MIRA INFORM REPORT

 

 

Report Date :

10th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

COCONUT TROUSER MANUFACTURERS (PTY) LTD

 

 

Registered Office :

181 Aberdare Drive, Phoenix Industria Park, Phoenix, Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.06.1977

 

 

Com. Reg. No.:

1977/001944/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

CMT packaging, distribution and wholesale of men’s and boys trousers.

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

THE COCONUT TROUSERS (HILORD CLOTHING INDUSTRIES)

 

 

POSTAL ADDRESS

 

P O Box 48167

QUALBERT

4078

 

 

TELEPHONE NUMBER

 

(031) 507-7353

 

On investigation it was established that the correct name of the subject is COCONUT TROUSER MANUFACTURERS (PTY) LTD, trading as MILORD CLOTHING INDUSTRIES.

 

           

COMPANY NAME

 

COCONUT TROUSER MANUFACTURERS (PTY) LTD

 

 

TRADING NAME 

 

MILORD CLOTHING INDUSTRIES

 

 

PHYSICAL ADDRESS

 

181 Aberdare Drive

PHOENIX INDUSTRIA PARK

Phoenix

Natal

 

 

POSTAL ADDRESS

 

P O Box 48167

QUALBERT

4078

 

                         

TELEPHONE NUMBER

 

031 507 7353

 

 

FAX NUMBER

 

031 507 7356

 

 

SHAREHOLDERS

 

50%      M A PARBHOO

50%      C NATHOO

 

 

ASSOCIATE COMPANIES

 

UNISTAR CLOTHING MANUFACTURERS (PTY) LTD (dormant)

 

 

DIRECTORS

 

M A PARBHOO             ID No. 5101255132087

C NATHOO                   D.O.B. 421119

 

 

BANKERS

 

NEDBANK, Albert Street Durban Branch, Account Number 1355027551.  It was stated that the subject enjoys total overdraft facilities to an extent of R3 million, secured by a cession of debtors.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

27 June 1977

Registration certificate number 1977/001944/07. 

 

The subject was commenced as a new business.

 

 

VAT NUMBER

 

4560113227

 

 

MAJOR OPERATION

 

CMT packaging, distribution and wholesale of men’s and boys trousers.

 

The subject previously manufactured men’s and boys trousers, however, this operation changed and the machinery was sold in May 2003.  It was stated that manufacturing is outsourced.

 

 

MAJOR SUPPLIERS

 

The subject imports substantially from China and buys locally from:

 

FRAME TEXTILE

BERG RIVER TEXTILES

YKK  Swaziland

BERZACK BROTHERS

R & A SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Sales House, Jet Stores, Pages, Burgers, Catalogue Co-op and Scottish Knitwear as well as wholesalers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

20 – reduced from 220 as the subject ceased manufacturing in 2003.

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the company and valued in the region of R3 million, free of bond.

 

The following estimated financial situation was submitted as follows:

 

STOCK                                                                                                           R1 200 000

DEBTORS                                                                                                      R3 000 000

INVESTMENTS                                                                                               R   500 000

FIXED ASSETS                                                                                              R   500 000

CREDITORS                                                                                                   R   100 000

OVERDRAFT                                                                                                  R2 000 000

LONG TERM LIABILITIES                                                                                              nil

TURNOVER per annum                                                                                  R20 000 000

 

 

AUDITORS

 

DESAI, JUDWAT & SALOOJEE

 

 

YEAR END

 

FEBRUARY 

 

 

INSURANCE BROKERS

 

NEW NATIONAL ASSURANCE BROKERS

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R10 000         R8 000            60 days    60 days        Very good

 

2.    5 yrs            declined         declined          60 days    60 days        Very good

 

3.    5 yrs            varies upon deliveries            30 days    30 days        Very good

 

 

COMMENTS

 

This is a well established company meeting commitments on arranged terms. We have not traced dealings to an extent of US$1 million DA and it is suggested that all such dealings be on a well spread and secured basis.

 

 

             

 

 

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