MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
LEATEX AGENCIES CC |
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Registered Office : |
11 Clark Road, Westmead, Pinetown, Kwazulu
Natal |
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Country : |
South Africa |
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Date of Incorporation : |
18.11.1987 |
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Com. Reg. No.: |
1987/026322/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supply of Leather to the Shoe Industry |
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
STROD MARKETING CC
PHYSICAL ADDRESS
11 Cleark Road
Westmead
Pinetown
Kwazulu Natal
On investigation it was established that the subject is dormant. The assets and operations were incorporated into
LEATEX AGENCIES CC, trading as STROD MARKETING, which report should be
consulted.
COMPANY NAME
LEATEX AGENCIES CC
TRADING NAME
STROD
MARKETING
PHYSICAL ADDRESS
11 Clark Road
Westmead
Pinetown
Kwazulu Natal
POSTAL ADDRESS
P
O Box 470
New
Germany
3620
Telephone Number: 031 700 1290
Fax Number: 031 700 9867
The
subject moved from Highland House, 43 Alexander Road, Westmead in November
2007.
MEMBERS
100% S HILDEBRAND ID
No. 6004015033000
The Membership was previously 50% S HILDEBRAND and 50% D ROBERTSON, having been changed in approximately 2000.
It
was stated that S HILDEBRAND was previously involved in STROD MARKETING CC.
ASSOCIATE COMPANIES
None
BANKERS
STANDARD
BANK, Pinetown Branch, account number 051946165. It was stated that the subject does not require overdraft
facilities as credit balances are maintained at the bank.
DATE REGISTERED
18
November 1987
Registration
certificate number 1987/026322/23.
It
was stated that the subject took over a dormant company and commenced
operations on 1 June 1997. The assets
and operations of two businesses, namely WALLHEIMER LEATHER (PTY) LTD and STROD
MARKETING CC, were incorporated into the subject. The latter two businesses then became dormant.
VAT NUMBER
4430166084
MAJOR OPERATION
Supply
of leather to the shoe industry
MAJOR SUPPLIERS
The
subject imports most of its supplies and deals locally with:
AVIOCEAN
(shippers) Durban
EDDLES
Pietermaritzburg
AFRICAN
LOGISTIC SERVICES
MAJOR CUSTOMERS OR BUSINESS SECTORS
Shoe
manufacturing industry
AREA OF DISTRIBUTION AND SELLING
Kwazulu
Natal and surrounding areas.
EXPORTS
Zimbabwe
and Zambia.
TOTAL EMPLOYEES
15
OTHER PREMISES
None
OWNED OR LEASED
The
premises are stated to be leased.
MEMBERS CONTRIBUTION
R100
The
following estimated financial situation was submitted:
STOCK R2
000 000
DEBTORS on extended
terms R8
000 000
CREDITORS on extended
terms R6
000 000
LOANS Nil
TURNOVER per month R4
000 000
AUDITORS
MARK
SUTHERLAND, 083 417 2035
YEAR END
FEBRUARY
INSURANCE BROKERS
COMPENDIUM
TRADE REFERENCES – APRIL 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1999 R1 600 000 R500
000 60 days 60 days Excellent
2. 5 yrs R 200 000 R100 000 60
days 60 days Very good
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 9 yrs R1 600 000 R30
000 60 days 120 days Problematic
c/l
2. Do not give trade references
3. 4 yrs declined declined 30 days 30 days Good
COMMENTS
This is a
relatively established business, which was formed from the operations and
assets of two established businesses.
The subject is meeting its commitments problematically with one
supplier. We would prefer to see
dealings with the subject on a letter of credit basis at present.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)