MIRA INFORM REPORT

 

 

Report Date :

17.03.2008

 

IDENTIFICATION DETAILS

 

Name :

LEE TRADING CC

 

 

Registered Office :

11 Adcock Street, Chamdor, Krugersdorp, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

15 May 1996

 

 

Com. Reg. No.:

1996/02225/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Retailer of Fabrics

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

COMPANY NAME

 

LEE TRADING CC

 

 

TRADING NAME

 

CHAMDOR FACTORY SALES

 

 

PHYSICAL ADDRESS

 

11 Adcock Street

Chamdor

KRUGERSDORP

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 4142

LUIPAARDSVLEI

1743

TELEPHONE NUMBER: 11 762 4618

FAX NUMBER:  011 769 2012

 

 

MEMBERS

 

35%      E LIMBADA                   ID No. 6706185160088

35%      M LIMBADA                  ID No. 6408285143086

17,5%   F A DAWOODJEE         ID No. 6906230143085

12,5%   J LIMBADA                   ID No. 3811120117087

 

 

ASSOCIATE COMPANIES

 

NORTHLANDS DECOR PARK FABRICS CC

EAST RAND FABRICS CC

SCOTT STREET FABRICS CC

BARBA PROPERTIES (PTY) LTD

 

 

BANKERS

 

FIRST NATIONAL BANK, Key-West Branch, branch code 256-955, account number 62044083301. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the Bank.

 

DATE REGISTERED

 

15 May 1996

Registration Certificate Number: 1996/02225/23

 

 

VAT NUMBER

 

4620158842

 

 

MAJOR OPERATION

 

Retailer of fabrics

 

 

MAJOR SUPPLIERS

 

The subject imports from Japan, China and India and deals locally with:

 

FRAME FABRICS

STUART GRAHAM FABRICS

NETTEX (PTY) LTD

BERG RIVER TEXTILES

MAISON DE TEXTILE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public

 

 

AREA OF DISTRIBUTION AND SELLING

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

84

 

 

 

OTHER PREMISES

 

None    

 

 

OWNED OR LEASED

 

The premises are reported to be owned by an associate company.

 

 

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

 

MOOLA & ASSOCIATES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SANTAM INSURANCE BROKERS

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         2000                 R750 000          R  17 000 -        30 days             30 days             Excellent

                                    R120 000

 

2.         02/1998 declined            declined            30 days             30 days             Excellent

 

3.         Old acc             R200 000          R  10 000          30 days             30 days             Very good

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We would prefer to see a far lesser figure dealt with than US$1 000 00 DA.  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