MIRA
INFORM REPORT
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Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
VIROY SHOE
COMPONENTS CC |
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Registered Office : |
41 Robert Street, North End, Port Elizabeth, Eastern Cape |
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Country : |
South Africa |
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Date of Incorporation : |
23.04.1998 |
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Com. Reg. No.: |
1998/023288/23 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesaling and
retailing of leather as well as shoe components and upholstery accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
BARGAIN WAREHOUSE
PHYSICAL ADDRESS
41 Robert Street
North End
PORT ELIZABETH
Eastern Cape
On investigation it
was established that the correct registered name for the subject is VIROY SHOE
COMPONENTS CC trading as BARGAIN WAREHOUSE, which report should be consulted.
COMPANY NAME
VIROY SHOE
COMPONENTS CC
TRADING NAME
BARGAIN WAREHOUSE
PHYSICAL ADDRESS
41 Robert Street
North End
PORT ELIZABETH
Eastern Cape
POSTAL ADDRESS
As above
TELEPHONE NUMBER
041 484 4087
FAX NUMBER
041 484 5790
MEMBERS
25% A RANCHOD ID
No. 3212105115057
25% S RANCHOD (wife) ID No. 3601080089057
25% R RANCHOD (daughter) ID No. 6209040222086
25% V RANCHOD (son) ID No. 7006305244089
ASSOCIATE COMPANIES
None
BANKERS
NEDBANK, Business
Banking Branch, Port Elizabeth. It was
stated that the subject enjoys a small overdraft facility to an extent of R75
000, unsecured. Utilisation is stated
to be occasional.
DATE REGISTERED
23 April 1998
Registration
Certificate Number: 1998/023288/23
VAT NUMBER
4590174191
MAJOR OPERATION
Wholesaling and
retailing of leather as well as shoe components and upholstery accessories
MAJOR SUPPLIERS
HANITAN Springs
EVA INDUSTRIES
Durban
APECO Durban
JAS FORWARDING Port
Elizabeth
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Manufacturers,
upholsterers and the repair trade
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
11
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be leased.
MEMBERS CONTRIBUTION
R100
The following
estimated financial situation was submitted:
STOCK R1
500 000 – R2 000 000
DEBTORS up to R1
000 000
FIXED ASSETS R 500 000
CREDITORS fluctuates
OVERDRAFT R 30 000
LOANS Nil
TURNOVER per month R600
000 – R1 000 000
AUDITORS
BARENDS KNIGHT
YEAR END
FEBRUARY
INSURANCE BROKERS
SPECTRUM BROKERS
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 8
yrs R 75 000 R35 000 60 days 60 days+ Fair
2. 5
yrs R280 000 R10 000 60
days 60 days+ Good
3. 2004 R
50 000 R30 000 - 30 days 30
days Very good
R40
000
COMMENTS
This is an
established business that is meeting its commitments over terms at times. We have not traced dealings to an extent of
US$1 000 000 and would prefer to see a far lesser figure well 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%)