MIRA INFORM REPORT
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Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
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Name : |
VERSATRADE INTERNATIONAL |
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Registered Office : |
73A First Road, KEW, Johannesburg |
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Country : |
South Africa |
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Date of Incorporation : |
02.04.2004 |
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Com. Reg. No.: |
2004/031643/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Import, export and sale of drilling fluids and allied
products |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 a newly trading company that is not a general credit seeker
locally.
We have no real basis upon which to recommend credit and in view of the
infancy of the concern caution would be suggested with all dealings with the
subject at present.
A bank code was not given.
Company Information
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Registered
Name |
VERSATRADE INTERNATIONAL CC |
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Trading
as/ Division Name |
None |
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Previous Name |
None |
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Date of Name
Change |
N/A |
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Registration
Number |
2004/031643/23 |
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Registration
Date |
2004-04-02 |
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Date Commenced
Trading |
June 2010 |
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History of
Business |
The business was originally a dormant shelf company that only
commenced trading in 2010. |
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History of
Principals |
MR G LABUSCHAGNE was formerly employed by an Australian Company in SA
that dealt with the import and sale of drilling fluids and allied products. |
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Membersof
subject and % holding |
100% G LABUSCHAGNE |
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Members
Contribution |
R100 |
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Age of Company |
7 years 5 months |
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Status |
In Business |
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Operations
Assessment |
Import, export and sale of drilling fluids
and allied products. |
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Industry/
Customers |
Mining industry |
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Export |
Zambia |
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Major Industry
Code / SICC |
29000 Mining Quarrying |
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Definition of
Code |
Service activities incidental to mining of
minerals |
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Head Office
Physical Address |
73A First Road KEW Johannesburg |
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Head Office
Postal Address |
P O Box 10979 JOHANNESBURG 2000 |
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Current Tel
Number Cell number |
011 4401454 083 2750525 |
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Current Fax
Number |
0866 728900 |
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Current Email
Address |
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Web Site Address |
None |
Auditors Information
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Company
Registered Name |
KAPLAN AND KAPLAN |
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Trading Name |
None |
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Registration
Number |
Started in1995 |
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Physical Address |
65 5th Avenue HIGHLANDS NORTH 2037 |
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Postal Address |
PO Box 64188 HIGHLANDS NORTH 2037 |
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Contact Person |
JACKIE |
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Contact Number |
011 8878532 |
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Principals |
M KAPLAN H N KAPLAN (Brothers) |
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Subject Verified
as Client |
Yes |
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SAICA number |
03119221 |
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VAT Number |
4070149671 |
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BEE Status |
Not applicable |
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Financial Year
End |
February |
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Years With
Auditors |
New |
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Website |
None |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
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CD BROWN AND ASSOCIATES |
Unknown |
Tax Information
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Vat Number |
4580258392 |
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Status |
Active |
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Vat Liable Date |
End October Bi-monthly |
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Tax Number |
9406515156 |
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Tax Clearance
Expire Date |
February |
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Financial Year
End |
February |
Black Economic
Empowerment
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Status |
None |
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Score |
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Expire Date |
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BEE Certificate
Available |
Yes/No |
ISO Status
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Type of ISO
Grade |
None, however the products are manufactured overseas under ISO
standards and are certified |
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ISO Certificate |
No |
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ISO Certificate
Available |
No |
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Certified by an Accredited
Agent |
No |
Workman’s
compensation
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Registered |
No |
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Compliance
Certified |
No |
Company Structure
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Branches |
None |
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Branches Names |
Country |
Province |
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None |
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Subsidiary
Company |
None |
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Shareholding |
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Registration
Number |
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Import / Export |
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Number of
Employees |
1 –only MR
LABUSGAGNE himself |
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1.
Salaried
employees |
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2.
Waged
employees |
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3.
Permanent
employees |
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4.
Casual
employees |
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5.
Contracted
employees |
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Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
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Fleet Operations |
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The Fleet is
made up of |
None |
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1.
Cars |
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2.
Light
Delivery Vehicles |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head OfficeOwned/
Rented |
Owned |
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Rental Company |
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Owned by |
MRS LABUSCHAGNE (wife of member) |
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Value |
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Bond |
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Bank |
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Lease Agreement |
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Lease Expire
Date |
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Type of Premises |
Home and office premises |
Trade References
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Supplier |
Contact |
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FREIGHTWORX |
011 9792979 |
Trade References
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Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
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1)
No
Account |
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Cash Basis |
Only one
Transaction so Far |
Cash Basis |
Too New to
comment |
Adverse
Information on Subject
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Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
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Date |
Details |
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None |
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Notarial Bonds
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Date |
Details |
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None |
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Deeds Information
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Property Interest |
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Property Type: |
None on record |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Bank Information
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Bank |
Standard Bank |
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Branch |
Bramley |
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Bank Account
Number |
001723464 |
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Type of Account |
Current |
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Branch Code |
004005 |
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Account Name |
VERSATRADE INTERNATIONAL CC |
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Overdraft
Facilities |
None |
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None Given |
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Bank Comment |
Transaction account, cannot get a bank code |
Bank CodesHistory
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Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
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None |
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Previous Bank
Accounts
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Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Financial Information
Financial
Estimates
Financial information was not available due to the infancy of the concern. The subject puchases good on order as needed. The turnover from June 2010 to August 2011 is R800 000.
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Estimated
Current Year Turnover |
R2 000 000 |
Principals
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Number of
Principals |
1 |
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Average Age of
Active Principals |
46 |
Active Principals
Principal 1 of 1
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Surname |
LABUSCHAGNE |
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First Names |
GARTH |
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Marital Status |
Married |
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ID Number |
6206235021083 |
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Verified ID
Number |
Yes |
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Current Age |
46 |
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Designation |
Member |
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Status |
Active |
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Appointment Date |
Not on record |
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Address (at time of
Appointment) |
27 Linden Road BRAMLEY 2090 |
Adverse
Information on Principal
Judgement
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Number of
Judgements |
None |
Debt Review
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Debt review |
None |
Other
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Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
GARHMAN
ENGINEERING CC |
1991/032002/23 |
Deregistration
Process |
0 |
No |
|
HEGAR
ENGINEERING AND CONSTRUCTION CC |
1992/027154/23 |
Deregistration
process |
0 |
No |
Previous Business
Interests
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Average Age of
Previous Business Interests |
None |
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Company Name |
Registration No |
Status |
Judgements |
Liquidation |
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N/A |
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Deeds Information
Property Interests of
Principle
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Property Interest |
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Title Deed No. |
None 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.47 |
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UK Pound |
1 |
Rs.74.96 |
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Euro |
1 |
Rs.65.79 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.