MIRA INFORM REPORT

 

 

Report Date :           

27.05.2011

 

IDENTIFICATION DETAILS

 

Name :

GONSENHAUSERS FINE RUGS CC

 

 

Registered Office :

Shop 4, The Palms, 145 Sir Lowry Road, Salt River, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.10.2007

 

 

Com. Reg. No.:

2007/215990/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Import of fine quality oriental carpets and wholesalers of bottom line floor coverings

 

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 :

Small Company 

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 – 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

 

 Bottom of Form

 

NotE:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

COMPANY NAME

 

GONSENHAUSERS FINE RUGS CC

 

 

PHYSICAL ADDRESS    

 

Shop 4, The Palms

145 Sir Lowry Road

Salt River

Cape Town

Western Cape

 

TELEPHONE NUMBER: 021 462 4819

FAX NUMBER:                          021 462 4819

 

 

MEMBERS

 

100%    C GONSENHAUSER     ID No. 6908165330083

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Sea Point.  It was stated that the subject enjoys overdraft facilities, secured.  Utilisation of the overdraft is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

25 October 2007

Registration Certificate Number: 2007/215990/23

 

It was stated by the respondent that the subject converted from a Sole Proprietorship that was established in 1938.

 

It was stated that the subject was originally started by L GONSENHAUSER, the grandfather of C GONSENHAUSER who took over the business in 1994.

 

 

VAT NUMBER

 

4480157967

 

 

MAJOR OPERATION

 

Import of fine quality oriental carpets and wholesalers of bottom line floor coverings.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies through ADB MCGREGOR.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and wholesalers, e.g. Boardmans.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

6

 

OTHER PREMISES

 

It was stated that the subject has a branch at Green Point, Cape Town.

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.  However, it was stated the subject’s annual turnover is in excess of R1 000 000.

 

 

ACCOUNTING OFFICER

 

BELVEDERE MANAGEMENT & FINANCIAL SERVICES

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

GRAHAM SILVER, Johannesburg

 

 

TRADE REFERENCES – JANUARY 2001

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         Nov 1999           R45 000            R20 000 -          7 days  7 days  Very Good

                        c/l         R45 000

 

TRADE REFERENCES – MAY 2009

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         5 years +          declined            R100 000          60 days 60 days Good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         ±10 years          undisclosed       ±R200 000         60 days 60 days Very Good

 

 

COMMENTS

 

This is a well established family business importing most of its supplies. The subject is meeting its one local commitment timeously, however we have not traced dealings to an extent of US$1 000 000. It is suggested that dealings be to a lesser extent on a spread and secured basis and the lack of financial information should be borne in mind.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.29

UK Pound

1

Rs.73.84

Euro

1

Rs.64.18

 

 

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.