MIRA INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAINBOW TRADING CC |
|
|
|
|
|
|
Registered Office : |
Lenasia Square, Station Road |
|
|
|
|
|
|
Country : |
South Africa |
|
|
|
|
|
|
Date of Incorporation : |
27.02.1996 |
|
|
|
|
|
|
Com. Reg. No.: |
1996/008533/23 |
|
|
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
|
|
Line of Business : |
Import and export of furniture,
hardware, carpets, electrical goods 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 : |
Small Company |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 small
business meeting its current payments within terms.
The subject is not a
general credit seeker locally.
Your figure is
considered as too high.
A bank code F was
obtained for R100 000 as the financial status is unknown.
It should be borne
in mind that one of the members has a judgement against his name.
We would prefer to
see any dealings on a Letter of Credit basis.
Company Information
|
Registered
Name |
RAINBOW TRADING CC |
|
Trading
as/ Division Name |
None |
|
Previous Name |
None |
|
Date of Name
Change |
N/A |
|
Registration
Number |
1996/008533/23 |
|
Registration
Date |
1996-02-27 |
|
Date Commenced
Trading |
1996 |
|
History of
Business |
The business was formerly a sole proprietorship and had been trading
since 1991. |
|
History of
Principals |
MR P SIGABAN was the owner of the business previously. |
|
Membersof
subject and % holding |
50% P SIGABAN 50% R SIGABAN (Wife) |
|
Members
Contribution |
R100 |
|
Age of Company |
15 years 8 months |
|
Status |
In Business |
|
Operations
Assessment |
Import and export of furniture, hardware, carpets,
electrical goods etc |
|
Industry/
Customers |
Retailers and Wholesalers |
|
Export |
Neighbouring countries |
|
Major Industry
Code / SICC |
61391 Wholesale Retail |
|
Definition of
Code |
Wholesale trade in household furniture requisites
and appliances. |
|
Head Office
Physical Address |
Lenasia Square Station Road |
|
Head Office
Postal Address |
PO Box 1179 A-008 LENASIA |
|
Current Tel
Number Cell number |
011 8522789 083 3847367 |
|
Current Fax
Number |
011 8525725 |
|
Current Email
Address |
|
|
Web Site Address |
None |
Auditors Information
|
Company
Registered Name |
FISHER SACKS SLATER |
|
Postal Address |
PO Box 1179 LENASIA 1820 |
|
Contact Person |
JONATHAN |
|
Contact Number |
011 7887260 |
|
SAICA number |
M264277 |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
A A BAHADOOR |
Unknown |
Tax Information
|
Vat Number |
4960156208 |
|
Status |
Active |
|
Vat Liable Date |
Bi monthly |
|
Tax Number |
9486936843 |
|
Tax Clearance
Expire Date |
February |
|
Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
Yes |
|
Score |
Unknown |
|
Expire Date |
2012 September |
|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
None |
|
ISO Certificate
Available |
None |
|
Certified by
anAccredited Agent |
None |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
2 |
|
Branches Names |
Country |
Province |
|
Johannesburg |
South Africa |
Gauteng |
|
Lenasia |
South Africa |
Gauteng |
|
Subsidiary
Company |
None |
|
Shareholding |
|
|
Registration
Number |
|
|
Import / Export |
|
|
Number of
Employees |
7 |
|
1.
Salaried
employees |
7 |
|
2.
Waged
employees |
|
|
3.
Permanent
employees |
7 |
|
4.
Casual
employees |
|
|
5.
Contracted
employees |
|
Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is
made up of |
3 |
|
|
|
|
1.
Cars |
1 |
Owned |
Total R453 000 |
None |
|
2.
Light
Delivery Vehicles |
2 |
Owned |
|
None |
|
3.
Trailers |
|
|
|
|
|
4.
Busses |
|
|
|
|
|
5.
Trucks |
|
|
|
|
|
6.
Fork
Lifts |
|
|
|
|
|
7.
Other |
|
|
|
|
Head
OfficeOwned/ Rented |
Rented |
|
Rental Company |
BROLL PROPERTIES |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease Agreement |
Yes, 5 years |
|
Lease Expire
Date |
2016 |
|
Type of Premises |
Office and storage |
Branches Owned/
Rented |
Jhb- Rented |
Lenasia- Rented |
|
Rental Company |
Unknown |
Unknown |
|
Owned |
|
|
|
Value |
|
|
|
Bank |
|
|
|
Bond |
|
|
|
Lease Agreement |
3 years |
Annually |
|
Lease Expire
Date |
|
|
|
Type of Premises |
Retail and Wholesale |
Retail and Wholesale |
Trade
References
|
Supplier |
Contact |
|
1)PREMIER FREIGHT |
DNG |
|
2)MARBLE AND GRANITE |
076 1698867 |
|
3)ROSHKAL TRADING |
0113330234,
0840433995 |
The subject imports 90% of its supplies and deals locally with the references below.
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1)Do |
Not |
Give |
Trade |
References |
|
|
|
2)3-4 years |
None |
R30 000 |
30 days |
R20 000- R30 000 |
30 days |
Good |
|
3)2 years |
None |
R20 000 |
30 days |
R5 000- R20 000 |
30 days |
Good (Sporadic
purchases) |
Adverse
Information on Subject
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
None |
|
Notarial Bonds
|
Date |
Details |
|
None |
|
Deeds Information
|
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 |
|
Bank Information
|
Bank |
NEDBANK |
|
Branch |
SOUTHGATE |
|
Bank Account
Number |
1534025170 |
|
Type of Account |
Cheque |
|
Account Name |
RAINBOW NATION TRADING CC |
|
Overdraft
Facilities |
Yes, R50 000, used on occasion |
|
Bank Code |
F |
|
Bank Comment |
The subject’s bankers
advise that their financial position is
unknown and they are unable to comment. |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
|
|
|
|
|
|
Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
|
|
|
|
|
Financial
Information
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
R1 500 000 |
|
Debtors |
|
|
Cash on Hand |
|
|
FIXED ASSETS |
R800 000 |
|
Plant,
Equipment, Vehicles |
|
|
Property |
|
|
CURRENT
LIABILITIES |
|
|
Creditors |
|
|
Loans/ From? |
None |
|
LONG TERM
LIABILITIES |
None |
|
Morgage Bonds |
|
|
ANNUAL Turnover |
R4 000 000 |
|
Estimated
Current Year Turnover |
R8-10 000 000 |
Principals
|
Number of Principals |
2 |
|
Average Age of
Active Principals |
50 |
Active Principals
Principal 1 of 2
|
Surname |
SIGABAN |
|
First Names |
ROSHENIE |
|
Marital Status |
Married |
|
ID Number |
6206030182056 |
|
Verified ID
Number |
Yes |
|
Current Age |
49 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on Record |
|
Address (at time
of Appointment) |
114 Capella Street LENASIA Ext 9 1820 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROSHKAL TRADING CC |
2008/225217/23 |
In Business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
18 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
SPOT ON DELIVERY
SERVCIES CC |
1993/022494/23 |
Deregistration
Final |
0 |
No |
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 |
|
Principal 2 of 2
|
Surname |
SIGABAN |
|
First Names |
PRADEEP |
|
Marital Status |
Married |
|
ID Number |
6010125211055 |
|
Verified ID
Number |
Yes |
|
Current Age |
51 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on Record |
|
Address (at time
of Appointment) |
114 Capella Street LENASIA Ext 9 1820 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
1 |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business
Information on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROSHKAL TRADING CC |
2008/225217/23 |
In Business |
0 |
No |
|
IVORY PEWTER TRADING
59 (PTY) LTD |
2006/038341/07 |
Deregistration
Final |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
7 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
SPOT ON DELIVERY
SERVCIES CC |
1993/022494/23 |
Deregistration
Final |
0 |
No |
|
OXY TRADING 655
CC |
2004/017497/23 |
Deregistration
Final |
0 |
No |
|
ROYAL SQUARE
INVESTMENTS 283 CC |
2005/070458/23 |
Deregistration
Final |
0 |
No |
|
SIGBRO DIAMOND
WORKS CC |
2006/019861/23 |
Deregistration
Final |
0 |
No |
|
INDAF STEEL
IMPORTERS AND EXPORTERS CC |
2006/132394/23 |
Deregistration
Final |
0 |
No |
|
RAINBOW STEEL
AND METAL WORKS CC |
2006/132403/23 |
Deregistration
Final |
0 |
No |
|
MARBLE AND GRANITE
GAUTENG CC |
B2005/091565/23 |
In Business |
0 |
No |
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 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.