MIRA INFORM REPORT

 

 

Report Date :

26.03.2014

 

IDENTIFICATION DETAILS

 

Name :

PARK AVENUE STATIONERS CC

 

 

Registered Office :

184 Albertina Sisulu Road (Main Road) Fordsburg Johannesburg Gauteng P O Box 309 Crown Mines 2025

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.11.19999

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesalers and retailers of stationery and office supplies

 

 

No. of Employees :

55

 

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

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 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth

 

Source : CIA

 

 

 

 

COMPANY NAME

 

PARK AVENUE STATIONERS CC

 

 

PHYSICAL ADDRESS

 

184 Albertina Sisulu Road (Main Road)

FORDSBURG

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 309

CROWN MINES

2025

 

 

TELEPHONE NUMBER

 

+27 11 634 1800

+27 11 836 7334

 

 

FAX NUMBER

 

 

+27 11 833 1300 / +27 11 838 3455 / +27 86 679 0015

 

 

CELLULAR NUMBER

 

+27 83 752 7157

 

 

MEMBERS

 

100%    F MAYET       ID No.     6906185156082

 

The membership changed and was previously 45% R A ALLI, 45% F MAYET  and 10% F MAYET (twin brother).

 

ASSOCIATE COMPANIES

 

PARK AVENUE STATIONERS (CAPE) CC

Registration Certificate Number: 2007/016585/23)

 

 

BANKERS

 

STANDARD BANK, Jan Smuts Branch, Branch Code: 015137, Account Number:  202563154.  It was stated that the subject enjoys overdraft facilities.  Utilisation of the overdraft is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

9 November 1999

Registration Certificate Number: 1999/063110/23

 

The subject incorporated the assets and operations of a well established sole proprietorship in February 2006, which was commenced by F Mayet in 1995

 

 

VAT NUMBER          

 

4440228387

 

 

TAX NUMBER    

 

9555396846

 

 

BEE STATUS 

 

Level 3 contributor

 

 

MAJOR OPERATION

 

Wholesalers and retailers of stationery and office supplies.

 

MAJOR SUPPLIER

 

KOLOK Johannesburg

REDFERN Johannesburg

NEON PRINTERS AND BUSINESS FORMS Johannesburg

EAGLE IMAGING Johannesburg

CTP PRINTERS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public and industry in general

 

AREA OF DISTRIBUTION AND SELLING:          South Africa

 

EXPORTS:                                                       Mozambique and Botswana

 

TOTAL EMPLOYEES:                                       55 permanent employees

 

OTHER PREMISES:                                          None

 

OWNED OR LEASED:                                       The premises are reported to be leased

 

MEMBERS CONTRIBUTION:                             R100

 

It was stated that the member is married according to Islamic Law.

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 24 March 2014:

 

STOCK             R  7 000 000

DEBTORS        R10 000 000

CREDITORS     R  5 000 000

LOANS             Nil

 

TURNOVER per annum (nett)     ±R60 000 000

 

 

AUDITORS

 

A M PATEL INCORPORATED Fordsburg         +27 11 838 4866

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ZURICH INSURANCE BROKERS

 

 

TRADE REFERENCES – DECEMBER 2006

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT          PATTERN

 

1.    7 years         R100 000       R  60 000-       30 days    30 days        Excellent

                          c/l                 R  70 000

 

2.    6 years         R  80 000       R  80 000        30 days    30 days        Excellent

 

3.    9 years         R100 000       R  50 000        30 days    30 days        Very Good

                                               R100 000

 

 

TRADE REFERENCES – NOVEMBER 2008

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT          PATTERN

 

1.     Do not give trade references

 

2.    ±12 years     R  80 000       R 70 000 30 days             30 days        Very Good

                          c/l                           2.5 %    2.5 %

 

3.    ±15years      R500 000       R200 000        30 days    30 days        Very Good

 

4.    9 years         R100 000       R100 000        Current Account            Excellent

 

5.    May 1992     Declined        R  10 000-       30 days    30 days        Good

                                               R  50 000

 

 

TRADE REFERENCES – AUGUST 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    May 1992     undisclosed   R    10 000-     30 days    30 days        Good

                                               R    60 000

 

2.    ±10 years     open acc       ±R150 000       30 days    30 days        Excellent

 

3.    ±15 years     R500 000       R  100 000-     30 days    30 days        Excellent

                          Open acc       R  200 000

 

4.    Unknown      R149 000       R    60 000      R80 000    30 days        Very Good

                                                                     c/l

 

5.     Do not give trade references

 

 

TRADE REFERENCES – JANUARY 2010

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +10 years     open             R300 000        30 days    30 days        Excellent

                                                                     - invoice discount

 

2.     Do not give trade reference

 

3.     10 years       R500 000       R200 000        30 days    30 days        Excellent

 

4.     18 years       confidential    R  10 000-       30 days    30 days        Very Good

                                                           R  20 000        -2.5%

 

 

 

TRADE REFERENCES – SEPTEMBER 2012

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS       PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    Do not give trade references

 

2.    Do not give trade references

 

3.    Mar 1999      R80 000         R  15 000        30 days       30 days       Excellent

 

4.    20 years       Declined        Declined         30 days       30 days       Good

 

1.     13 years       Open             R150 000-       30 days       30 days       Excellent

                                                           R200 000

 

 

TRADE REFERENCES – SEPTEMBER 2013

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS       PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    June 2006     R2 200 000    R1 000 000      30 days       30 days       Excellent

                          Insured : CGIC

 

2.    March 1999   Declined        Declined         30 days       30 days       Very Good

 

3.    ±15 years     R   500 000    R   100 000     30 days       30 days       Very Good

 

4.    13 years       Open           ±R   300 000     30 days       30 days       Excellent

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS       PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    1999             Declined        Declined         30 days       30 days       Very Good

 

2.    +15 years     Declined        Varies             30 days       30 days       Very Good

 

3.    14 years       Open             R   200 000     30 days       30 days       Excellent

 

 

COMMENTS

 

This is an established business meeting its local commitments timeously. 


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.49

UK Pound

1

Rs.99.77

Euro

1

Rs.83.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.