MIRA INFORM REPORT
|
Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PERSEPOLIS CARPET BAZAAR CC |
|
|
|
|
Registered Office : |
Shop No. 16, Pick ‘N Pay Hyper Market, Cnr. Atterbury Drive, Faerie
Glen, Pretoria, Gauteng |
|
|
|
|
Country : |
South Africa |
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|
|
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Date of Incorporation : |
20.07.2006 |
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|
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Com. Reg. No.: |
B2006/122877/23 |
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|
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|
Legal Form : |
Closed Corporation |
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|
|
|
Line of Business : |
Importing, wholesaling
and retailing of Persian
carpets, rugs, kelims etc. |
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 |
|
|
|
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Payment
Behaviour : |
No Complaints |
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|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Assessment:
This is a well established business, which imports substantially.
The subject is meeting its only obtainable commitment as arranged.
The subject’s bankers consider the amount of R1 500 000 to be
too high.
The lack of full financial information should be borne in mind.
Company Information
|
Registered
Name |
PERSEPOLIS CARPET BAZAAR CC |
|
Trading
Divisions |
FAERIE GLEN WATCH CENTRE PERSEPOLIS |
|
Registration
Number |
B2006/122877/23 |
|
Registration
Date |
20 July 2006 |
|
Date Commenced
Trading |
The subject was founded by Mr. and Mrs. Hartley in 2005. |
|
History of
Business |
The subject was commenced as a new business. |
|
Members of
subject and % holding |
100% MRS. M HARTLEY (nee
SAADAT) |
|
Members
Contribution |
R10 |
|
Age of Entity |
5 years 4 months |
|
Status |
In business |
|
Operations
Assessment |
Importing, wholesaling and retailing of
Persian carpets, rugs, kelims etc. |
|
Industry/
Customers |
Interior decorators, resellers and general
public |
|
Area of
Distribution |
South Africa |
|
Export |
The subject exports indirectly and also
holds exhibitions in the neigbhouring countries. |
|
Major Industry
Code / SICC |
62399 WHOLESALE
RETAIL |
|
Definition of
Code |
Retail trade by other specialised stores |
|
Head Office
Physical Address |
Shop No. 16 Pick ‘n Pay Hyper Market Cnr. Atterbury Drive FAERIE GLEN Pretoria Gauteng |
|
Head Office
Postal Address |
As above mentioned |
|
Current Tel
Number Cell number |
012 992 6110 / 991 0148 084 041 00076 (Mahdis) 073 797 6265 (Salie) |
|
Current Fax
Number |
012 998 0320 |
|
Current Email
Address |
|
|
Web Site Address |
Auditors Information
|
Trading Name |
YUNUS MOOSA & ACCOUNTANTS |
|
Entity |
Sole proprietor |
|
Physical Address |
Suite 107 190 Bengal Street H S Ebrahim Centre LADIUM Pretoria |
|
Postal Address |
P O Box 35336 MENLO PARK 0102 |
|
Contact Person |
Yunus Moosa |
|
Contact Number |
012 374 5051 082 558 3451 |
|
Email |
|
|
Subject Verified
as Client |
Yes |
|
Profession
number |
727 |
|
BEE Status |
None |
|
Financial Year
End |
February |
|
Years With
Auditors |
3 years |
|
Website |
None |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
ROSS PIENAAR |
Unknown |
|
HASIM SALIE trading as H S ACCOUNTING |
Unknown |
Tax Information
|
Vat Number |
4290239054 |
|
Status |
Active |
|
Vat Liable Date |
2007-06-01 |
|
Tax Number |
9249837163 |
|
Financial Year
End |
FEBRUARY |
Black Economic
Empowerment
|
Status |
Yes |
|
Score |
Level 2 |
|
Expire Date |
November 2011 The subject is in the process of reapplying for a BEE certificate. |
|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
None |
|
ISO Certificate
Available |
Yes/No |
|
Certified by an Accredited
Agent |
Yes/No |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
3 |
|
Branches Names |
Country |
Province |
|
MEHDI TRADING CC Registration
Certificate Number: 2009/155214/23 Trading as PERSEPOLIS
CARPETS And PERSEPOLIS |
7B Wolf Street WYNBERG Cape Town And Shop no. F33 Parkview
Shopping Centre MORELETA PARK |
Gauteng Gauteng |
|
AMITIS IMPORT AND
EXPORT CC Registration
Certificate Number: 2009/210235/23 Trading as PERSEPOLIS
CARPETS |
Shop no. F19 Parkview
Shopping Centre MORELETA PARK Pretoria |
Gauteng |
|
Subsidiary
Company |
None |
|
Shareholding |
|
|
Registration
Number |
|
|
Import / Export |
|
|
Number of
Employees |
15 |
|
1.
Salaried
employees |
√ |
|
2.
Waged
employees |
√ |
|
3.
Casual
employees |
√ |
Company Fleet |
No of vehicles: |
|
Fleet Operations |
|
|
The Fleet is
made up of |
|
|
1.
Light
Delivery Vehicles |
2 |
The above mentioned vehicles are owned by the subject with a combined book value of R750 000. One of the vehicles is fully paid, while the other still has vehicle financing facilities with Wesbank.
Head Office Owned/
Rented |
The head office in Faerie Glen is leased from PICK ‘N PAY HOLDINGS |
|
Lease Agreement |
3 year lease agreement |
|
Lease Expire
Date |
March 2014 |
|
Type of Premises |
Retail shop. |
Branches Owned/
Rented |
The Cape Town premises are leased from JANE DERMAN. |
|
Lease Agreement |
1 year lease agreement |
|
Lease Expire
Date |
2012 |
|
Type of Premises |
Retail shop |
Branches Owned/
Rented |
The Moreleta Park premises are leased from CHRISTODOULOU REAL ESTATE |
|
Lease Agreement |
3 year lease agreement |
|
Lease Expire
Date |
2012 |
|
Type of Premises |
Retail shop |
Trade References
The subject imports substantially from India and Iran and uses various shippers and clearing agents depending on who gives them the best price.
|
Supplier |
Contact |
|
1.
HERITAGE
TOUCH |
072 230
4672 |
|
2.
KASHAN
EXPORT AND IMPORT |
072 620
8014 011 326
4762 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
6 months |
Amounts |
Fluctuates |
30/60/90 |
Fluctuates |
30/60/90 |
Good |
|
Haven’t |
Dealt |
Since |
2010 |
Sporadic |
Purchases |
|
Adverse
Information on Subject
|
Judgements |
No information on record |
|
Possible
Judgements |
No information on record |
|
Civil Court |
No information on record |
|
RDs |
No information on record |
Default Data
|
Date |
Details |
|
No information on record |
|
Notarial Bonds
|
Date |
Details |
|
No information on record |
|
Deeds Information
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Bank Information
|
Bank |
ABSA BANK |
|
Branch |
Menlyn Park |
|
Bank Account
Number |
4066180971 |
|
Type of Account |
Cheque |
|
Account Name |
PERSEPOLIS CARPET BAZAAR CC |
|
Overdraft
Facilities |
It was stated that the subject enjoys an overdraft facility. Utilisation of the overdraft facility is stated to be nil as credit
balances are normally maintained at the bank. |
|
Bank Code |
E |
|
Bank Comment |
The subject’s bankers consider the amount of your enquiry to be too
high |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
No information on record |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
No information on record |
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|
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Financial Information
The respondent declined to assist with the latest available financial statements on PERSEPOLIS CARPET BAZAAR CC. Nevertheless, the following financial information was obtained.
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
R10 000 000 |
|
Debtors |
R5 000 000 (mainly on a C.O.D. basis) |
|
Cash on Hand |
|
|
FIXED ASSETS |
|
|
Plant,
Equipment, Vehicles |
|
|
Property |
|
|
CURRENT LIABILITIES |
|
|
Creditors |
R2 000 000 |
|
Members Loans |
Declined |
|
LONG TERM
LIABILITIES |
|
|
Morgage Bonds |
Nil |
|
ANNUAL / MONTHLY
Turnover |
|
|
Previous Year
Turnover |
|
|
Estimated
Current Year Turnover |
|
Principals
|
Number of
Principals |
1 |
|
Average Age of
Active Principals |
35 |
Active Principals
Principal 1 of 1
|
Surname |
SAADAT |
|
First Names |
MAHDETH |
|
Marital Status |
Married in community of property |
|
Date of Birth |
1976-03-21 |
|
Verified ID
Number |
No |
|
Current Age |
35 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2006-07-20 |
|
Address (at time
of Appointment) |
675 Elvira Street GARSFONTEIN 0081 |
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 |
|
MEHDI TRADING CC |
B2009/155214/23 |
In business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
It was stated that the member’s husband, M S HARTLEY, assists his wife in the management of the subject. Please see details on M S HARTLEY below:
|
Surname |
HARTLEY |
|
First Names |
MOGAMAT |
|
Marital Status |
Married in community of property |
|
ID Number |
7211185221088 |
|
Verified ID
Number |
Yes |
|
Current Age |
39 |
|
Status |
active |
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 |
|
AMITIS IMPORT
AND EXPORT CC |
2009/210235/23 |
In business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
5 years 2 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
PERSEPOLIS
CARPET GALLERY CC |
2006/169161/23 |
Voluntary
liquidation |
0 |
No |
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
T25209/2008 |
Erf/Site No. |
|
|
Deeds Office |
Pretoria |
Physical Address |
358 Minnesota FAERIE GLEN |
|
Property Type |
Freehold / Ervin |
Extent / Size |
1312.0sqm |
|
Purchase Date |
2008-01-19 |
Purchase price |
R2 120 000.00 |
|
% Ownership |
|
Bond Holder |
Standard Bank of South Africa Ltd |
|
Bond Number |
B256672008 |
Bond Amount |
R1 400 000.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.08 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.