MIRA
INFORM REPORT
|
Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Lot 17, Cnr |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13th August 1991 |
|
|
|
|
Com. Reg. No.: |
1991/004389/07 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and distributors of work wear garments |
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
PHYSICAL ADDRESS
Cnr
PORT SHEPSTONE
Kwa-Zulu
POSTAL ADDRESS
PORT SHEPSTONE
4240
TELEPHONE NUMBER: 039 682 2430
FAX NUMBER: 039 682 2154
SHAREHOLDERS
25% BERNSTEIN FAMILY TRUST
25% DARREL MARK ARON TRUST
25% LEON RAUBENHEIMER TRUST
25% DERRICK ARON TRUST
The Shareholding changed in 2006 and was previously 25% BERNSTEIN FAMILY TRUST, 25% DARREL MARK ARON TRUST, 25% BOTHMA FAMILY TRUST and 25% D A ARON TRUST.
ASSOCIATE COMPANIES
MARPROP PROPERTIES (PTY) LTD (property owning company)
DIRECTORS
S BERNSTEIN (FD)
D M ARON
L RAUBENHEIMER
BANKERS
NEDBANK, Corporate KZN Branch, account number 1648152694. It was stated that the subject factors its debtors with NEDBANK.
DATE REGISTERED
13th August 1991
Registration certificate number 1991/004389/07
It was stated that there was previously a company named MARBURG MANUFACTURERS LTD that originated in 1964. The latter company then changed its name and the subject was formed to take over the operations and assets in 1991.
VAT NUMBER
4320114251
MAJOR OPERATION
Manufacturers and distributors of work wear garments
MAJOR SUPPLIERS
DA GAMA TEXTILES
FRAME TEXTILE (fabric div)
YKK ZIPS
ARROW AQUA
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Mainly mining industry, government departments and industry in general
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Neighbouring countries,
TOTAL EMPLOYEES
750
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company with a market value of R12 million, bonded in favour of NEDBANK to an extent of R4 million.
ISSUED SHARE CAPITAL
R4
The following estimated financial situation was submitted:
STOCK R 12 000 000
DEBTORS on extended terms R 24 000 000
FIXED ASSETS net book value R 2 500 000
CREDITORS fluctuates R 10 000 000
DIRECTORS LOANS Nil
TURNOVER per annum R100 000 000
AUDITORS
DELOITTE
YEAR END
AUGUST
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 yrs declined figures 90 days 90
days Very Good
c/l
2. Old acc R 800 000 R 500 000 30
days 30 days Very Good
up
to
3. 1991 R2
500 000 R2 500 000 90 days 90
days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R2
000 000 R1 000 000 90 days 90
days Good
2. 7 yrs declined declined 30 days 30
days Good
3. Old acc open R1 500 000 90 days 90
days Good
COMMENTS
This is a well established company meeting its commitments timeously. No adverse comments have been heard and the subject is considered equal to its normal business engagements.
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%)