MIRA INFORM REPORT

 

 

Report Date :

11.06.2007

 

IDENTIFICATION DETAILS

 

Name :

GAUTENG LEATHER MANUFACTURERS CC

 

 

Registered Office :

22 First Avenue, Cnr First Road, Kew, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.05.1995

 

 

Com. Reg. No.:

1995/017236/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importing and wholesaling of leather garments

 

 

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

 

GAUTENG LEATHER MANUFACTURERS CC

 

 

PHYSICAL ADDRESS

 

22 First Avenue, Cnr First Road

Kew

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 561

HIGHLANDS NORTH

2037

 

Telephone Number:        011 440 4755

 

Fax Number:                 011 786 5028

 

 

MEMBERS

 

100% C SEDACCA        ID No.  6609165191083

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

NEDBANK Business East Rand Branch.  Account Number 1288006292.  It was stated that the subject enjoys overdraft facilities secured by the personal guarantee of the Member.  Further banking information was not forthcoming from respondents at the subject.

 

 

DATE REGISTERED

 

2 May 1995

Registration Certificate Number:   1995/017236/23

 

 

VAT NUMBER

 

4140177819

 

 

MAJOR OPERATION

 

Importing and wholesaling of leather garments

 

 

MAJOR SUPPLIERS

 

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

 

SABILA FREIGHT Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and boutiques

 

AREA OF DISTRIBUTION AND SELLING:            South Africa

 

 

EXPORTS

 

Occasionally to neighbouring countries

 

 

TOTAL EMPLOYEES

 

12

 

 

OTHER PREMISES

 

None

 

 

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 regard.

 

 

AUDITORS

 

D H LEVINE & ASSOCIATES

 

 

YEAR END

 

OCTOBER

 

 

INSURANCE BROKERS

 

MUTUAL AND FEDERAL

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         10 yrs               R500 000          R2 400 000        30 days             30 days             Good

                                    c/l

 

 

COMMENTS

 

This is an established business meeting its local commitments timeously.  It is suggested that dealings to an extent of US$1 000 000 be spread over 180 days on a secured basis.  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