MIRA INFORM REPORT

 

 

Report Date :

31.05.2007

 

IDENTIFICATION DETAILS

 

Name :

AWAIZ FABRICS CC

 

 

Registered Office :

Shop 103, Atterbury Value Mart, Atterbury Road, Faerie Glen, Pretoria, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

5 April 1991

 

 

Com. Reg. No.:

1991/008761/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

The retailing of fabrics

 

 

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

 

 

On investigation contact was made with the Member at the subject who declined to assist with information.  It was stated that the company is well known by local suppliers and deals with foreign suppliers on a letter of credit basis, therefore, sees no reason to update information.  Nevertheless please see historical information dated January 2005, which reads as follows:

 

 

COMPANY NAME

 

AWAIZ FABRICS CC

 

 

TRADING NAME

 

MIDDESTAD FABRICS

 

 

PHYSICAL ADDRESS

 

Shop 103

Atterbury Value Mart

Atterbury Road

Faerie Glen

PRETORIA

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 14021

LAUDIUM

0037

TELEPHONE NUMBER: 012 991 4849

FAX NUMBER:                          012 991 1719

 

 

MEMBERS

 

60%      F NOORMAHOMED

40%      A ISMAIL

 

 

ASSOCIATE COMPANIES

 

None

 

 

 

 

 

 

 

 

BANKERS

 

FIRST NATIONAL BANK, Pretoria Main Branch.  It was stated by respondents that overdraft facilities are utilised occasionally.  Further details regarding banking facilities were not forthcoming.

 

 

DATE REGISTERED

 

5 April 1991

Registration Certificate Number: 1991/008761/23

 

 

MAJOR OPERATION

 

The retailing of fabrics

 

 

MAJOR SUPPLIERS

 

HOME FABRICS Johannesburg

CHELSEA HARBOUR Johannesburg

A C MOOSA Middelburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public and clothing manufacturers and interior designers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

16

 

 

 

 

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

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

 

 

AUDITORS

 

GORDON & PARTNERS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

JOHN LOUW & ASSOCIATES

 

 

TRADE REFERENCES – JANUARY 2005

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         Old                   R150 000          fluctuates          30 days             30 days             Very good

                                    c/l                     5%       5%

 

2.         1999                 R5 000              declined            COD                 COD                 Good

 

3.         Old                   R5 000              R3 000 -            30 days             30 days             Very good

                                                            R5 000

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT                     HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED                      CREDIT CREDIT                         PATTERN

 

1.         Old acc                         declined            declined            30 days             30 days             Good

 

2.         1999                             R75 000            -                       C.O.D.              C.O.D.              Good

 

3.         2 yrs                             R12 000            declined            90 days             90 days             Good

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser figure on a well spread and secured basis, in the absence of financial and updated information.

 

 

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