MIRA INFORM REPORT

 

 

Report Date :

09.08.2007

 

IDENTIFICATION DETAILS

 

Name :

TILE PEOPLE (SA) PTY LTD

 

 

Formerly Known As :

R A K CERAMICS SA (PTY) LTD

 

 

Registered Office :

1194 South Coast Road, Mobeni, DURBAN, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

14th August 1995

 

 

Com. Reg. No.:

1995/008436/07

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and distributors of ceramic tiles and sanitary ware.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

TILE PEOPLE (SA) PTY LTD

 

 

Formerly

 

R A K CERAMICS SA (PTY) LTD, the name having been changed on the 28th March 2006.

 

 

PHYSICAL ADDRESS

 

1194 South Coast Road

Mobeni

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 32242

MOBENI

4060

TELEPHONE NUMBER:  031 462 5052

FAX NUMBER:                031 462 5069

 

 

SHAREHOLDERS

 

L S HANSON (Majority Shareholder)

M NAIDOO

D S NAIR

J D VAN DER BIJL

 

 

ASSOCIATE / SUBSIDIARY COMPANIES

 

None

 

 

DIRECTORS

 

L S HANSON                ID No.   5906195009009

M NAIDOO                    ID No.   5703275076085

D S NAIR                      ID No.   4109025048088

J D VAN DER BIJL         ID No.   5709205056006

 

 

BANKERS

 

STANDARD BANK, Jacobs Road Branch, account number 051642492. It was stated that the subject enjoys overdraft facilities to an extent of R350 000 secured by Shareholders guarantees. Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

14th August 1995

Registration Certificate Number:  1995/008436/07

 

 

VAT NUMBER

 

4060159540

 

 

MAJOR OPERATION

 

Importers and distributors of ceramic tiles and sanitary ware.

 

 

MAJOR SUPPLIERS

 

The subject imports supplies and deals locally with:

 

S A MERCANTILE

HALLS TILES

CERAMIC INDUSTRIES

TAL ADHESIVES

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to African countries

 

 

TOTAL EMPLOYEES

 

33

 

 

OTHER PREMISES

 

The subject is reported to have branches in Pietermaritzburg and Umhlanga.

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                             R3 500 000

DEBTORS                                                         R1 600 000

CREDITORS                                                      R4 000 000

TURNOVER per month                                       R1 500 000

 

 

AUDITORS

 

VAN DER BIJL AND GOVENDER

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

CHARTERED BROKERS          

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             declined            R1 000 000        30 days             30 days             Very good

 

2.         2003                 R250 000          R  140 000        30 days             30 days             Very good

                                    c/l

 

3.         2006                 R400 000          R  220 000        30 days             30 days             Very good

                                    c/l        

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured.

 

 

 

 

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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