MIRA INFORM REPORT

 

 

Report Date :

25.07.2007

 

IDENTIFICATION DETAILS

 

Name :

KURGAN KENANI LEATHER (PTY) LTD

 

 

Registered Office :

105 Strand Street, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.03.2000

 

 

Com. Reg. No.:

2000/004631/07

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturers of small leather goods

 

 

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

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

KURGAN KENANI LEATHER (PTY) LTD

 

 

PHYSICAL ADDRESS

 

105 Strand Street

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 2312

CAPE TOWN

8000

TELEPHONE NUMBER  : 021 426 5038

FAX NUMBER               : 021 426 5853

E-MAIL ADDRESS         : Daniel@kurganleather.co.za

 

 

SHAREHOLDERS

 

100%    D I KURGAN

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

D I KURGAN                

ID No.   7004295038082

 

 

BANKERS

 

NEDBANK, Business Northern Peninsula Branch. It was stated that the subject enjoys overdraft facilities. Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

9th March 2000

Registration Certificate Number: 2000/004631/07

VAT NUMBER

 

4420188163

 

 

MAJOR OPERATION

 

Manufacturers of small leather goods

 

 

MAJOR SUPPLIERS

 

HONEY TAN, Johannesburg

CAPE EAST TRADING, Cape Town

HEIOS, Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Corporates

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

50

 

 

OTHER PREMISES

 

The subject is reported to have a showroom in Johannesburg

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

ISSUED SHARE CAPITAL: R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

KIRKMAN LANFEAR INC

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

J B ROSEN AND ASSOCIATES

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         5 yrs                 open acc           R50 000            30 days             30 days             Very good

 

2.         ±8 yrs               open acc           R  2 000-           30 days             30 days             Very good

                                                            R  5 000

 

3.         3 yrs                 R10 000            R  2 000            30 days             30 days             Very good

                                    c/l

 

 

COMMENTS

 

This is an established business meeting its commitments timeously, however, we have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured. The lack of financial information should be borne in mind.

 

 

 

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