MIRA
INFORM REPORT
|
Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
RAGE DISTRIBUTION (PTY) LTD |
|
|
|
|
Registered Office : |
2B |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
22 July 2003 |
|
|
|
|
Com. Reg. No.: |
2003/017346/07 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale, distribution and importing of upmarket, high fashion footwear. |
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
RAGE DISTRIBUTION (PTY) LTD
TRADING NAME
RAGE
PHYSICAL ADDRESS
2B
KRAMERVILLE
Wendywood
POSTAL ADDRESS
2106
and
KELVIN
2054
TELEPHONE NUMBER: 011 444 1282
FAX NUMBER: 011 444 1652
MEMBERS
30% J L GOCHIN
30% MRS M GOCHIN
20% G L FLAKS
20% PRO DIAM (PTY) LTD
The shareholding changed in January 2001 and was previously 33.33% MRS M GOCHIN; 33.33% G FLAKS and 33.33% L JOFFE.
ASSOCIATE COMPANIES
DANTEC CREDIT (PTY) LTD
DIRECTORS
J L GOCHIN ID No. 5102025096008
MRS M GOCHIN ID No. 6108220028000
G L FLAKS ID No. 6707275055006
R
MS K MARAIS ID No. 6601170210081
BANKERS
NEDBANK, Commercial Central Branch, account number 1284025969. It was stated that the subject enjoys overdraft facilities to an extent of R1 000 000+ secured by the shareholders guarantees. Utilisation of the overdraft is stated to be occasional.
DATE REGISTERED
22 July 2003
Registration Certificate Number 2003/017346/07.
The subject converted from a CC that was established on 19th May 2000, registration certificate number 2000/025322/23.
The subject was registered to take over the assets and operations of an existing company, namely DOLLIRENE (PTY) LTD. It was stated that Dollirene (Pty) Ltd took over the assets and operations of RAGE FOOTWEAR CC, which was originally commenced in 1997, registration certificate number 1997/049201/23 and which is now reported to be dormant.
MAJOR OPERATION
Wholesale, distribution and importing of upmarket, high fashion footwear.
MAJOR SUPPLIERS
The subject imports 99% of its supplies and deals locally with CHALBA FREIGHT.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers and the general public.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Neighbouring countries
TOTAL EMPLOYEES
300 approximately
OTHER PREMISES
The subject is reported to have 70 stores throughout
OWNED OR LEASED
The premises are reported to be leased
MEMBERS CONTRIBUTION
R100
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
CHARTERED FINANCIAL AUDITING SERVICES
YEAR END
FEBRUARY
INSURANCE BROKERS
HERITAGE INSURANCE BROKERS
TRADE REFERENCES –
MARCH 2001
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2 yrs+ R300 000 R150 000 30 days 30 days Very Good
2. 4 yrs R80 000 R50 000 30 days 30 days Very Good
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 yrs± open acc R1 200 000 30 days 30 days Very Good
COMMENTS
This is an established business which imports most of its supplies. The subject is meeting its local commitment timeously, however, we have not traced dealings to an extent of $1 000 000 and would prefer to see dealings to a far lesser amount spread and secured.
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%)