MIRA
INFORM REPORT
|
Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
5 February 1992 |
|
|
|
|
Com. Reg. No.: |
1992/003060/07 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The selling, marketing and trading of mohair and various other yarns as well as tops. |
RATING & COMMENTS
|
MIRAs 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
PHYSICAL ADDRESS
DEAL PARTY
POSTAL ADDRESS
NORTH END
6056
TELEPHONE NUMBER: 041 486 2434 / 2433
FAX NUMBER: 041 486 1808 / 2665
SHAREHOLDERS
100% SOUTH AFRICAN MOHAIR INDUSTRIES (PTY) LTD (formerly SAMIL (PTY) LTD) trading as SAMIL.
The shareholding changed in 2000 and was previously 49% CAPE
MOHAIR HOLDINGS LTD, 10% ALPHA TOPS (UK), 31% ALPHA TOPS SA (
ASSOCIATE COMPANIES
BURBER PROPERTIES (PTY) LTD (property owning company)
UMBALA DYERS (PTY) LTD (dormant)
It was stated that there are approximately 10 other group companies.
DIRECTORS
M H CLAASEN
F O PATTHEY
BANKERS
STANDARD BANK,
DATE REGISTERED
5 February 1992
Registration Certificate Number: 1992/003060/07
The subject was commenced as a new business.
VAT NUMBER
4110135011
MAJOR OPERATION
The selling, marketing and trading of mohair and various other yarns as well as tops.
It was stated that the manufacturing operations of the subject were transferred into SOUTH AFRICAN MOHAIR INDUSTRIES (PTY) LTD and that the trading operations of SOUTH AFRICAN MOHAIR INDUSTRIES (PTY) LTD were transferred into the subject in 2005.
MAJOR SUPPLIERS
The subject imports yarns and yarn components from
STUCKEN
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Manufacturing industry e.g. mohair blanket manufacturers and clothing manufacturers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
Approx. 50 permanent employees.
OTHER PREMISES
The subject is reported to have a small factory shop in
OWNED OR LEASED
The premises are reported to be owned by BURBER PROPERTIES (PTY) LTD, free of bond. The factory shop premises are leased.
AUTHORISED SHARE
CAPITAL
R2 000 divided into 51 000 ordinary A shares of R0,01 each, 49 000 ordinary B shares of R0,01 each and 1 000 redeemable cumulative preference shares of R1 each.
ISSUED SHARE CAPITAL
R131 divided into 6 500,61 A shares of R0,01 cent and 6 500,61 B shares of R0,01 cent each.
SHARE PREMIUM
R6 499 920
The following estimated financial situation was submitted:
STOCK R50 000 000
DEBTORS special terms R30 000 000
FIXED ASSETS net book value R 200 000
CREDITORS 90 / 120 days R17 000 000 R18 000 000
TURNOVER per month R14 000 000
AUDITORS
YEAR END
SEPTEMBER
INSURANCE BROKERS
TUCKER
TRADE REFERENCES
JULY 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 yrs+ R250 000 R150 000 - 60 days 60 days Good
c/l R200 000
2. 2000 R 50 000 R 50 000 30 days 30 days Very Good
TRADE REFERENCES
FEBRUARY 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 6 yrs R1 000 000 R500 000 30 days 30 days Excellent
2. 10 yrs R1 000 000 R500 000 60 days 60 days Very good
3. 2001 R 300 000 R200 000 60 days 30/60 days Very good
1.5%
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs open R500 000 30 days 30 days Very good
2. 10 yrs R3 000 000 R300 000 - 60 days 60 days Good
R500 000
3. 10 yrs+ R 400 000 R250 000 - 30 days 30 days Average
R400 000
COMMENTS
This is an established company that is meeting commitments timeously. The subject is considered equal to an amount of US$1 000 000 spread over 90 days.
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 SCs 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%)