MIRA INFORM REPORT

 

 

Report Date :           

25.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

GOLDEE TRADING 346 CC

 

 

Registered Office :

Unit 20, Amalgam Industrial Estates, 24 Bessemer Road, Amalgam, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.03.2006

 

 

Com. Reg. No.:

2006/034599/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers and wholesalers of stainless steel, terri-towelling, biscuits and plasticware, thermoware

 

RATING & COMMENTS

 

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

Payment Behaviour :

Regular

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

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

 

GOLDEE TRADING 346 CC

 

TRADING NAME 

 

SNS TRADERS

 

 

PHYSICAL ADDRESS

 

Unit 20

Amalgam Industrial Estates

24 Bessemer Road

Amalgam

Johannesburg

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 1161

Crown Mines

2025

Telephone Number:                  011 839 0201

Fax Number:                             011 839 0201 (Ask For Fax)

 

 

MEMBERS

 

100%    SAMARTH SHAH          ID. No. 8409275980188

 

 

ASSOCIATE COMPANIES

 

The subject has other close corporations that were registered for other business ventures, but they are stated to be dormant at present.

 

 

BANKERS

 

HABIB OVERSEAS BANK. Account Number 11222207141001 as well as STANDARD BANK, Johannesburg Branch. Account Number 330247336. It was stated that the subject does not require overdraft facilities at either of the banks, as credit balances are maintained at both banks.

 

 

DATE REGISTERED

 

7 March 2006

Registration Certificate Number: 2006/034599/23

 

It was stated that S SHAH was previously in partnership in a similar business trading as BUNTY WHOLESALERS for approximately 2 years., however, the partnership was dissolved.

 

 

VAT NUMBER

 

4160230365

 

 

MAJOR OPERATION

 

Importers and wholesalers of stainless steel, terri-towelling, biscuits and plasticware, thermoware.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies and deals locally with the clearing agents:

 

TRANS GLOBAL CARGO, Johannesburg

 

The subject has been dealing with the above shipper for ±1 year and previously dealt with M AND F SHIPPING, Johannesburg.

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Neighbouring territories – Namibia, Botswana, Angola and Lesotho

 

 

TOTAL EMPLOYEES

 

±16

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased and cover an area of 2 000m2.

 

 

MEMBERS CONTRIBUTION

 

R10

 

The following estimated financial situation was submitted as at 31 March 2011:

 

STOCK                                                                         R3 000 000 – R4 000 000

DEBTORS                                                                                         R   500 000

FIXED ASSETS                                                                                  R1 500 000

CREDITORS                                                                   US$40 000 – US$50 000

MEMBERS LOANS                                                                            R   800 000

TURNOVER per annum                                                  R7 000 000 – R8 000 000

AUDITORS    

 

PRICEWATERHOUSECOOPERS

 

 

BOOKKEEPERS  

 

MAC PATEL BROTHERS, Johannesburg

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SOLID BROKERS

 

 

TRADE REFERENCES – JUNE 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years+       R100 000       R45 000 -        30 days    30 days        Good

                          c/l                 R50 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    May 2010     R500 000       R200 000-       30 days    30 days        Very Good

                          c/l                 R600 000        they are late for the first time this

                                                                     month, being 6 days overdue, but

                                                                     the shipper is not worried in view of

                                                                     the conduct of the account.

 

COMMENTS

 

This is an established business that is not a general credit seeker locally.  The subject is considered equal to its normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

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.