MIRA INFORM REPORT

 

 

Report Date :

14.05.2011

 

IDENTIFICATION DETAILS

 

Name :

FINISHING TOUCH TRADING 417 (PTY) LTD

 

 

Registered Office :

417 Hilston Road, Kya Sands MIDRAND Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.09.2007

 

 

Com. Reg. No.:

2007/025851/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trading in Gasses, Chemicals, Crude-Oils, Fuels, Etc.

 

 

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 :

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

 

COMPANY NAME

 

FINISHING TOUCH TRADING 417 (PTY) LTD

 

 

TRADING NAME

 

WASAA TRADING

 

 

PHYSICAL ADDRESS

                                                            

417 Hilston Road

Kya Sands

MIDRAND

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 382

RUIMSIG

1732

 

TELEPHONE NUMBER:011 708 0538

FAX NUMBER   :           011 708 0676

 

 

SHAREHOLDERS

 

60%      MS N QONDE

40%      MS T N SIBISI

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

L L MANALA – non executive                              ID No 7001065642085

MS N QONDE                                                   ID No 7104070628089

MS T N SIBISI                                                   ID No 7511260490080

 

 

BANKERS

 

ABSA BANK, Northcliff branch.

 

It was stated that the subject enjoys an unsecured overdraft facility to the extent of R1 000 000.  The respondent stated that the overdraft is utilised for working capital purposes.

 

The subject also banks with STANDARD BANK, Clearwater Mall branch.

 

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

 

 

DATE REGISTERED

 

10 September 2007

Registration Certificate Number: 2007/025851/07

 

The subject commenced operations in January 2008.

 

It was stated that, prior to commencing the subject, that MS N QONDE was the general manager at PETRO SA while MS T N SIBISI was previously employed in the accounts department at SASOL.  The respondent stated that L L MALANA is an entrepreneur and involved in various other businesses.

 

 

VAT NUMBER

 

4370243695

 

 

TAX NUMBER

 

9112713160

 

 

MAJOR OPERATION

 

Trading in gasses, chemicals, crude-oils, fuels, etc.

 

 

MAJOR SUPPLIERS

 

EAST RAND BULK Durban

ORION FREIGHT Johannesburg

SASOL OIL Johannesburg

TANKER SERVICES Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry in general such as the hospitality industry, the industrial sector, the government, packaging industry and the agricultural sector.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES  

15 permanent employees

 

 

OTHER PREMISES        

 

None

 

The heading premises comprise of administration offices and a distribution centre.

 

 

OWNED OR LEASED  

 

The heading premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL         

 

R120

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the subject buys stock mainly on an order basis and is currently carrying approximately R100 000 worth of stock.  The respondent stated that the debtors and creditors are mainly paid upfront and that the annual turnover is in the region of R63 000 000.

 

 

AUDITORS    

 

ACCUITY

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

ABSA BROKERS

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    3 years+       open              R400 000 -      30 days    30 days        Excellent

                          R600 000       R600 000 per delivery

 

2.    3 years         R1 000 000    R1 000 000      30 days    30 days        Excellent

                          not insured                           – seasonal, purchases 2x per year

 

3.       Do not give trade references

 

4.       Cash upfront

COMMENTS

 

This is a comparatively new company, meeting its obtainable commitments timeously.  The subject is considered equal to its normal business engagements.  The lack of full financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.73.06

Euro

1

Rs.64.03

 

 

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

--

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%)

 

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.