MIRA INFORM REPORT

 

 

Report Date :

14.03.2007

 

IDENTIFICATION DETAILS

 

Name :

NYATI TEXTILES CC

 

 

Registered Office :

51 Old Kwa-Mashu Highway, Phoenix Industrial Park, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

22 October 2002

 

 

Com. Reg. No.:

2002/090104/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Textile printers and finishers

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

NYATI TEXTILES CC

 

 

PHYSICAL ADDRESS

 

51 Old Kwa-Mashu Highway

Phoenix Industrial Park

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 40786

REDHILL

4071

TELEPHONE NUMBER: 031 507 6924

FAX NUMBER:                          031 507 6923

 

 

MEMBERS

 

100%    E J UPTON      ID No. 5411070004084

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Musgrave Road Branch, Account Number: 051229625.  It was stated that the subject enjoys overdraft facilities to an extent of R150 000, unsecured.  Utilisation is stated to fluctuate.

 

The subject also banks with HABIB OVERSEAS BANK, Smith Street Branch, Account Number 11443602974.

 

 

DATE REGISTERED

 

22 October 2002

Registration Certificate Number: 2002/090104/23

 

It was stated that the subject commenced trading in November 2002.

 

 

VAT NUMBER

 

4530202656

 

 

MAJOR OPERATION

 

Textile printers and finishers

 

 

MAJOR SUPPLIERS

           

FRAME FIBRES

NINIAN & LESTER

WITON CHEMICALS

S A MERCANTILE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mattress manufacturing and clothing industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

31

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

MEMBERS CONTRIBUTION

 

R100

           

The following estimated financial situation was submitted:

 

STOCK minimal                                                 R   300 000

DEBTORS                                                         R1 200 000

FIXED ASSETS                                                 R1 500 000

CREDITORS                                                      R   700 000

OVERDRAFT                                                                Nil

TURNOVER per month                                       R1 200 000

 

 

AUDITORS

 

DESAI JAQWAT

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

CRAWFORD DOUGAL

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         2002                 R490 000          R490 000          30 days             30 days             Good

                                                                                    2.5%

 

2.         1 yr                   R100 000          R  36 000 -        30 days             30 days             Good

                                    R  55 000

 

3.         3 yrs                 R100 000          R  40 000 -        30 days             30 days             Good

                                    R  60 000

 

 

COMMENTS

 

This is a relatively established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount 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