MIRA INFORM REPORT

 

 

Report Date :

01.08.2012

 

IDENTIFICATION DETAILS

 

Name :

YEN CREATION CC

 

 

Registered Office :

16 Desmond street,Extension 9,Kramerville,Sandton

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.12.2004

 

 

Com. Reg. No.:

2004/123128/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Manufacture of carpets,Rugs and Mats

 

 

No. of Employees :

6

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name

 

Subject Name

YEN CREATION CC

Country

South Africa

Enquiry Terms

COD

Account Review

Every 6 months

Subject Contact Person

MR JY COHEN

Assessment

This is an established business. On investigation,contact was made with Mr CohenA bank code not be obtained as the account number was not made available.The business is not a local credit seeker and imports 100% of their stock from India and Nepal.The one freight clearing agent utilized by the concern stated that the account is paid before terms. No adverse information was revealed.Please find the available information obtained below

 

 

Company information

 

Registered Name

YEN CREATION CC

Trading as/ Division Name

None

Previous Name

None

Date of Name Change

 

Registration Number

2004/123128/23

Registration Date

2004/12/09

Date Commenced Trading

2004-12-09

Age of Business

7 Years 7 Months

History of Business

YEN CREATION CC was registered in December 2004 and operations commenced immediately

History of Principals

The managing member has been with the business since inception

Shareholders/Members/Partners of subject and % holding

MR JY COHEN-100%

Authorised Share Capital

R 100.00

Issued Share Capital/Members Contribution

R 1.00

Status

In Business

Operations Assessment

The business is involved in the importing,wholesale and retail of hand-made and custom-made carpets such as Persian carpets from India and Napal

Industry/ Customers

Lodges, Hotels

Export

Import

Major Industry Code / SICC

31220

Definition of Code

Manufacture of carpets,Rugs and Mats

Head Office Physical Address

16 Desmond street,Extension 9,Kramerville,Sandton

Head Office Postal Address

P O BOX 80, BRUMA, JOHANNESBURG, 2026

Current Tel Number

011 4638406/07

Cell Number

082 5596333

Current Fax Number

011 463 8409

Current Email Address

yossie.c@telkomsa.net

Web Site Address

None

Comments

 

 

 

Auditors information

 

Company Registered Name

DAVID FLEISER

Trading Name

None

Registration Number

None

Physical Address

39 FIRST STREET EAST, FAIRWOOD, 2192

Postal Address

39 FIRST STREET EAST, FAIRWOOD, 2192

Contact Person

David

Contact Number

082 3380083

Email

Not available

Principals

1

Judgements Against Subject

No Information on file

Judgements Against Principals

No Information on file

Subject Verified as Client

 

Practice Number

8936

VAT Number

 

Tax Number

 

BEE Status

Non-Compliant

Financial Year End

 

No of years in Business

Unknown

Website

None

Comment

 

 

 

Tax Information

 

Vat Number

4230216428

Status

ACTIVE

Vat Liable Date

2005/01/01

Tax Number

9167899153

Tax Clearance Expire Date

 

Financial Year End

February

Comment

 

Black Economic Empowerment

 

Status

 

Score

 

Expire Date

 

BEE Certificate Available

 

Comment

The company is not BEE compliant

ISO Status

 

Type of ISO Grade

 

ISO Certificate

 

ISO Certificate Available

 

Certified by an Accredited Agent

 

Comment

Some of the products imported are ISO Graded

Workman's compensation

 

Registered

Yes

Compliance Certified

Yes

Comment

 

 

 

Company structure

 

Subsidiary Company

 

 

Shareholding

 

 

Registration Number

 

 

Import / Export

 

 

Comment

There are no subsidiaries of the concern

 

Employees

 

Number of Employees

6

 

1. Salaried employees

6

 

2. Waged employees

 

 

3. Permanent employees

 

 

4. Casual employees

 

 

5. Contracted employees

 

 

Comment

 

 

Company Fleet

 

Company Fleet

No of vehicles:

Ownerd/Leased

Value

Outstanding Balance

Fleet Operations

 

 

 

 

The Fleet is made up of

2

 

Comment

 

 

Light delivery Vehicles

1

Owned

 

 

Cars

1

Leased

 

 

 

Offices

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

ERIS Property Group

Owned by

 

Value

 

Bond

 

Bank

 

Lease Agreement

5 Years Lease agreement

Lease Expire Date

2017

Type of Premises

Office and showroom

Comment

 

 

Branch Information - No Information on Record

 

 

Management Overview

 

Organisation Chart

 

Level

Position

Name

Comment

1

Managing Member

JY COHEN

 

Key Deals - No Information on Record

 

 

Trade References

 

Trade Reference nr

Supplier

Contact

Surety Value

Notarial Bonds

Comment

1

CARGO COMPASS

011 4542010

R 0.00

0

 

Trade References Detail

 

Nr

Age of Acc

Credit Limit

Max Credit

Terms

Average Purchases

Terms Taken

Comment

 

 

 

 

 

 

 

 

Excellent

 

 

 

 

 

 

 

account,subject pays

1

5 Years

R 500000.00

R 300000.00

60 days

R 50000

14 days

before term to enjoy the settlement discount

 

 

Adverse Information on Subject

 

Judgements - No information on record

BusinessRescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

 

 

Bank information

 

Bank

Nedbank

Branch

 

Brach Code

 

Bank Account Number

 

Type of Account

 

Account Name

 

Overdraft Facilities

Yes, the subject enjoys an overdraft facility which is secured by personal gaurantee

Bank Code

 

Bank Comment

 

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

Principals

 

Number of Principals

1

Average Age of Active Principals

49

Active Principals

Principal - 1 of 1

JOSEF COHEN

Surname

COHEN

First Name

JOSEF

Other Names

YOSSIE

Marital Status

Married

ID Number

6310095905086

Verified ID Number

Yes

Current Age

49

Designation

MANAGING MEMBER

Status

Active

Appointment Date

2004/12/09

Physical Address (at time of Appointment)

14 CLUB TERRACE STREET, LINKSFIELD, JOHANNESBURG, 2000

Postal Address

P O BOX 80, BRUMA, 2026

Current Tel Number

 

Cell number

0825795854

Shareholding/Membership

100.0000

 

Principal's Adverse - No information on record

 

Business Information for JOSEF COHEN

Principal's Current Business Interests - No information on record

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.80

UK Pound

1

Rs.87.66

Euro

1

Rs.68.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.