MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KORTEKS TEXTILES ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18 February 1997 |
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Com. Reg. No.: |
1997/002157/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of curtains and curtain materials |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
KORTEKS TEXTILES (
PHYSICAL ADDRESS
CENTURION
POSTAL ADDRESS
LYTTELTON
0140
TELEPHONE NUMBER: 012 666 7100
FAX NUMBER:
012 666 7362
SHAREHOLDERS
60% O ZORLU
(
40% Z TAYOB
ASSOCIATE COMPANIES
None
DIRECTORS
O ZORLU D.O.B. 651107
Z TAYOB ID No. 6305145179008
BANKERS
DATE REGISTERED
18 February 1997
Registration Certificate Number: 1997/002157/07
VAT NUMBER
4470166689
MAJOR OPERATION
Manufacturing of curtains and curtain materials
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
SHORE INTERNATIONAL
KAPELA FREIGHT
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
290
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
The following estimated financial situation was submitted:
STOCK (inventory) R14 000 000 – R 19 000 000
DEBTORS (trade & other receivables) 60-90 days R 10 000 000
FIXED ASSETS (property, plant & equipment) cost R100 000 000
CREDITORS (trade & other payables) Letter of Credit
SHAREHOLDERS LOANS (interest bearing borrowings) R 23 000 000
TURNOVER per month/annum R 4 000 000
AUDITORS
OMA CHARTERED ACCOUNTANTS
YEAR END
FEBRUARY
INSURANCE BROKERS
HOLLARD
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not give trade references.
2. March 2007 R200 000 R200
000 30 days 30 days Good
COMMENTS
This is an
established company meeting its one obtainable commitment timeously. We have not
traced dealings to an extent of $1 000 000 and would prefer to see such
dealings well spread and secured.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)