MIRA INFORM REPORT

 

 

Report Date :

10.07.2007

 

IDENTIFICATION DETAILS

 

Name :

FUSION IMPORT AND DESIGN CC

 

 

Registered Office :

Unit 85B, Kyalami Drive, Killarney Garden, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

26 November 2003

 

 

Com. Reg. No.:

2003/102928/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and wholesalers of chain stores clothing

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

FUSION IMPORT AND DESIGN CC

 

 

Formerly

 

FUSION PROPERTIES 167 CC, the name having been changed on 24 November 2004.

 

 

PHYSICAL ADDRESS

 

Unit 85B

Kyalami Drive

Killarney Garden

CAPE TOWN

Western Cape

TELEPHONE NUMBER:  021 556 0359

FAX NUMBER:                021 556 7222

 

 

POSTAL ADDRESS

 

As above

 

 

MEMBERS

 

50%      A E KOERESIES           ID No. 7303225104083

50%      T VAN DER RIET           ID No. 7606020174089

 

 

ASSOCIATE COMPANIES

 

FUSION PROPERTIES 166 (PTY) LTD (property owing company)

 

 

BANKERS

 

FIRST NATIONAL BANK, Tableview Branch.  It was stated that the subject enjoys overdraft facilities, secured by a bond on property.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

26 November 2003

Registration Certificate Number: 2003/102928/23

 

It was stated that the subject commenced operations in November 2004.  It was stated that A E KOERESIES and T VAN DER RIET were involved in retail and design for a company named PLATINUM HOLDINGS prior to starting the subject.

 

 

VAT NUMBER

 

4070218245

 

 

MAJOR OPERATION

 

Importers and wholesalers of chain stores clothing

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

BERRY AND DONALDSON

JOHN LEE AGENCIES

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Large retail clothing chain stores

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

6

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased from the 2 Members which is owned in their personal capacity

 

 

MEMBERS CONTRIBUTION

 

R100

           

The following estimated financial situation was submitted:

 

STOCK                                                                                     R500 000

DEBTORS seasonal & imports                                                    fluctuates

FIXED ASSETS                                                                         R230 000

MEMBERS LOANS                                                                   R800 000

TURNOVER per month                                                               R300 000 – R1 500 000

 

 

AUDITORS

 

KEITH CULLIS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

FIRST LINK

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         2 yrs                 R1 300 000        R400 000          30 days             60 days+           Slow

 

2.         Old acc             open                 R    5 000          30 days             30 days             Very good

 

 

COMMENTS

 

This is an established business meeting its commitments slowly at times.  We have not traced dealings to an extent of US$10 000 000 and it is suggested that a far lesser figure be dealt with on a letter of credit 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

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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