MIRA INFORM REPORT

 

 

Report Date :

02.10.2007

 

IDENTIFICATION DETAILS

 

Name :

STEPAHEAD MILITARY HEADWEAR DISTRIBUTORS CC

 

 

Registered Office :

Jasper Park, Cnr De Waal & Pepler Roads, Rosslyn, Pretoria, Gauteng,

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.02.2005

 

 

Com. Reg. No.:

2005/030323/23

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturer of military headwear

 

 

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

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

STEPAHEAD MILITARY HEADWEAR DISTRIBUTORS CC

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

Jasper Park

Cnr De Waal & Pepler Roads

Rosslyn

Pretoria

Gauteng

 

POSTAL ADDRESS:     

 

P O Box 58884

KARENPARK

0118

TELEPHONE NUMBER  : 012 541 0604

FAX NUMBER               : 012 541 0144

 

 

MEMBERS

 

50%      P B BROWN                 ID No. 4107305007089

12,5%   M SIMOES                    ID No. 6909240270088

12,5%   M SITA                         ID No. 4402115080081

12,5%   E M TAUKOBONG         ID No. 6112120641086

12,5%   E F VAN DER MERWE  ID No. 5708115142088

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

ABSA BANK, Pretoria North Branch.  It was stated that the subject enjoys overdraft facilities.  Further banking facilities were not forthcoming from respondents at the subject

 

 

DATE REGISTERED

 

28 February 2005

Registration Certificate Number: 2005/030323/23

 

It was stated that the subject converted from a private company that was established in 2003.

 

VAT NUMBER

 

4910210048

                                                                       

 

MAJOR OPERATION

 

Manufacturer of military headwear

 

 

MAJOR SUPPLIERS

 

R HADDOCK

NATIONAL BRADING

H D H

UTI

IDEAL FASTENERS                 

           

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Government

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

50

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

MEMBERS CONTRIBUTION

 

R1000

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

DIPPENAAR COETZEE & PARTNERS

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MALLAC HEARLE

 

 

TRADE REFERENCES

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         ±4 yrs               declined            declined            30 days             30 days             Very good

 

2.         2005                 R35 000            R  5 000            60 days             60 days             Very good

 

3.         ±4 yrs               R50 000            R25 000            60 days             60 days             Very good

 

 

COMMENTS

 

This is an 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 well spread and secured. The lack of financial information should be borne in mind.

 

 

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