MIRA INFORM REPORT

 

 

Report Date :

31st January, 2007

 

IDENTIFICATION DETAILS

 

Name :

CREAM MAGENTA 295 (PTY) LTD

 

 

Registered Office :

13 Spartan Crescent, Eastgate Ext 3, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

29.11.2005

 

 

Com. Reg. No.:

2005/041856/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of clothing

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

CREAM MAGENTA 295 (PTY) LTD

 

 

TRADING NAME

 

GLOBAL SOURCING

 

 

PHYSICAL ADDRESS

 

13 Spartan Crescent

EASTGATE EXT 3

Sandton

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 124

WENDYWOOD

2144

 

 

TELEPHONE NUMBER

 

(011) 555-0600

 

 

FAX NUMBER

 

(011) 448-2016

 

 

SHAREHOLDERS

 

60%      MOLASH INVESTMENTS (PTY) LTD, which is in turn owned by E

BEINART, D E PIMSTEIN and S I LAFFER.

20%      S BRASG

20%      INVESTEC BANK LTD

 

 

ASSOCIATE COMPANIES

 

SUNPAC (PTY) LTD

THAIMAN HOLDINGS LTD

 

 

DIRECTORS

 

E BEINART

D E PIMSTEIN

S K BRASG

S I LAFFER

 

 

BANKERS

 

STANDARD BANK, Sandton, account number 422139831.  It was stated that the subject enjoys overdraft facilities at INVESTEC BANK to an extent of

R22 000 000, secured by assets.  Utilisation of the overdraft is stated to vary.

 

 

DATE REGISTERED

 

29 November 2005

Registration Certificate Number 2005/041856/07

 

The subject was registered to take over the assets and operations of a company named Meltz Lashansky Holdings (Pty) Ltd which company operated for 6 years.

 

 

VAT NUMBER

 

4560226005

 

 

MAJOR OPERATION

 

Wholesale of clothing

 

 

MAJOR SUPPLIERS

 

The subject imports from TOLANI  in China and RISING SUN in Botswana and deals locally with:

 

MY STYLE  Johannesburg

SAFCOR

JAZ FORWARDING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Major retail clothing outlets, e.g. Edgars, Foschini, Makro, Pick ‘n Pay and Meltz Mega Stores.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

38

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R100

 

Please see attached balance sheet dated 30 April 2006.

 

The subject’s turnover is reported to be R180 000 000  per annum.

 

 

AUDITORS

 

IAPA

 

 

FINANCIAL YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

LIONEL ISAACS & CO

 

 

TRADE REFERENCES – JUNE 2006

 

        ACCOUNT  HIGHEST    AVERAGE TERMS       PAYMENT                   EXPERIENCE

        OPENED     CREDIT       CREDIT        PATTERN

 

1.     1 yr             R100 000     R100 000 60 days         60 days                            Very good

 

2.     10 months   R60 000      R60 000 60 days          60 days                                   Good

 

3.     1 week        R1 mill        declined 30 days          30 days             too new to comment

 

 

CURRENT TRADE REFERENCES

 

        ACCOUNT  HIGHEST    AVERAGE TERMS       PAYMENT                   EXPERIENCE

        OPENED     CREDIT       CREDIT        PATTERN

 

1.          Unable to obtain trade reference

 

2.     2003           R3 mill        varies  30 days            30 days                             Excellent

 

3.     2006           R1.5 mill      R800 000 30 days         30 days                            Very good

 

 

COMMENTS

 

This is a new company that has taken over the assets and operations of a well-established business.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see such dealings spread over 90 days.

 

 

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

 

 

 

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