MIRA INFORM REPORT

 

 

Report Date :

29.05.2008

 

IDENTIFICATION DETAILS

 

Name :

WORLD CLASS CONNECTION TRADING (PTY) LTD

 

 

Registered Office :

Lower Park Road, Oudsthoorn, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

14.07. 2000

 

 

Com. Reg. No.:

2000/015862/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Exporters of Tobacco

 

 

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

 

WORLD CLASS CONNECTION TRADING (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Lower Park Road

OUDSTHOORN

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 788

OUDSTHOORN

6620

TELEPHONE NUMBER: 044 874 0528

FAX NUMBER:  044 279 3026

 

 

SHAREHOLDERS

 

50%      S M CHALMERS

50%      J H NEL

 

 

ASSOCIATE COMPANIES

 

INTERNATIONAL TOBACCO PURCHASING AGENCY CC in which business S M CHALMERS is a Member

 

 

DIRECTORS

 

S M CHALMERS           ID No. 6810086093180

J H NEL                        ID No. 4806095080087

 

 

BANKERS

 

FIRST NATIONAL BANK, George branch.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

ABSA BANK, Oudsthoorn branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate.

 

DATE REGISTERED

 

14 July 2000

Registration Certificate Number: 2000/015862/07

 

 

VAT NUMBER    

 

4580189639

 

 

MAJOR OPERATION

 

Importers and exporters of tobacco

 

 

MAJOR SUPPLIERS

 

NOVULA FREIGHT Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Export market

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Nigeria

 

 

TOTAL EMPLOYEES

 

25

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject with a market value of R5 million, free of bond

 

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

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

 

 

AUDITORS

 

ALICE LE ROUX

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

UNKNOWN

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2 yrs                 declined            R150 000          7 days              7 days              Excellent

 

 

COMMENTS

 

This is an established business that 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 a far lesser amount spread and secured.  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