MIRA
INFORM REPORT
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Report Date : |
24.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TANIN
TRADING 127 (PTY) LTD |
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Registered Office : |
22
Stellenberg Street, Parow, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
29 July
2004 |
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Com. Reg. No.: |
2004/021272/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Leather
finishing |
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
TANIN
TRADING 127 (PTY) LTD
TRADING
NAME
FUSION
LEATHER
PHYSICAL
ADDRESS
22
Stellenberg Street
Parow
CAPE TOWN
Western
Cape
POSTAL
ADDRESS
P O Box
7087
WELGEMOED
7538
TELEPHONE
NUMBER: 021 946 4874
FAX NUMBER: 021 945 3471
SHAREHOLDERS
70% D SPOLANDER
15% A HAKIMI-KHIABANI
15% R J BRYANT
ASSOCIATE
COMPANIES
AFRICAN
GAMESKIN (PTY) LTD
DIRECTORS
D SPOLANDER ID No. 6409295034083
A
HAKIMI-KHIABANI ID No. 5704305729081
R J BRYANT ID No. 4609285086082
BANKERS
NEDBANK,
Bellville branch, account number 1232107468.
The subject is reported to enjoy overdraft facilities to an extent of
R2.1 million, secured by a cession of debtors.
Utilisation is stated to fluctuate.
DATE
REGISTERED
29 July
2004
Registration
Certificate Number 2004/021272/07
The subject
commenced trading in July 2005.
VAT
NUMBER
4750219059
MAJOR
OPERATION
Leather
finishing
MAJOR
SUPPLIERS
The subject
imports 100% of its supplies and deals locally with:
SEA CASTLE
FREIGHT Cape Town
MAJOR
CUSTOMERS OR BUSINESS SECTORS
Shoe
factories
AREA
OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
UK and USA
TOTAL
EMPLOYEES
15
OTHER
PREMISES
None
OWNED
OR LEASED
Leased
AUTHORISED
SHARE CAPITAL
R1 000 divided
into 1 000 ordinary shares of R1 each
ISSUED
SHARE CAPITAL
R100
It was
stated by the respondent that the Director is currently overseas and unable to
update the figures, nevertheless, the following estimated financial situation
dated February 2007 was submitted:
STOCK R 4 000 000
DEBTORS R 4 000 000
FIXED
ASSETS R 1 000 000
CREDITORS R 3 000 000
OVERDRAFT R 1 300 000
LOANS Nil
TURNOVER
per annum R25
000 000
AUDITORS
C2M
CHARTERED ACCOUNTANTS
YEAR
END
FEBRUARY
INSURANCE
BROKERS
CARL
GRIEVES
TRADE REFERENCES – FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1½ yrs R1 000 000 declined 30
days 30 days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs R1 000 000 R
500 000 - 30 days 30 days Very good
c/l R1 000 000
COMMENTS
This is a
relatively established company which imports most of its supplies. The subject is meeting its local commitment
timeously. We would prefer to see
dealings to an extent of US$1 000 000 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. |
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%)