfordco@futurenet.co.za |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
|
Not applicable |
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Tax Information
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Vat Number |
4420250542 |
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Status |
Active |
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Vat Liable Date |
1 September 2008 |
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Tax Number |
9057014210 |
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Tax Clearance
Expire Date |
Yes |
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Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
None |
|
Score |
Not applicable |
|
Expire Date |
Not applicable |
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BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
Not applicable |
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ISO Certificate |
Not applicable |
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ISO Certificate
Available |
No |
|
Certified by an
Accredited Agent |
No |
Workman’s
compensation
|
Registered |
No |
|
Compliance
Certified |
No |
Company Structure
|
Branches |
The subject has a warehouse at:
18 Failsworth Street AVONDALE Pietermaritzburg Kwazulu Natal |
|
Agents |
Durban, Port Elizabeth and Cape Town |
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Subsidiary
Company |
None |
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Number of
Employees |
Only the member |
Company Fleet |
None – only the
member’s private vehicle |
Head Office
Owned/ Rented |
The head office is at the home of the member |
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Owned by |
In the personal capacity of C J P ELS. |
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Value |
Market value in the region of R1 200 000. |
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Bank |
STANDARD BANK |
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Bond |
R150 000 outstanding |
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Type of Premises |
Residential premises |
Branches Owned/
Rented |
It was stated that the warehousing facility is sub- leased from a shoe manufacturing business namely, LEGOGO SHOES. |
|
Type of Premises |
Warehousing |
Trade References
The subject imports leather from India and pays most of its foreign supplies cash against documents. The principle stated that the subject imports most of its supplies and deals locally only with its forwarding and clearing agents.
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Supplier |
Contact |
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AVIOCEAN |
031 465
5906 |
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Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
2007 |
|
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C.O.D |
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C.O.D. |
Good |
Adverse
Information on Subject
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Judgements |
None on record |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
|
Date |
Details |
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None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Deeds Information
|
Property Interest |
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Property Type: |
None |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Bank Information
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Bank |
STANDARD BANK |
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Branch |
Main branch, Pietermaritzburg |
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Bank Account
Number |
060878819 |
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Type of account |
Cheque |
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Branch Code |
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Account Name |
ELS AGENCIES CC |
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Date Opened |
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Bank Code |
C for R50 000 |
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Bank Comment |
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The respondent stated that their account is managed by the main branch
in Pietermaritzburg and not by the INTERNATIONAL TRADE SERVICES branch in
Durban.
Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Financial Information
Financial
Estimates
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CURRENT ASSETS |
|
|
Stock |
R400 000 |
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Debtors |
C.O.D. basis |
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FIXED ASSETS |
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Plant,
Equipment, Vehicles |
Nil |
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Property |
Nil |
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CURRENT
LIABILITIES |
|
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Creditors |
Upfront payments |
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LONG TERM
LIABILITIES |
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Morgage Bonds |
Nil |
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ANNUAL Turnover |
R2 500 000 |
Principals
|
Number of
Principals |
1 |
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Average Age of
Active Principals |
67 |
Active Principals
Principal 1 of 1
|
Surname |
ELS |
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First Names |
CORNELIUS, J, P |
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Marital Status |
Married |
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ID Number |
4407115043005 |
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Verified ID
Number |
Yes |
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Current Age |
67 |
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Designation |
Member |
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Status |
Active |
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Appointment Date |
|
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Address (at time of
Appointment) |
1 Emily Road SCOTTSVILLE Pietermaritzburg 3201 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
No information recorded |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
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Previous Business
Interests
|
Average Age of Previous
Business Interests |
22 |
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Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
APECO (PTY) LTD |
1989/005494/07 |
In business |
0 |
No |
The
principle resigned from the above mentioned company in 2008.
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.50 |
|
UK Pound |
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.