MIRA
INFORM REPORT
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Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THE WORLD OF MARBLE AND GRANITE 2000 CC |
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Registered Office : |
Cnr Marine Drive & N1, Paardeneiland, Cape
Town, Western Cape |
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Country : |
South
Africa |
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Date of Incorporation : |
20.10.1992 |
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Com. Reg. No.: |
1992/029305/23 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Manufacturers of marble and granite tiles, as well as
counter tops and vanity slabs. |
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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Maximum Credit Limit : |
US$1 000
000 DA |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
COMPANY NAME
THE WORLD OF MARBLE AND GRANITE 2000 CC
TRADING NAME
THE WORLD OF MARBLE AND GRANITE
PHYSICAL ADDRESS
Cnr Marine Drive & N1
PAARDENEILAND
Cape Town
Western Cape
POSTAL ADDRESS
P O Box 1205
Region Road
SEA POINT
8060
TELEPHONE NUMBER
(021) 447-6161
FAX NUMBER
(021) 447-6165
MEMBERS
50% M SAX
(father)
50% O I SAX
(son)
Previously M SAX O I SAX and T KEIFY, the members having
been changed at the end of 2001.
ASSOCIATE COMPANIES
THE WORLD OF MARBLE AND GRANITE 21ST CENTURY
(PTY) LTD
It was stated by respondents that M SAX is involved in
many different businesses including REGENCY HOTEL OVERSEAS INVESTMENTS and
DIAMOND MINING in Kimberley.
BANKERS
NEDBANK, Sea Point branch, Cape Town. Account Number 1069323748. It was stated that the subject enjoys
overdraft facilities to an extent of R1.5 million, secured by the personal
guarantees of the Members. Utilisation
is stated to fluctuate.
DATE REGISTERED
28th October 1992
Registration Certificate Number 1992/029305/23.
VAT NUMBER
4790134532
MAJOR OPERATION
Manufacturers of marble and granite tiles, as well as
counter tops and vanity slabs.
MAJOR SUPPLIERS
The subject imports 90% of its supplies from Turkey,
Brazil, Spain and China and deals locally with:
TOOLGAL Johannesburg
MEDITERRANEAN SHIPPING Durban
PENNY PINCHERS
Cape Town
COLBERN Cape
Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Public and the building industry.
AREA OF DISTRIBUTION AND SELLING
Cape Town, Johannesburg and
surrounding areas.
EXPORTS
On occasion to Namibia.
TOTAL EMPLOYEES
200
OTHER PREMISES
The subject has a factory at 7 Grenville Avenue, Epping
1, Cape Town, Western Cape and a showroom in Johannesburg.
OWNED OR LEASED
The head office and showroom premises are reported to be
leased and the factory premises are owned by THE WORLD OF MARBLE AND GRANITE 21ST
CENTURY (PTY) LTD.
MEMBERS CONTRIBUTION
R100
Respondents declined to update previous financial
information submitted in March
2005 that reads as follows:
STOCK R
7 000 000
DEBTORS R
1 900 000
CREDITORS local
R 200 000
TURNOVER per annum
R12 000 000
It was stated that the
turnover has increased dramatically over the past year.
AUDITORS
L MARGOLIS &
ASSOCIATES Cape Town
FINANCIAL YEAR END
DECEMBER
INSURANCE BROKERS
A I B
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 yrs R20
000 R10 000 30 days 30 days Good
2.
COD
3. 10 yrs R300
000 COD Good
4. 8 yrs R50
000 R40 000 30 days 30 days Very good
COMMENTS
This is an established business that imports most of its supplies. The subject is meeting its local commitments timeously. We have not traced dealings to an extent of US$1 000 000 DA and it is suggested that lesser dealings be undertaken on a 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/normal. |
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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