MIRA INFORM REPORT

 

 

Report Date :

16th June 2006

 

IDENTIFICATION DETAILS

 

Name :

MALLS TILES (PTY) LTD

 

 

Formerly Known As :

MALLS CERAMICS (Pty) Ltd    /

MALLS HARDWARE (PTY) LTD

 

 

Registered Office :

3 / 9 Garth Road

MAYVILLE

Durban, Kwazulu Natal, 4091

 

 

Country :

South Africa

 

 

Date of Incorporation :

15 September 1978

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Retailers and distributors of ceramic tiles

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

MALLS TILES (PTY) LTD

 

Formerly: MALLS CERAMICS (Pty) Ltd, the name having been changed approximately 2 years ago.   Formerly: MALLS HARDWARE (PTY) LTD, the name having been changed 12 years ago.

 

 

PHYSICAL ADDRESS          

 

3 / 9 Garth Road

MAYVILLE

Durban

Kwazulu Natal

4091

 

 

POSTAL ADDRESS

 

As above

 

TELEPHONE NUMBER: (031)  207-6451 / 208-3909 / (031) 469-4224

 

FAX NUMBER:                          (031)  207-6455 / 207-7453

 

The subject is reported to have branch premises at:  16 – 18 Pascoe Road, Mobeni, Durban, telephone number:  (031) 469-4224.

 

 

SHAREHOLDERS

 

98%      D M MALL

2%       MRS R D MALL (wife)

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

D M MALL

 

 

BANKERS

 

FIRST NATIONAL BANK, Durban Main branch, account number 50846983960.  It was stated that the subject does not make use of an overdraft facility as credit balances are maintained.

 

 

DATE REGISTERED

 

15 September 1978

Registration certificate number 1978/003556/07

 

The subject took over the assets and operations of a sole proprietorship, which commenced in 1975.

 

 

VAT NUMBER

 

4450103272

 

 

MAJOR OPERATION

 

Retailers and distributors of ceramic tiles.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

SPECTRUM SHIPPING  Durban

TAL  Johannesburg

KIRK MARKETING  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public and retailers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Kwazulu Natal, Western Cape and Gauteng.

 

 

EXPORTS  

 

Occasionally to Swaziland, Zambia, Zimbabwe and Mozambique.

 

 

TOTAL EMPLOYEES

 

150

 

 

OTHER PREMISES

 

The subject is reported to have a branch in Cape Town and another in Durban.

 

 

OWNED OR LEASED

 

The  head office premises are reported to be owned by the subject.  The Cape Town premises are leased and both the Durban premises are owned by the subject and bonded in favour of Absa Bank.

 

 

AUTHORISED SHARE CAPITAL

 

R50 000 divided into 50 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R50 000

 

The following estimated financial situation was submitted:

 

STOCK                                                                                     R40 000 000

DEBTORS                                                                                 R20 000 000

CREDITORS  (local & foreign – extended terms)                           R18 000 000      SHAREHOLDERS LOANS                                                         Nil

TURNOVER                                          per month                      R15 000 000

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NEW INDIA INSURANCE   Durban

 

 

 

TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         July 98              R10 mill            R6 mill              90 days             90 days             Excellent

 

2.         2 Yrs                R2 mill              1 mill                45 days             45 days             Good

 

3.         20 Yrs               R100 000          R50 000            30 days             30 days             Excellent

2 ½%

 

 

COMMENTS

 

This is a very well established company, which is meeting its commitments timeously. No adverse comments have been heard, however, it is suggested that when credit dealings to an extent of US$1 000 000 are contemplated that it be over 90 days.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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