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MIRA INFORM REPORT
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Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
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Name : |
EXQUISITE INDENTS (PTY) LTD |
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Registered Office : |
63 Riverhorse Road, Riverhorse Industrial Estate, Effingham, Durban, Kwazulu
Natal |
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Country : |
South Africa |
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Date of Incorporation : |
15.09.1992 |
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Com. Reg. No.: |
1992/005305/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Importing and wholesaling of home ware |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Africa |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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 an established company.
The subject is meeting commitments slightly over terms.
In view of the lack of financial information and a bank code we are
unable to speak to an amount of US$1 500 000.
Company Information
|
Registered
Name |
EXQUISITE INDENTS (PTY) LTD |
|
Registration
Number |
1992/005305/07 |
|
Registration
Date |
15 September 1992 |
|
History of
Business |
The subject was commenced as a new business in September 1992. |
|
History of
Principals |
|
|
Shareholders of
subject and % holding |
100% R MAHARAJ |
|
Authorised Share
Capital |
R100 divided into 100 ordinary shares of R1 each |
|
Issued Share Capital/Members
Contribution |
R100 |
|
Age of Company |
19 years 2 months |
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Status |
Active |
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Operations
Assessment |
Importing and wholesaling of home ware. |
|
Industry/
Customers |
Retail chain stores e.g. Mr. Price Home |
|
Area of
Distribution |
South Africa |
|
Export |
None |
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Major Industry
Code / SICC |
61399 WHOLESALE
RETAIL |
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Definition of
Code |
Wholesale trade in other household goods
n.e.c |
|
Head Office
Physical Address |
63 Riverhorse Road Riverhorse Industrial Estate EFFINGHAM Durban KwaZulu Natal It was stated that the subject moved from the premises 2nd
floor, 124 West Street, Durban |
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Head Office
Postal Address |
P O Box 2939 DURBAN 4000 |
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Current Tel
Number Cell number |
031 569 6361 / 6300 082 446 9773 |
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Current Fax
Number |
031 569 6362 |
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Current Email
Address |
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|
Web Site Address |
None |
Auditors Information
|
Auditors Name |
LOGIE GOVENDER & CO |
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Entity |
Sole proprietorship |
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Physical Address |
691 Umgeni Road BEREA Durban KwaZulu Natal |
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Postal Address |
P O Box 47682 GREYVILLE 4023 |
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Contact Person |
Desireen Govender |
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Contact Number |
031 312 7521 |
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Email |
|
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Principals |
Loganathan Govender ID No. 4807035179054 |
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Judgements
Against Subject |
None |
|
Judgements
Against Principals |
None |
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Subject Verified
as Client |
Yes |
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SAICA number |
910120E |
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VAT Number |
4160102655 |
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BEE Status |
None |
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Financial Year
End |
February |
|
Years With
Auditors |
19 years |
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Website |
None |
Previous Auditors
|
Company Name/ Tel |
Time With Previous
Auditors |
|
No information on record |
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Tax Information
|
Vat Number |
4120137403 |
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Status |
Active |
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Vat Liable Date |
1 February 1993 |
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Tax Number |
9545087844 |
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Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
None |
ISO Status
|
Type of ISO
Grade |
None |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
No |
Company Structure
|
Branches |
None |
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Subsidiary
Company |
None |
|
Number of
Employees |
50 |
|
1.
Salaried
employees |
√ |
|
2.
Waged
employees |
√ |
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3.
Casual
employees |
The subject
occasionally employs casual staff |
Company
Fleet |
No of vehicles: |
|
Fleet
Operations |
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The
Fleet is made up of |
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1. Cars |
2 |
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2. Light Delivery Vehicles |
1 |
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3. Trucks |
3 |
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4. Fork Lifts |
1 |
It was stated that the 3 trucks have vehicle financing facilities with Wesbank and Standard Bank, while the remainder of the vehicles are paid up. The respondent stated that they are in the process of transferring ownership of the 3 trucks to an undisclosed associated company.
Head
OfficeOwned/ Rented |
The heading premises are reported to be owned by an associated
company, SOUVARIS PROPERTIES 38 (PTY) L TD. |
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Bond |
The heading premises are bonded in favour of Standard Bank. |
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Type of Premises |
The premises comprise of warehousing facilities and administration
offices. |
Trade References
The subject imports 99% of its home ware from India and China
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Supplier |
Contact |
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1.
UTI |
031 792 7500 |
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2.
SAZEPAK |
031 262
0117 |
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3.
DOT
OFFICE SUPPLIES |
011 347
1000 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1.10 yrs |
R100 000 |
R100 000 |
30 |
R6 000 Needs monitoring |
30/35 |
Good |
|
2. 10 years |
Open acc |
R200 000 |
30 |
R5 000 |
30+ |
Good |
|
3.1 year+ |
R80 000 |
R50 000 |
30 |
R50 000 |
30 |
Very good |
Two of the suppliers stated that the subject has been paying them over terms for the past year.
Adverse
Information on Subject
|
Judgements |
1 |
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Possible
Judgements |
|
|
Civil Court |
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|
RDs |
No information on record |
Judgements
|
Case Number |
35769/2008 |
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Amount |
R48 715.00 |
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Reason |
Services rendered |
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Court Name |
Durban Magistrates |
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Judgement Type |
Default |
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Judgement Date |
2008-09-17 |
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Plaintiff
(Multiple) |
DAVEGLEN 371 TRADING (PTY) LT t/a SECURITY INTERNATIONAL |
Default Data
|
Date |
Details |
|
No information on record |
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Notarial Bonds
|
Date |
Details |
|
No information on record |
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Deeds
|
Property Interest |
|||
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Title Deed No. |
T18999/1997 |
Erf/Site No. |
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Deeds Office |
Pietermaritzburg |
Physical Address |
124 West South Beach DURBAN |
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Property Type |
Freehold / Ervin |
Extent / Size |
1066sqm |
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Purchase Date |
1995-04-14 |
Purchase price |
R1 650 000.00 |
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% Ownership |
|
Bond Holder |
N B S Bank Ltd |
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Bond Number |
B183691997 |
Bond Amount |
R3 000 000 |
Bank Information
The respondent declined to assist with any banking details. The investigator was therefore unable to
obtain a bank code.
|
Bank |
STANDARD BANK |
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Branch |
Kingsmead |
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Type of Account |
Cheque |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
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No information on record |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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No information on record |
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Financial Information
The principle
declined to assist with any financial information on the subject, whatsoever.
Financial
Estimates
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CURRENT ASSETS |
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Stock |
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Debtors |
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Cash on Hand |
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FIXED ASSETS |
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Plant,
Equipment, Vehicles |
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Property |
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CURRENT LIABILITIES |
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Creditors |
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Loans/ From? |
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LONG TERM
LIABILITIES |
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Morgage Bonds |
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ANNUAL / MONTHLY
Turnover |
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Previous Year
Turnover |
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Estimated
Current Year Turnover |
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Principals
|
Number of
Principals |
1 |
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Average Age of
Active Principals |
71 |
Active Principals
Principal 1 of 1
|
Surname |
MAHARAJ |
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First Names |
RAJENDRAPERSADH |
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Marital Status |
Married |
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ID Number |
4005075109053 |
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Verified ID
Number |
Yes |
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Current Age |
71 |
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Designation |
Businessman / director |
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Status |
Active |
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Appointment Date |
None on record |
|
Address (at time of
Appointment) |
18 Mountbatten Drive RESERVOIR HILLS Durban KwaZulu Natal |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
E D C HOUSE CC |
B1986/022435/23 |
Deregistration
process |
0 |
No |
|
SUB 146
SPRINGFIELD PARK (PTY) LTD |
M1990/002260/07 |
In business |
0 |
No |
|
LIFEHOUSE
INVESTMENTS 74 (PTY) LTD |
M2003/023689/07 |
In business |
0 |
No |
|
CLIFTON DUNES
INVESTMENTS 476 (PTY) LTD |
M2007/026681/07 |
In business |
0 |
No |
|
SOUVARIS
PROPERTIES 38 (PTY) LTD |
K2008/005092/07 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
24 years 10 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TWO NINE SIX
SYDNEY ROAD SHARE BLOCK (PTY) LTD |
M1978/001750/07 |
In business |
0 |
No |
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
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Title Deed No. |
No information on record |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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|
Bond Number |
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Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.72 |
|
UK Pound |
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.64 |
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 |
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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.