MIRA
INFORM REPORT
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Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MODAICO
CC |
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Registered Office : |
279 Gale
Street, Umbilo Drive, Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
18 June
2002 |
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Com. Reg. No.: |
2002/044300/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import
and distribution of ladies, men’s and children’s garments |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
NAME
MODAICO CC
PHYSICAL
ADDRESS
279 Gale
Street
Umbilo
Drive
DURBAN
Kwa-Zulu
Natal
POSTAL
ADDRESS
Postnet
Suite 183
Private Bag
X04
DALBRIDGE
4014
TELEPHONE NUMBER: 031 306
2697/ 8
FAX NUMBER: 031
306 2699
The subject
moved from 63 Acutt Avenue, Off North Coast Road, Rosehill, Durban in July
2007.
SHAREHOLDERS
100% J B BECKERLING
ASSOCIATE
COMPANIES
None
DIRECTORS
J B
BECKERLING ID No. 6512030034084
BANKERS
FIRST
NATIONAL BANK, Durban Port branch, account number 62056403307. It was stated that the subject does not require
overdraft facilities as credit balances are maintained at the bank.
DATE
REGISTERED
18 June
2002
Registration
Certificate Number 2002/044300/23
VAT
NUMBER
4860207416
MAJOR
OPERATION
Import and
distribution of ladies, men’s and children’s garments
MAJOR
SUPPLIERS
The subject
imports 100% of its supplies and deals locally with:
EDWARD JOHN
SHIPPING Durban
MAJOR
CUSTOMERS OR BUSINESS SECTORS
Clothing
industry
AREA
OF DISTRIBUTION AND SELLING
Kwa-Zulu
Natal and Cape Town
EXPORTS
None
TOTAL
EMPLOYEES
5
OTHER
PREMISES
None
OWNED
OR LEASED
Leased
MEMBERS
CONTRIBUTION
R1000
The
following estimated financial information was submitted:
STOCK R1 500 000
DEBTORS R1
500 000 – R2 000 000
CREDITORS fluctuates
on imports
TURNOVER
per month R1 500 000
AUDITORS
GARACH
& GARACH
YEAR
END
FEBRUARY
INSURANCE
BROKERS
MOUNT
BATTEN
TRADE REFERENCES – JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R500 000 R500 000 30
days 30 days Very good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R750 000 R200 000 - 30
days 30 days Good
R500
000
COMMENTS
This is an
established business which imports most of its supplies and is not a general
credit seeker locally. The subject is
meeting its one local commitment timeously.
We have not traced dealings to an extent of US$1 500 000 over DA terms
and would prefer to see dealings to a far lesser extent well spread and
secured.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)