MIRA INFORM REPORT

 

 

Report Date :

14.12.2007

 

IDENTIFICATION DETAILS

 

Name :

TRACLO INTERNATIONAL (PTY) LTD

 

 

Registered Office :

5 Beacon Road, New Doornfontein, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

06.04.1948

 

 

Com. Reg. No.:

1948/029035/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and exporters of fabric and garments.

 

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

 

TRACLO INTERNATIONAL (PTY) LTD

 

 

PHYSICAL ADDRESS

 

5 Beacon Road

NEW DOORNFONTEIN

Johannesburg

Gauteng

 

POSTAL ADDRESS

P O Box 16790

DOORNFONTEIN

2028

TELEPHONE NUMBER: 011 402 3815

FAX NUMBER               : 011 404 3993

 

 

SHAREHOLDERS

 

100%    STAMFORD HILL INVESTMENT HOLDINGS (PTY) LTD

 

 

ASSOCIATE COMPANIES

 

TRACLO (PTY) LTD

 

It was stated by the respondent that there are ±24 companies in the group, the names of which were not forthcoming.

 

 

DIRECTORS

 

M A DESTOMBES         ID No.   5108185129000

P O ERASMUS             ID No.   6710225035086

D M JACOBS                ID No.   5912155103006

L KINGSBURGH            ID No.   6211175147005

D A SMITH                    ID No.   5411035030000

 

 

BANKERS

 

FIRST NATIONAL BANK, Johannesburg Corporate Branch, account number 50680038640.

 

 

 

DATE REGISTERED

 

6th April 1948

Registration Certificate Number: 1948/029035/07.

 

 

VAT NUMBER

 

4470103047

 

 

MAJOR OPERATION

 

Importers and exporters of fabric and garments.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

SAFCOR

PUMA TEXTILE MILLS, Cape Town

MEDITERRANEAN TEXTILE MILLS, Durban

FREUDENBERG NON WOVEN, Cape Town

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

 

The associated companies and Woolworths.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

USA

 

 

TOTAL EMPLOYEES

 

50

 

 

OTHER PREMISES

 

None

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

 R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

R A HELLMANN AND COMPANY, Rosebank, Johannesburg

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

KAPARO         

 

 

TRADE REFERENCES – JULY 2007

 

            PERIOD            HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

                                    CREDIT CREDIT             PATTERN

 

1.         1 yr                   R1 000 000        R   300 000+     60 days 60 days             Very good

 

2.         20 yrs               declined            R4 000 000-       60 days 60 days             Excellent

                                    R5 000 000

 

3.         2002                 R100 000          Varies               90 days 60 days             Excellent

                                    c/l

 

 

 

 

CURRENT TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

                                    CREDIT CREDIT             PATTERN

 

1.         Do not give trade references

 

2.         07/2006 R1 000 000        R200 000          60 days 60 days             Very good

 

3.         20 yrs               declined            small amt          60 days 60 days             Very good

 

4.         2002                 R   100 000       R  60 000          60 days 60 days             Very good

 

 

COMMENTS

 

This is an established business meeting its commitments timeously. We have not traced dealings to an extent of $1 500 000 and we would prefer to see such a figure spread over 120 days and secured.  The lack of financial information should be borne in mind.

 

 

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.

 

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