MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
LAUNCH DISTRIBUTION – DIVISION OF LAUNCH GROUP (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26 June 2006 |
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Com. Reg. No.: |
2006/019619/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Merchandising, sourcing and manufacturing of clothing. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
LAUNCH GROUP (PTY) LTD
TRADING DIVISION
LAUNCH DISTRIBUTION
LAUNCH HOME
PHYSICAL ADDRESS
Eastgate Extension 12
SANDTON
POSTAL ADDRESS
2131
TELEPHONE NUMBER: 011 444 2000
FAX NUMBER: 011 444 6989
SHAREHOLDERS
100% D S KIRKEL
ASSOCIATE COMPANIES
None
DIRECTORS
D
BANKERS
NEDBANK, Business Northrand Branch. It was stated that the subject enjoys overdraft facilities to an extent of R3.5 million, secured by the personal guarantee of the Shareholder. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
26 June 2006
Registration Certificate Number: 2006/019619/07
The subject commenced active operations in July 2006. It was stated by the respondent that D
VAT NUMBER
4550230488
MAJOR OPERATION
The Launch Distribution Division deals with the merchandising, sourcing and manufacturing of clothing. The Launch Home Division deals with the merchandising and sourcing of home wares.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
EXPOLANKA FREIGHT
CHT
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Chain Stores such as MAKRO, EDGARS, etc
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
9
OTHER PREMISES
None
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
The following estimated financial situation was submitted:
STOCK Nil
DEBTORS R1 300 000
FIXED ASSETS R 200 000
CREDITORS R1 000 000
OVERDRAFT Nil
SHAREHOLDERS LOANS R 880 000
TURNOVER per month R 800 000
AUDITORS
CHARTER FINANCIAL & AUDITING
YEAR END
FEBRUARY
INSURANCE BROKERS
HERITAGE
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1 yrs R500 000 R120 000 30 days 30 days Good
2. Too new to comment
COMMENTS
This is a new
business which imports most of its supplies.
We have not traced dealings to an extent of US$10 000 000 and would
prefer to see a far lesser figure spread and secured.
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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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%)