MIRA INFORM REPORT

 

 

Report Date :

13th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

JCE INDUSTRIES (PTY) LTD

 

 

Registered Office :

Unit 14, Shepstone Park, 2 Blase Road, New Germany, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.03.2004

 

 

Com. Reg. No.:

2004/006783/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of leather accessories mainly belts

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

JCE INDUSTRIES (PTY) LTD

 

 

TRADING NAME

 

MANTELLA

Q LEATHER

 

 

PHYSICAL ADDRESS

 

Unit 14

Shepstone Park

2 Blase Road

NEW GERMANY

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 448

NEW GERMANY

3620

 

 

TELEPHONE NUMBER

 

031 705 4229

 

 

FAX NUMBER

 

031 705 4178

 

 

SHAREHOLDERS

 

100%    L C BUHR

 

 

ASSOCIATE COMPANIES

 

MANTELLA TRADING 55 CC (dormant)

 

 

DIRECTORS

 

L C BUHR                     ID No. 6910255011086

R MATAI                       ID No. 7107025052081

 

 

BANKERS

 

STANDARD BANK, New Germany Branch.  It was stated that the subject has overdraft facilities available, secured by the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

11 March 2004

Registration Certificate Number: 2004/006783/07

 

The subject is reported to have been registered to take over operations and assets of a company called MANTELLA TRADING 55 CC trading as Q LEATHER in 2005.

 

 

VAT NUMBER

 

4820202051

 

 

MAJOR OPERATION

 

Manufacturing of leather accessories mainly belts

 

 

MAJOR SUPPLIERS

 

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

 

CENTRACAST

SYNERGY FREIGHT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Garment manufacturers and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

 South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

22

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                            R500 000

DEBTORS                                                                                      R500 000 – R600 000

CREDITORS                          Letter of Credit, cash against document or advance payment

LOANS                                                                                                                      Nil

TURNOVER per month                                                                                      R500 000

 

 

AUDITORS

 

H L B GRANT CLINTON & ASSOCIATES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

AVANT GARDE

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    15 yrs           R100 000       R100 000        COD                            Very good

 

2.    5 yrs            R  30 000       R  30 000 -      30 days    30 days        Very good

                                               R  80 000        2.5%

 

COMMENTS

 

This is a new company which took over operations of an established company.  The subject is meeting its commitments timeously.  We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser figure spread and secured.

 

 

 

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