MIRA INFORM REPORT

 

 

Report Date :

01.09.2007

 

IDENTIFICATION DETAILS

 

Name :

SILK WHOLESALERS CC

 

 

Registered Office :

32 Sir Lowry Road, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

25 July 2006

 

 

Com. Reg. No.:

2006/126274/28

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import, wholesale and retail of fabrics

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

SILK WHOLESALERS CC

 

 

TRADING NAME

 

FABRIC CITY

 

 

PHYSICAL ADDRESS

 

32 Sir Lowry Road

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 1559

CAPE TOWN

8000

TELEPHONE NUMBER: 021 462 1286 / 1287

FAX NUMBER:                          021 461 8436

 

 

MEMBERS

 

100%  S ESSOP           ID No. 5110025196082

 

 

ASSOCIATE COMPANIES

 

HENQUE 2041 CC (property owning company)

RAMPREMESH CC

 

 

BANKERS

 

FIRST NATIONAL BANK, Thibault Square branch, account number 62008018104.  It was stated that the subject enjoys overdraft to an extent of R250 000, secured by the personal guarantee of the Member.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

25 July 2006

Registration Certificate Number 2006/126274/28

 

The subject was originally a private company that converted to a close corporation.  The subject was originally registered in 1996.

 

 

VAT NUMBER

 

4130180468

 

 

MAJOR OPERATION

 

Import, wholesale and retail of fabrics

 

 

MAJOR SUPPLIERS

 

SANGANI  Pretoria

PATBRO TEXTILES  Johannesburg

M H JOOSUB  Pretoria

GOLDEN GLO  Johannesburg

           

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and the general public.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Western Cape

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

28

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property owning company

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following financial information was supplied:

 

STOCK                                                             R6 000 000 – R7 500 000

DEBTORS                                                                              mainly cash

FIXED ASSETS                                                                      R     60 000

TURNOVER per month                                                            R1 300 000

 

 

AUDITORS

 

P G NAPIER

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

AIB

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc.                        R500 000          R200 000-         60 days             60 days             Good

                                    R300 000

 

2.         4 yrs                 R1 mill              R600 000-         90 days             90 days             Excellent

                                                            R800 000

 

3.         Old acc.                        R400 000          R300 000          90 days             90 days             Very good        

 

 

 

 

 

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             open                 R  50 000          90/180              90/180 days      Very good

                                                                                    days

 

2.         10 yrs               open                 R200 000          30/60 day          30 days             Excellent

 

3.         Old acc             open                 declined            90 days             90 days             Very good

 

 

COMMENTS

 

This is an established business that was recently taken over by a close corporation.  Commitments are being met timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a spread basis.

 

 

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