MIRA INFORM REPORT

 

 

 

Report Date :

03.12.2008

 

IDENTIFICATION DETAILS

 

Name :

THE TACK SHACK CC

 

 

Registered Office :

17 New Street, Durbanville, Cape Town 7550

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.11.1992

 

 

Com. Reg. No.:

1992/030377/23

 

 

Legal Form :

Private Limited Company 

 

 

Line of Business :

Repairs to horse riding accessories, general tack supplies and repairs, etc.

 

 

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

 

THE TACK SHACK CC

 

 

PHYSICAL ADDRESS

 

17 New Street

Durbanville

Cape Town

7550

 

 

POSTAL ADDRESS

 

P O Box 1478

Durbanville

7550

Telephone Number:                  021 976 8044

Fax Number:                            021 976 8045

 

 

MEMBERS

 

100%    T E MYBURGH (mrs)                 ID. No. 7004200155088

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK Durbanville Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the member. Utilisation of the overdraft facility is stated to be seldom.

 

 

DATE REGISTERED

 

9 November 1992

Registration Certificate Number: 1992/030377/23

 

 

VAT NUMBER    

 

4100135120

 

 

MAJOR OPERATION

 

Repairs to horse riding accessories, general tack supplies and repairs, etc.

 

 

MAJOR SUPPLIERS

 

WESTERN SHOP, Cape Town

P BLOCH, Johannesburg

AC SMITH, Durban

CLOVER CARGO, Johannesburg

 

The subject is reported to import a substantial amount of supplies from overseas.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

16

 

 

OTHER PREMISES

 

None

 

OWNED OR LEASED

 

The premises are reported to be owned by the business.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, the following estimated financial situation was submitted:

 

STOCK                                                                                ±R2 000 000

FIXED ASSETS                                                                      R  800 000

TURNOVER per month                                                            R  750 000

 

 

AUDITORS    

 

BRAUDE AND GORDON, Claremont

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

VARINOR

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1998             R  45 000       R  20 000        30 days    30 days        Very Good

 

2.    1999             R  40 000       R   5 000-        30 days    30 days        Excellent

                                               R 30 000         2.5%        2.5%

 

3.    2000             R400 000       R200 000-       60 days    60 days        Very Good

                          c/l                                        2.5%        2.5%

 

COMMENTS

           

This is an established business meeting commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and it is suggested dealings be to a lesser extent well spread.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.90

UK Pound

1

Rs.74.30

Euro

1

Rs.63.42

 

 

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