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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BAYLINE SEA FOODS (PTY)LTD |
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Formerly Known As : |
BOAT HOUSE HIRE TRADING (PTY)LTD |
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Registered Office : |
Unit 7 Rosbur Park, Neptune Road, Paarden El Land |
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Country : |
South Africa |
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Date of Incorporation : |
03.05.2004 |
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Com. Reg. No.: |
M2004/011545/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is a leading supplier and importer of fresh,
frozen and live seafood |
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No. of Employees : |
30 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
South Africa - ECONOMIC OVERVIEW
south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.
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Source : CIA |
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Subject Name |
BAYLINE SEA FOODS (PTY)LTD |
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Country |
South Africa |
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Subject Contact Person |
ROBERT BURNS - Director |
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Assessment |
This is an established business. On investigation we made contact with the subject and we were referred to the Director MR. ROBERT BURNS who assisted with all the information on the subject. The subject is meeting commitments timeously with it's suppliers. A bank code C was obtained for an amount of R 1 000 000 over a period of 30 days. Please see the available information on the subject below. |
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Registered Name |
BAYLINE SEA FOODS (PTY)LTD |
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Previous Name |
BOAT HOUSE HIRE TRADING (PTY)LTD |
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Date of Name Change |
Sep 6 2004 12:00AM |
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Registration Number |
M2004/011545/07 |
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Registration Date |
2004/05/03 |
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Date Commenced Trading |
2004-05-03 |
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Age of Business |
8 Years 7 Months |
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History of Business |
The subject started as a new company in 2004 and underwent a name
change in 2004. |
|
History of Principals |
There a currently 3 Active directors within the company. |
|
Shareholders/Members/Partners of subject and % holding |
50 % - ROBERT BURNS, 25 % - STEPHEN MEVES, 25 % -JON ROSS BURNS |
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Authorised Share Capital |
R1000.00 |
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Issued Share Capital/Members Contribution |
R 120.00 |
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Status |
In Business |
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Operations Assessment |
Bayline Seafood's is a leading supplier and importer of fresh, frozen and live seafood |
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Industry/ Customers |
Wholesalers and Distributors of sea food |
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Export |
Yes |
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Import |
Yes |
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Major Industry Code / SICC |
6190 |
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Head Office Physical Address |
Unit 7 Rosbur Park, Neptune road, PAARDEN El LAND |
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Head Office Postal Address |
P 0 BOX 16640, VLAEBURG, 1818 |
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Current Tel Number |
0215101804 |
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Current Fax Number |
0215101806 |
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Current Email Address |
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Web Site Address |
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Company Registered Name |
L RUBIN AND COMPANY |
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Registration Number |
8008295004084 |
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Physical Address |
101 RUBICOR HOUSE, 17 STANHOPE ROAD, CLAREMONT, 7700 |
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Postal Address |
P O BOX 23081, CLAREMONT, 7735 |
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Contact Person |
PAUL WILSON |
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Contact Number |
0216715045 |
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Email |
|
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Principals |
1 |
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Subject Verified as Client |
Yes |
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Financial Year End |
February |
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Website |
Previous Auditors
|
Company Name |
Phone
Number |
Time with
previous auditors |
Comment |
|
JJ DU PLESIS AND COMPANY |
|
Unknown |
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L RUBIN AND COMPANY |
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Unknown |
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Vat Number |
4050213265 |
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Status |
ACTIVE |
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Vat Liable Date |
2004/07/01 |
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Tax Number |
9255692155 |
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Financial Year End |
February |
Black Economic Empowerment Information - No Information on Record
ISO Information - No Information on Record
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Registered |
Yes |
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Compliance Certified |
Yes |
Subsidiaries Information - No Information on Record
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Employees |
||||
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Number of Employees |
30 |
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1. Salaried employees |
30 |
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2. Waged employees |
-- |
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3. Permanent employees |
30 |
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Company Fleet |
||||
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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 |
9 |
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Comment |
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Trucks |
8 |
Owned |
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Fork Lifts |
1 |
Owned |
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Offices Information - No Information on Record
Branch Information - No Information on Record
Organisational Chart - No Information on Record
Company Structure (Ownership)
Note: One level up and all levels down
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Holding |
Company |
Sub |
Comment |
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50% |
ROBERT BURNS |
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25% |
STEPHEN MEVES |
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25% |
JON ROSS BURNS |
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Key Deals - No Information on Record
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Trade Reference
nr |
Supplier |
Contact |
Surety
Value |
Notarial Bonds |
Comment |
|
1 |
BRIKO |
0215518700 |
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|
|
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2 |
BLUE ATLANTIC |
0216901400 |
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3 |
HELAAANS |
0219355280 |
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Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
5 Years |
R1000000.00 |
R1500000 |
30 Days |
R 500000 |
30Days |
Very Good |
|
2 |
5 Years |
R 2000000.00 |
R1000000 |
30 Days |
R1000000 |
30 Days |
Good |
|
3 |
2006 |
R 500000.00 |
R 247000 |
30 Days |
R170000 |
30 Days |
Very Good |
Judgements - No information on record
Business Rescue - No Information on Record
Default Listings – no information on record
Notarial Bonds - No information on record
|
Bank |
NEDBANK |
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Branch |
Southern Peninsula |
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Bank Account Number |
1232102288 |
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Type of Account |
Current |
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Account Name |
BAYLINE SEA FOODS (PTY)LTD |
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Overdraft Facilities |
Yes R 8 000 0000 |
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Bank Code |
C - For R 1 000 000 |
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Bank Comment |
The subject's bankers consider them good for all business normal
engagements. |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on Record
Deeds Information - No information on record
|
CURRENT ASSETS |
R 30000000.00 |
|
Stock |
R 5600000.00 |
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Debtors |
R14800000.00 |
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Plant, Equipment, Vehicles |
R 886000.00 |
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Creditors |
R14600000.00 |
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Previous Year Turnover |
R101000000.00 |
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Estimated Current Year Turnover |
R122000000.00 |
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Current Turnover per month |
R 9600000.00 |
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Please note the following: |
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|
Turnover and assets less than R
1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R
2,000,000.00 |
The subject falls within the Consumer Protection Act |
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Number of Principals |
3 |
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Average Age of Active Principals |
39 |
Active Principals Principal - 1of 3 JON-ROSS BURNS
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Surname |
BURNS |
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First Name |
JON-ROSS |
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Other Names |
None |
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Marital Status |
Married |
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ID Number |
8301265136089 |
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Verified ID Number |
Yes |
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Current Age |
29 |
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Designation |
BUSINESSMAN |
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Status |
Active |
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Appointment Date |
2005/11/01 |
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Physical Address (at time of Appointment) |
UNIT 20 SEASCAPE, ANTWERP ROAD, SEA POINT, 8005 |
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Postal Address |
P.O. BOX 16640, VLAEBERG, 8018 |
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Current Tel Number |
0215101804 |
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Cell number |
0834478340 |
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Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for JON-ROSS BURNS
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
BAYLINE SEA FOODS (PTY)LTD |
M2004/011545/07 |
In Business |
8 Years 8 Months |
0 |
No |
|
Principal - 2of 3
STEPHEN MEVES
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Surname |
MEVES |
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First Name |
STEPHEN |
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Other Names |
None |
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ID Number |
7903110000000 |
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Verified ID Number |
No |
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Current Age |
33 |
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Designation |
Director |
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Status |
Active |
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Appointment Date |
2004/06/08 |
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Physical Address (at time of Appointment) |
80 ASTER STREET, NORTHMEAD, BENONI, 1501 |
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Postal Address |
80 ASTER STREET, NORTHMEAD, BENONI, 1501 |
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Current Tel Number |
0215101804 |
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Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for STEPHEN MEVES
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
MEDEPO HOTEL SERVICE CC |
B2010/093483/23 |
In Business |
2 Years 2 Months |
0 |
No |
|
|
BAYLINE SEA FOODS (PTY)LTD |
M2004/011545/07 |
In Business |
8 Years 8 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
Principal - 3of 3 ROBERT BURNS
|
Surname |
BURNS |
|
First Name |
ROBERT |
|
Other Names |
None |
|
Marital Status |
Divorced |
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ID Number |
5612205168088 |
|
Verified ID Number |
Yes |
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Current Age |
56 |
|
Designation |
Director |
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Status |
Active |
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Appointment Date |
2004/06/08 |
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Physical Address (at time of Appointment) |
UNIY 7, ROSBUR PARK, NEPTUNE STREET, PAARDEN El LAND, 7405 |
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Postal Address |
P 0 BOX 36637, CHEMPET, 7442 |
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Current Tel Number |
0215101804 |
|
Cell number |
0832511980 |
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for ROBERT BURNS
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
ZENZISA 67 CC |
B2003/027950/23 |
Conversion CO/CC or CC/CO |
9 Years 9 Months |
0 |
No |
|
|
ELELA PROPERTY INVESTMENTS (PTY) LTD |
M1997/019868/07 |
In Business |
15 Years 3 Months |
0 |
No |
|
|
BAYLINE SEA FOODS (PTY)LTD |
M2004/011545/07 |
In Business |
8 Years 8 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 14 Years
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
RIVERSIDE DRIVE CC |
M1990/032134/23 |
Deregistration Final |
22 Years 10 Months |
0 |
No |
|
|
BRECO CAPE TOWN (PTY) LTD |
M1996/009856/07 |
In Business |
16 Years 4 Months |
0 |
No |
|
|
TRAWL TRADE (PTY) LTD |
M1997/012303/07 |
Deregistration Final |
15 Years 3 Months |
0 |
No |
|
|
REN HOLDINGS (PTY) LTD |
M1999/016329/07 |
In Business |
13 Years 1 Months |
0 |
No |
|
|
PREMIER SELECT (PTY) LTD |
M2006/014684/07 |
In Business |
6 Years 6 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.