MIRA INFORM REPORT

 

 

 

Report Date :

04.08.2008

 

IDENTIFICATION DETAILS

 

Name :

RUGGER BUGGER CLOTHING CC

 

 

Registered Office :

229 Umbilo Road, Umbilo, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.07.2002

 

 

Com. Reg. No.:

2002/048570/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Agent for Clothing

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

COMPANY NAME

 

RUGGER BUGGER CLOTHING CC

 

 

PHYSICAL ADDRESS

 

229 Umbilo Road

Umbilo

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

As above

 

TELEPHONE NUMBER: 031 301 8169

FAX NUMBER:  031 301 8102

 

The address of 199 7th Avenue North, off Florida Road, Durban is a previous address of the subject.

 

 

MEMBERS

 

100%    R LAUNDENBERG        ID No. 6708245035086

 

 

ASSOCIATE COMPANIES

 

NEW HEIGHTS CC (property owning company)

 

 

BANKERS

 

STANDARD BANK.  It was stated that the subject enjoys overdraft facilities to an extent of R25 000,secured by a pledge of property.

 

 

DATE REGISTERED

 

1 July 2002

Registration Certificate Number: 2002/048570/23

 

 

 

VAT NUMBER    

 

4470201114

 

 

MAJOR OPERATION

 

Agent for clothing

 

 

MAJOR SUPPLIERS

 

The subject is not a general credit seeker locally and works on a commission basis only

 

 

 MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The subject has no direct customers as they facilitate transactions between major stores i.e. Edgars, etc

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

1

 

 

OTHER PREMISES   

 

 It was stated that the associate property owning company owns the premises situated at 199 7th Avenue North in Durban.

 

 

OWNED OR LEASED

 

The premises are reported to be the home premises of R LAUNDENBERG and owned in his personal capacity with a value in the region of R1.5 million.  R LAUNDENBERG is married under ante-nuptial contract.

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

 

 

AUDITORS    

 

I S MCFARLAND

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS

 

UNKNOWN

 

 

TRADE REFERENCES

 

NOT APPLICABLE

 

 

COMMENTS

 

This is an established business which is not a general credit seeker locally and works purely on a commission basis.  In view of the lack of financial information and a payment pattern we are not able to speak to an amount of US$1 000 000 on DA terms and it is suggested that dealings be on a letter of credit basis.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.37

UK Pound

1

Rs.84.00

Euro

1

Rs.65.96

 

 

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