MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TLC INTERIORS (NORTH) CC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13 March 1995 |
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Com. Reg. No.: |
1995/010270/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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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
TLC INTERIORS (NORTH) CC
TRADING NAME
TLC FLOORING
PHYSICAL ADDRESS
Clubview
CENTURION
POSTAL ADDRESS
CLUBVIEW
0014
TELEPHONE NUMBER: 012 654 0069
FAX NUMBER: 012 654 9334
The subject formerly traded as TOP CARPETS CENTURION, however, sold the TOP CARPETS franchise in December 2005 and continued trading in the flooring industry.
MEMBERS
75% M E F BOWLER ID No. 6111125086008
25% I BOWLER (wife)
Membership is reported to have changed in approximately 2004 and was formerly M E F BOWLER, M B BOWLER (father) and S A BOWLER (brother).
ASSOCIATE COMPANIES
TLC INTERIORS (ATTERBURY) (PTY) LTD
TLC INTERIORS (CENTURION) (PTY) LTD
BANKERS
NEDBANK, Edenvale Branch. The subject is reported to enjoy overdraft facilities to an extent of R200 000, secured by the personal guarantees of the Members. Utilisation is stated to fluctuate.
DATE REGISTERED
13 March 1995
Registration Certificate Number 1995/010270/23
The subject originally commenced as a flooring retailer and installer in 1995 and took over the Top Carpets franchise from 2000 – 2005. The franchise was sold and the subject continued trading.
VAT NUMBER
4180149835
MAJOR OPERATION
MAJOR SUPPLIERS
MALLS TILES
VAN DYCK CARPETS
FOTAKIS BROTHERS
CARGO TRANS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Corporates, industry and private individuals
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
12
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by M E F BOWLER in his personal capacity
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R 500 000
DEBTORS mainly COD
FIXED ASSETS R1 000 000
CREDITORS R 400 000
MEMBERS LOANS R 150 000
TURNOVER per month R 650 000
AUDITORS
FINFIVE,
YEAR END
FEBRUARY
INSURANCE BROKERS
TWIN INSURANCE
TRADE REFERENCES –
NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 months R200 000 R 50 000 - 30
days 30 days New
c/l R100 000
2. Do not give trade references
3. Too
new to comment
4. 5 yrs R30
000 R30 000 30 days 30 days Good
4% 4%
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1 year R200
000 R100 000 45 days 45 days Very
good
c/l
2. Do not give trade references.
3. 1 year declined declined 30 days 30
days Very good
4. 3 months R150 000 R 80 000 30
days 30 days Very good
c/l
COMMENTS
This is an established business meeting 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%)