MIRA INFORM REPORT

 

 

Report Date :

25.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

NOVITA SHOES CC

 

 

Registered Office :

703 Sunset Avenue, Woodhurst, Chatsworth, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.11. 1995

 

 

Com. Reg. No.:

1995/049356/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of Shoes mainly Children’s School Shoes

 

 

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

 

NOVITA SHOES CC

 

 

PHYSICAL ADDRESS

 

703 Sunset Avenue

Woodhurst

Chatsworth

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 1019

NEW GERMANY

3620

TELEPHONE NUMBER: 031 403 0216

FAX NUMBER:  031 403 5587

 

 

MEMBERS

 

100%    E REDDY          ID No. 7807305120082

 

 

ASSOCIATE COMPANIES

 

L M SHOES CC

 

 

BANKERS

 

FIRST NATIONAL BANK, Chatsworth branch.  It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors.  Utilisation is stated to be nil to partial at times.

 

 

DATE REGISTERED

 

16 November 1995

Registration Certificate Number: 1995/049356/23

 

 

VAT NUMBER    

 

4700183777

 

 

MAJOR OPERATION

 

Manufacturer of shoes mainly children’s school shoes

 

 

MAJOR SUPPLIERS

 

GREEN AWAYS

DERESHAN PACKAGING

SHOE QUIP

ROYAL ADHESIVES

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and chain stores

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

100

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

MEMBERS CONTRIBUTION

 

R100

 

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

 

 

AUDITORS

 

A RAJOO

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

M R WOOLAM

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             open                 R  60 000          60 days             60 days             Very good

 

2.         10 yrs               R1 200 000        R400 000          60 days             60/90 days        Very good

 

3.         Old acc             R250 000          R100 000          60 days             60 days             Excellent

 

 

COMMENTS

 

This is an established business meeting its commitments over terms at times.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser amount 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