MIRA
INFORM REPORT
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Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
MODAICO CC |
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Registered Office : |
63 Acutt
Avenue, Off North Coast Road, Rosehill, Durban, Kwazulu Natal |
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Country : |
South
Africa |
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Date of Incorporation : |
18 June 2002 |
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Com. Reg. No.: |
2002/044300/23 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Import and
distribution of ladies, men’s and children’s garments. |
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
MODAICO CC
PHYSICAL ADDRESS
63 Acutt
Avenue
Off North
Coast Road
ROSEHILL
Durban
Kwazulu Natal
POSTAL ADDRESS
P O Box 40007
RED HILL
4071
TELEPHONE NUMBER : (031) 573-2147
FAX NUMBER : (031) 573-2424
SHAREHOLDERS
100% J B BECKERLING
ASSOCIATE COMPANIES
None
DIRECTORS
J B BECKERLING ID NO: 6512030034084
BANKERS
FIRST NATIONAL
BANK, Durban Port branch, account number 62056403307. It was stated that the subject does not require overdraft
facilities as credit balances are maintained.
DATE REGISTERED
18 June 2002
Registration
Certificate Number 2002/044300/23
VAT NUMBER
4860207416
MAJOR OPERATION
Import and
distribution of ladies, men’s and children’s garments.
MAJOR SUPPLIERS
The subject
imports 100% of its supplies through the local clearing agents EDWARD JOHN
SHIPPING in Durban.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Clothing
industry
AREA OF DISTRIBUTION
AND SELLING
Kwazulu Natal
and Cape Town.
EXPORTS
None
TOTAL EMPLOYEES
5
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R1000
Full financial
information was not forthcoming from respondents at the company. It was, however, stated that stock is
approximately R1 500 000.
AUDITORS
GARACH &
GARACH
FINANCIAL YEAR END
FEBRUARY
INSURANCE BROKERS
MOUNT BATTEN
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R500
000 R500 000 30 days 30 days Very good
COMMENTS
This is an
established business which imports most of its supplies. The subject is meeting its one local
commitment timeously and is considered equal to its normal business
engagements. The lack of financial
information should be borne in mind.
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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