MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
P L A CLOTHING (PTY) LTD |
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Registered Office : |
2nd Floor West Wing, Village Walk Shopping
Centre, Cnr Maude & Rivonia Roads, Sandton, Gauteng |
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Country : |
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Date of Incorporation : |
23rd March 1990 |
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Com. Reg. No.: |
1990/001679/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing and distribution of exclusive furnishing fabric. |
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
TESSA SONIK FABRICS
PHYSICAL ADDRESS
2nd Floor
West Wing
Village Wall Office Block
Cnr Maude and Rivonia Roads
SANDTON
TELEPHONE NUMBER: 011 883 0580
FAX NUMBER: 011 883 0587
On investigation it was established that TESSA SONIK FABRICS is the trading name of P L A CLOTHING (PTY) LTD trading as TESSA SONIK FABRIC COLLECTION, which report should be consulted.
COMPANY NAME
P L A CLOTHING (PTY) LTD
TRADING NAME
TESSA SONIK FABRIC COLLECTION
PHYSICAL ADDRESS
2nd Floor West Wing
Village Walk
Shopping Centre
Cnr Maude &
Rivonia Roads
SANDTON
POSTAL ADDRESS
Postnet
Private Bag X9916
SANDTON
2146
TELEPHONE NUMBER: (011) 883-0580
FAX NUMBER: (011) 883-0587
SHAREHOLDERS
100% MRS T SONIK
ASSOCIATE COMPANIES
BIRDI CLOTHING CC (owned by Mr L D Lewison)
The subject is associated to SAFFER BROS (PTY) LTD by means of being a family concern where Mrs T Sonik worked for a number of years.
DIRECTORS
L D LEWISON
MRS T SONIK
BANKERS
ABSA BANK,
DATE REGISTERED
23rd March 1990
Registration Certificate Number: 1990/001679/07.
The subject was a dormant company until 1 September 1997 when it changed its name and incorporated assets and operations of a sole proprietorship that had been trading since 1 August 1994. The sole proprietorship was owned by Mrs Tessa Sonik and traded as Tessa Sonik Fabric Collection. Both Mrs Sonik and Mr Lewison have been involved in the fabric and fashion industry for many years.
VAT NUMBER
4420120158
MAJOR OPERATION
Importing and distribution of exclusive furnishing fabric.
MAJOR SUPPLIERS
The subject imports 99% of its supplies and deals locally with:
SAMPLE IT
AIRMARK
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Material shops, hotels, office furniture companies, interior decorators etc. Mainly on a C.O.D. basis.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Small to
TOTAL EMPLOYEES
8 employees plus the subject uses 2 representatives and 3 agents.
OTHER PREMISES
The subject is reported to have a sales office in
OWNED OR LEASED
The premises are reported to be leased.
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R1
500 000
DEBTORS R 800 000
CREDITORS
Fluctuates
LOANS From Tessa Sonik R500 000
TURNOVER per month R800 000
ACCOUNTING OFFICER
J H SMILG & CO (FAROUK)
YEAR END
FEBRUARY
INSURANCE BROKERS
FAIRWAYS
TRADE REFERENCES –
JANUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R20
000 R5 000 30 days 30 days Very
Good
-R20 000
2. 2-3 yrs R100
000 R50 000 30 days 30-60 days Good
c/l
3. Old R50
000 R50 000 C.O.D. Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 yrs open R150 000 30 days 30 days Very good
2. 5 yrs open R 1 000 - 30 days 30 days Excellent
R 15 000
3. Do not give
trade references
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 figure on a well spread and secured basis.
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. |
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%)