MIRA INFORM REPORT
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Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PROTEA SPORTS BALLS CC |
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Registered Office : |
Unit 4, Compagne Street, Kuilsriver, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
15.10.2010 |
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Com. Reg. No.: |
2010/141723/23 |
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Legal Form : |
Closed corporation |
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Line of Business : |
manufacturing of Cricket Balls |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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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) |
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South Africa |
a2 |
a2 |
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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:
This is a very new business.
Most accounts are being paid on a C.O.D. basis.
Credit dealings to an extent of
US$1 000 000 is stated to be too high.
Company Information
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Registered
Name |
PROTEA SPORTS BALLS CC |
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Trading
as / Division Name |
None |
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Previous
Name |
None |
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Date of Name
Change |
Not applicable |
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Registration
Number |
2010/141723/23 |
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Registration
Date |
15 October 2010 |
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Date Commenced
Trading |
15 October 2010 |
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History of
Business |
The subject was commenced as a new business. |
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History of
Principal |
It was established that the principal is also currently employed as a
Manager at KUILSRIVER INDOOR ARENA for 3 years. Further investigations revealed that the
husband of the principle, V D PETERSEN, is actively involved in the subject
and is also employed at KUILSRIVER INDOOR ARENA as a Marketing Manager for
the past 3 years. Prior to commencing the subject, the principle was also involved in
MAXIMUM INDOOR CRICKET CC and prior to that she was a Home Executive |
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Shareholders of
subject and % holding |
100% Mrs Norma T Petersen |
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Members
contribution |
R100 |
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Age of Company |
8 months |
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Status |
Active |
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Industry |
Manufacturing |
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Major Industry
Code |
Not applicable |
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Operations
Assessment |
The manufacturing of cricket balls under
the brand name “PROTEA”. The subject also does customized branding. |
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Major Customers |
The subject sells to SEDGARS, which is a
sports equipment retailer, who in turn sells the cricket balls to CRICKET SA. |
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Head Office
Physical Address |
Unit 4 Compagne Street KUILSRIVER Western Cape |
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Head Office
Postal Address |
As above mentioned |
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Current Tel
Number |
021 9037727 083 5251357 |
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Current Fax
Number |
021 9035964 |
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Current Email
Address |
Tax Information
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Vat Number |
Not registered for VAT |
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Vat Liable Date |
Not applicable |
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Status |
Not applicable |
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Financial Year
End |
October |
Black Economic Empowerment
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Status |
Non compliant |
ISO Status
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Type of ISO
Grade |
Non compliant |
Workman’s compensation
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Registered |
In process of registering |
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Compliance
Certified |
No |
Company Structure
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Branches |
None |
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Associated
Companies |
MAXIMUM INDOOR CRICKET CC Registration Certificate Number: 1999/063690/23 – in deregistration process |
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Number of
Employees |
3 |
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1.
Salaried
employees |
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2.
Waged
employees |
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3.
Permanent
employees |
2 |
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4.
Casual
employees |
1 when required |
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5.
Contracted
employees |
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Company Fleet |
None The principle
utilizes her own private vehicle |
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Fleet Operations |
Not applicable |
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The Fleet is
made up of |
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1.
Cars |
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2.
Light
Delivery Vehicles |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head Office
Owned/ Rented |
Rented |
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Rental Company |
PETREANZE CREATIONS (PTY) LTD |
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Lease Expire
Date |
Open agreement |
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Type of Premises |
The heading premises comprise of administration, warehousing and manufacturing
facilities, as well as an indoor action cricket arena. |
Branches Owned/
Rented |
Not applicable |
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Trade References
The subject imports cork from India.
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Supplier |
Tel |
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SPACE CLEARING
AND FORWARDING |
021 6962000 |
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SPRINT PACKAGING |
021 5343281 |
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INDUSTRIAL
URETHANES |
021 9318621 |
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ACA THREADS |
021 981
1133 |
The principle stated that the subject buys mainly on a C.O.D. basis.
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Age of Acc |
Credit Limit |
Terms |
Average Purchases |
Terms Taken |
Comment |
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February 2011 |
R5 000 |
30 days |
R3 000 – R4 000 |
30 days |
Good |
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COD basis |
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COD basis |
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Adverse Information on Subject
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Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
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Date |
None |
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None |
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Notarial Bonds
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Date |
None |
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None |
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Auditors Information
The details of the auditor have not been made available and a number of messages
have been left for the information and no further details have been given.
Should we obtain anything else, we will forward it immediately.
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Auditor |
HENNIE MEIRING |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
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N/A |
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Bank Information
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Bank |
ABSA BANK |
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Branch |
Cape Gate |
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Bank Account
Number |
Not obtained |
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Type of account |
Savings |
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Branch Code |
632005 |
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Account Name |
PROTEA SPORTS BALLS CC |
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Date Opened |
May 2011 |
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Bank Code |
The principle declined to assist with their bank account number. |
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Bank Comment |
Not applicable |
Financial Information
Financial
Estimates
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Stock |
Manufacture on order basis |
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Work in progress |
R140 000 |
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Debtors |
C.O.D. basis |
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Cash on Hand |
R25 000 – at present |
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Plant,
Equipment, Vehicles |
R1 200 000 – nett book value |
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Property |
Nil |
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Creditors |
R3 500 |
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Morgage Bonds |
Nil |
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PROJECTED
MONTHLY Turnover |
R50 000 – R60 000 |
The principle stated that the subject is a seasonal business and
therefore the monthly turnover will fluctuate.
Principals
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Number of
Principals |
1 |
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Average Age of
Active Principals |
46 |
Active
Principals
Principal 1 of 1
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Surname |
PETERSEN |
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First Names |
NORMA |
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ID Number |
6509230184081 |
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Current Age |
46 |
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Designation |
Member |
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Status |
Active |
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Appointment Date |
2010-10-15 |
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Address (at time
of Appointment) |
76 Howard Drive Northpine BRACKENFELL 7560 |
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ID Verification |
Yes |
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Marital Status |
Married in community of property |
Adverse Information on Principal
Judgement 0 of 0
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Number of
Judgements |
None on record |
Debt Review
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Debt review |
None on record |
Other
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Default data |
None on record |
Business Information on Principal
Current Business Interests
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Company Name |
Registration No |
Status |
Judgements |
Liquidation |
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MAXIMUM INDOOR CRICKET CC |
1999/063690/23 |
Deregistration
process |
Not applicable |
Not applicable |
Previous Business Interests
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Average Age of
Previous Business Interests |
Not applicable |
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Company Name |
Registration No |
Status |
Judgements |
Liquidation |
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Not applicable |
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Deeds Information
Property
Interests of Principle
We
have not deeds information on the principle, N T PETERSEN
Adverse Information on Principal
Judgement 1 of 1
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Number Of
Judgements |
None on record |
Debt Review
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Debt review |
None on record |
Other
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Default data |
None on record |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.43 |
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Euro |
1 |
Rs.63.62 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
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.