MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MOSON TILE AND DÉCOR (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
4 December 2001 |
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Com. Reg. No.: |
2001/029062/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distribution and retailing of tiles and sanitary ware |
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
TREND TAP AND TILES
POSTAL ADDRESS
SOUTHDALE
2135
TELEPHONE NUMBER: 011 835 0273
On investigation it was established that the subject is a trading name for MOSON TILE AND DECOR (PTY) LTD, which report should be consulted.
COMPANY NAME
MOSON TILE AND DÉCOR (PTY) LTD
Formerly
SANWARE & TILE
WAREHOUSE (PTY) LTD, the name having changed on 24 June 2003.
TRADING NAME
TREND TAP AND TILE
PHYSICAL ADDRESS
Ormonde
POSTAL ADDRESS
SOUTHDALE
2135
TELEPHONE NUMBER: 011 835 0273
FAX NUMBER:
011 835 3850
SHAREHOLDERS
50% M A PATEL (Father)
50% M M PATEL (Son)
ASSOCIATE COMPANIES
MOOSA PATEL FAMILY INVESTMENT (PTY) LTD (property owning company)
DIRECTORS
M A PATEL (Father) ID No. 4006245042059
M M PATEL (Son) ID No. 7307165113087
BANKERS
FIRST NATIONAL BANK, Three Rivers Branch, account number: 62045392412. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
4 December 2001
Registration Certificate Number: 2001/029062/07
It was stated that the shareholders previously owned a franchise business, namely CTM KIMBERLEY from 1990 until 2001
VAT NUMBER
4120201837
MAJOR OPERATION
Distribution and retailing of tiles and sanitary ware
MAJOR SUPPLIERS
The subject imports tiles and sanitary ware from
NEW LEAF CARRIERS
MALLS TILES DISTRIBUTION
RITZ TILES
TILEON HOLDINGS
UTI
MAJOR CUSTOMERS OR
BUSINESS SECTORS
General Public on a COD basis, construction industry.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
35
OTHER PREMISES
It was reported that the subject has a warehouse at 260 Crownwoode, Ormonde.
OWNED OR LEASED
The heading premises are reported to be owned by the property owning company, free of bond while the warehouse premises are reported to be leased.
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 6 000 000
DEBTORS excl. COD R 2 000 000
CASH R30 000 - R 190 000
FIXED ASSETS R 850 000
CREDITORS R1 500 000 – R 2 000 000
LOANS Nil
TURNOVER per annum R30 000 000
AUDITORS
HAROUN POCHEE & COMPANY
YEAR END
FEBRUARY
INSURANCE BROKERS
SANTAM
TRADE REFERENCES –
APRIL 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 6 mths R250
000 R100 000 - 30 days 30
days Good
R250 000
2. ± 6 yrs declined R300 000 30 days 30
days Excellent
3. Do not give trade references.
4. 2 yrs + R400
000 R120 000± 30 days 30
days Very good
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not give trade references.
2. 5 yrs open
acc R300 000 30 days 30 days Excellent
3. Do not give trade references.
4. Do not give trade references.
5. 1 year open
acc R150 000 15/20 days 15/20 days Very
good
COMMENTS
This is a comparatively established business meeting its commitments timeously. We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser amount 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%)