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MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORRIDA SHOES (PTY)
LTD |
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Registered Office : |
19 Manchester Road,
Allandale, Pietermaritzburg, Kwazulu
Natal |
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Country : |
South Africa |
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Date of Incorporation : |
14.07. 1983 |
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Com. Reg. No.: |
1983/007213/07. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and
Marketing of Leather Footwear. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
CORRIDA SHOES (PTY) LTD
PHYSICAL ADDRESS
19 Manchester Road
Allandale
PIETERMARITZBURG
Kwazulu Natal
POSTAL ADDRESS
P O Box 4084
WILLOWTON
3201
TELEPHONE NUMBER: 033 387
9200
FAX NUMBER: 033 387
9207
SHAREHOLDERS
100% CORRIDA HOLDINGS (PTY) LTD, formerly known
as RELAY PRODUCTS (PTY) LTD, the name having been changed in January 2003.
The shareholding changed
in 1998 and was previously 50% P C D MAREE and
50% R W PRIDMORE.
ASSOCIATE COMPANIES
None.
The subject’s 3 previous
subsidiaries, named ADAGIO SHOES (PTY) LTD, ULTIMA SHOES (PTY) LTD and COMFEX
SHOES (PTY) LTD, were all placed into liquidation and the assets and operations
were incorporated into the subject. It
was stated that this process commenced at the end of 2001 and has now been
completed.
DIRECTORS
P C DE KOK MAREE
J JAMES
A MAREE
BANKERS
NEDBANK, Hayfields
Branch, Account number 1340272504. It
was stated that the subject factors their book with NEDBANK Factors and does
not require overdraft facilities.
DATE REGISTERED
14 July 1983
Registration Certificate
Number: 1983/007213/07.
VAT NUMBER
4950103368
MAJOR OPERATION
Manufacturing and
marketing of leather footwear.
MAJOR SUPPLIERS
PAUL MOELLER &
ASSOCIATES Pinetown
MOSSOP WESTERN LEATHER
Cape Town
HANNSA TOOL & DIE
Pinetown
NAMPAK PACKAGING
Pietermaritzburg
PLASTOPLANT Durban
APEX COMPONENTS, Durban
MAJOR CUSTOMERS OR BUSINESS
SECTORS
40% of the supplies go
to chain stores e.g. EDGARS and 60% to independent shoe shops.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
USA, Australia, France,
Canada, the UK. and Norway.
TOTAL EMPLOYEES
530
OTHER PREMISES
It was stated that the
subject has a factory situated in Dartnell Road, Willowton, Pietermaritzburg.
OWNED OR LEASED
The head offices are
reported to be owned by CORRIDA HOLDINGS (PTY) LTD. The Pietermaritzburg premises are reported to be owned by the
subject and valued in the region of R3 million, bonded in favour of NEDBANK.
AUTHORISED SHARE CAPITAL
R50 000 divided into 50
000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R11 111
The following estimated
financial situation was submitted:
STOCK R 14 000 000 – R 15 000 000
DEBTORS R 26 000 000
FIXED ASSETS R 15 000 000
CREDITORS R7 000 000 –
R 8 000 000
SHAREHOLDERS’ LOANS unknown
TURNOVER per annum R95 000 000 – R100 000 000±
AUDITORS
MYBURGH & SMITH Pietermaritzburg, (033) 394 1019
YEAR END
DECEMBER
INSURANCE BROKERS
P S G CONSULT
TRADE REFERENCES – JULY 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 5/6 yrs R 300 000 R 20 000 90
days 90 days Good
2. 8 yrs+ R 500 000 R100
000 - 30 days 37 days Good
c/l R480 000
3. 5 yrs R 500 000 R500
000 60 days 60 days Excellent
4. 20 yrs R1
000 000 R200 000 60 days 60 days Excellent
TRADE REFERENCES – MARCH 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1997 R1
100 000 R500 000 - 60 days 60
days Excellent
c/l R800 000
2. 10 yrs R1
000 000 R300 000 - 30 days 30
days Good
c/l R500 000
3. 2 yrs R 200 000 R120
000 30 days 30 days Very good
c/l
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 yrs declined R100 000 60 days 60
days Very good
2. 10 yrs R2
000 000 R400 000 30 days 30 days Very
good
3. Old acc R 100 000 R 30 000 - 60
days 60 days Good
R 35 000
COMMENTS
This is an established
company meeting one of its commitments timeously. The subject is considered
equal to its normal business engagements.
The fact that the subject factors its books should be borne in mind.
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%)