MIRA INFORM REPORT

 

 

Report Date :           

18.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

GURU DEVA TRADING ENTERPRISES CC

 

 

Registered Office :

15 B, Kismet Flats, Jane Avenue, Rylands, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.03.2004

 

 

Com. Reg. No.:

2004/024664/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

importing and distribution of Indian condiments

 

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 :

Recently Commenced Business

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

GURU DEVA TRADING ENTERPRISES CC

 

                                                

PHYSICAL ADDRESS

 

15 B, Kismet Flats

Jane Avenue

Rylands

Cape Town

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 38153

Gatesville

7766

Telephone Number:                  021 637 7473

Fax Number:                             021 637 7473 Ask For Fax Line

Cellular Number:                      084 607 7473

 

 

MEMBERS

 

100%    MRS. S G GOVINDAN               D.O.B   770810

 

It was stated that the subject is managed by the husband of the member, D GOVINDAN.

 

 

ASSOCIATE COMPANIES

 

TECHNO SOFTWARE SOLUTIONS CC – dormant

(Registration Certificate Number:  2006/062635/23) in which D GOVINDAN is the sole member.

 

BANKERS

 

STANDARD BANK, Van Gate Mall, Bridgetown.

 

It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the bank.

 

It was, however, stated that D GOVINDAN, enjoys an overdraft facility in his personal capacity to an extent of R60 000 with STANDARD BANK.  Utilisation of the overdraft facility is stated to fluctuate.

 

 

DATE REGISTERED

 

15 March 2004

Registration Certificate Number: 2004/024664/23

 

The subject commenced active operations in 2010.

 

It was stated that the member, MRS. S G GOVINDAN, has always assisted her husband in his business ventures.  The respondent stated that D GOVINDAN has been in the retail trade for many years.

 

 

VAT NUMBER

 

The subject is not registered for VAT

 

 

MAJOR OPERATION

 

The importing and distribution of Indian condiments such as spices, coconuts, etc. and consumer products such as soaps, incense sticks etc.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its products from India and deals with the local forwarding and clearing agents MULTI SHIPPING in Cape Town.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and retailers

 

AREA OF DISTRIBUTION AND SELLING

 

Cape Town and surrounding areas

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

Only the member and her husband

 

The respondent stated that they employ casual workers when required.

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The heading premises are reported to be leased.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted as at March 2011:

 

STOCK                                                                                                            R200 000

DEBTORS                                                                                 mainly on a C.O.D. basis

CREDITORS                                                                              mainly on a C.O.D. basis

TURNOVER per annum                                                                   R350 000 – R400 000

 

 

ACCOUNTING OFFICER

 

THREE STAR ACCOUNTING SERVICES

Tel no: 021 702 0801

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

None for the subject

 

 

TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1 year           R30 000         up to the         30 days    30 days        Excellent

                                      c/l                 limited – every alternate month

 

 

COMMENTS

 

This is a very newly operative business, which imports most of its supplies.  The subject is meeting its only moderate commitment timeously.  We have not traced dealings to an extent of U$1 000 000 and it is suggested that dealings be to a far lesser extent on a letter of credit basis until the subject is better established.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.24

UK Pound

1

Rs.72.57

Euro

1

Rs.63.00

 

 

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.