MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
KINGSGATE CLOTHING (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
5 November 1998 |
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Com. Reg. No.: |
1998/021893/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of clothing. |
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
A M MOOLLA GROUP LTD
PHYSICAL ADDRESS
Leopold Centre
TELEPHONE NUMBER: 031 301 2489
On investigation it was established that there is no such company registered at CIPRO as A M MOOLLA GROUP LTD and the heading address is reported to belong to a trading company called KINGSGATE CLOTHING (PTY) LTD, which is reported to be owned by a company called AMM HOLDINGS (PTY) LTD, which is a holding investment company.
Please see report attached on KINGSGATE CLOTHING (PTY) LTD.
COMPANY NAME
KINGSGATE CLOTHING (PTY) LTD
TRADING DIVISIONS
STAR CLOTHING MANUFACTURERS
NEW SA GARMENTS MANUFACTURERS
MAJESTIC CLOTHING MANUFACTURERS
RENAISSANCE FASHIONS
CE-LUI FASHIONS
ANTIQUE FASHIONS
HAMMARSDALE MANUFACTURING
KINGSVIK MANUFACTURING
PHYSICAL ADDRESS
Kwazulu Natal
POSTAL ADDRESS
4000
TELEPHONE NUMBER: (031) 300-8911
FAX NUMBER: (031) 301-2489
SHAREHOLDERS
100% AMM HOLDINGS (PTY) LTD
ASSOCIATE COMPANIES
The trustees are reported to be some of the directors, named: DR A S VAHED, M Y DHAI, Y A S VAHED and M HAFFEJEE.
Subsidiary Companies:
PAUL VIVALDI FASHIONS (PTY) LTD
STERLINK CLOTHING (PTY) LTD
ETHEKWINI CLOTHING MANUFACTURERS (PTY) LTD
DIRECTORS
DR A S VAHED (CH)
M Y DHAI (JOINT VICE CHAIRMAN)
Y A S VAHED (CEO)
KINGSGATE CLOTHING (PTY) LTD
M HAFFEJEE (SENIOR JOINT VICE CHAIRMAN)
I KATHRADA
A MOOLLA
M
A H MAITER
D M CHETTY (FD)
A DESAI
BANKERS
The subject banks with all the major banks in
DATE REGISTERED
5 November 1998
Registration certificate number 1998/021893/07
The subject was registered to take over the assets and operations of an existing (Pty) Ltd company namely A M MOOLLA CLOTHING (PTY) LTD.
VAT NUMBER
4380191835
MAJOR OPERATION
Manufacturers and distributors of clothing.
MAJOR SUPPLIERS
FRAME TEXTILES
S A FINE
BERG RIVER TEXTILE
SBH COTTON
PALTEX
JMV TEXTILES
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers and major chain stores eg. Edcon (Edgars, Saleshouse, Jet), Woolworths, Pep Group, Ackermans and Hub.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
±1 800
OTHER PREMISES
Offices in
OWNED OR LEASED
The head office premises are reported to be owned by a family trust namely LEOPOLD STREET PROPERTY TRUST and the warehouses are leased.
AUTHORISED SHARE
CAPITAL
R250 divided into 250 000 ordinary R0,01 shares
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted :
STOCK R200 000 000
DEBTORS R80 000 000 - R100 000 000
CREDITORS R 60 000 000
TURNOVER R400 000 000
AUDITORS
PKF
YEAR END
FEBRUARY
INSURANCE BROKERS
PRICE FORBES INSURANCE BROKERS
TRADE REFERENCES –
SEPTEMBER 2003
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs do not disclose figures 120 days 120 days Very good
2. 6 yrs R1.5 mill varies 60 days 60 days Very good
3. 2 yrs R2.5 mill R100 000 120 days 120 days Good
4. 10 yrs R500 000 R100 000 60 days 60 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 yrs R25 mill R20 mill± 120 days 120 days Excellent
2. Do not give trade references.
3. Last bought 5 years ago.
4. 10 yrs declined R5 000 60 days 60 days Very good
COMMENTS
This is an established company which was registered to take over the assets and operations of an existing company. The subject is meeting its commitments timeously and is considered equal to its normal business engagements.
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%)