MIRA INFORM REPORT

 

 

Report Date :

06.11.2007

 

IDENTIFICATION DETAILS

 

Name :

TIAGO TRADING (PTY) LTD

 

 

Registered Office :

P O Box 74278, ROCHDALE PARK, 4034

 

 

Country :

South Africa

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

1997/001999/07

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Footwear wholesaler

 

 

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.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear


COMPANY NAME

 

TIAGO TRADING (PTY) LTD

 

 

PHYSICAL ADDRESS

 

1149 Umgeni Road

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 74278

ROCHDALE PARK

4034

TELEPHONE NUMBER: 031 303 1607

FAX NUMBER:                          031 303 1647

 

 

SHAREHOLDERS

 

45%      O ARDENBAUM

45%      A J CHEVES

10%      W MATTHYSEN

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

O ARDENBAUM

A J CHEVES

W MATTHYSEN

 

 

BANKERS

 

FIRST NATIONAL BANK Overport, account number 50741155490.  It was stated that the subject does not require overdraft facilities as credit balances are maintained.

 

 

DATE REGISTERED

 

1997

Registration Certificate Number 1997/001999/07

 

The subject was commenced as a new business.

 

 

VAT NUMBER

 

4120168267

 

 

MAJOR OPERATION

 

Footwear wholesaler

 

 

MAJOR SUPPLIERS

 

The subject is reported to purchase mainly on a COD basis and deals locally with:

 

SPECTRUM SHIPPERS  Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

UK

 

 

TOTAL EMPLOYEES

 

30

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

ISSUED SHARE CAPITAL

 

R1 000

 

The following estimated financial situation was submitted:

 

STOCK                                                             R  4 000 000

DEBTORS                                                         R  8 000 000

CREDITORS                                                      R  3 000 000

TURNOVER per annum                                      R50 000 000

 

 

AUDITORS

 

VICTOR FERNANDES & CO  Durban

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HERITAGE

 

 

TRADE REFERENCES – JULY 2004

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         +10 yrs             Open                +R300 000        60 days             60 days             Excellent

 

2.         Waiting for a faxed trade reference.

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         04/1999            R1 700 000        R   200 000 -     30 days             90 days             Slow

                                                            R1 000 000

 

 

COMMENTS

 

This is a comparatively established business, which purchases mainly on a COD basis.  The subject is meeting its one commitment slowly.  It is suggested that dealings be on a fully secured and well spread basis.  We would prefer to see a lesser figure than US$1 000 000 dealt with.

 

 

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.

 

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