MIRA
INFORM REPORT
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Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
L G
SPORTS |
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Registered Office : |
59 Union
Street, East London, Eastern Cape 5201 |
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Country : |
South
Africa |
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Date of Incorporation : |
1984 |
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Legal Form : |
Sole
Proprietory |
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Line of Business : |
Retail
of Sports Equipment |
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 |
SOLE PROPRIETOR
CLIVE HUGH
WEBB
ID NO: 4208135026081
TRADING NAME
L G SPORTS
PHYSICAL ADDRESS
59 Union
Street
EAST
LONDON
Eastern
Cape
5201
POSTAL ADDRESS
As above
TELEPHONE NUMBER
(043) 722-1144
FAX NUMBER
(043)
722-1144
ASSOCIATE COMPANIES
None
BANKERS
FIRST
NATIONAL BANK, East London Main branch.
It was stated that the subject has overdraft facilities available,
however, utilisation thereof is stated to be nil as credit balances are
maintained.
DATE STARTED
1984
VAT NUMBER
4850107725
MAJOR OPERATION
Retail of
sports equipment.
MAJOR SUPPLIERS
ASSAGAI
SPORTS Durban
WET
SPORTS Cape
Town
OMNI
SPORT Cape
Town
JORDAN
GROUP Cape
Town
CATERBURY
INTERNATIONAL
MAJOR SUPPLIERS
The general
public, schools and sports clubs.
AREA OF DISTRIBUTION
AND SELLING
South
Africa
EXPORTS
None
TOTAL EMPLOYEES
4
OTHER PREMISES
None
OWNED OR LEASED
The subject
is reported to operate from the residence of C H Webb, valued in the region of
R1 400 000, free of bond.
C H Webb is
reported to be married under ante nuptial contract.
The
following estimated financial situation was submitted:
STOCK R 700 000
DEBTORS COD
CASH R 160 000
CREDITORS R 100 000
OVERDRAFT Nil
LOANS Nil
TURNOVER per
annum R1 800 000
AUDITORS
T BEILING
FINANCIAL YEAR END
FEBRUARY
INSURANCE BROKERS
CAPSTONE
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
yrs R250 000 R45 000 30 days 30 days Excellent
2. 20
yrs R8 000 R8 000 30/60 30/60 Excellent
days days (3%)
3. 10
yrs do not disclose 30 days 30
days Excellent
figures
COMMENTS
This is an established business meeting its
moderate commitments timeously. We have
not traced dealings to an extent of US$1 000 000 and would prefer to see a far
lesser amount spread over 180 days.
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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