MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
COIRTEX AND COIR
CREATIONS CC |
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Registered Office : |
29 Basil Road,
Plumstead, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
09.02.1999 |
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Com. Reg. No.: |
1999/051654/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and Sale of
Carpets, Rugs, etc. |
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
COIRTEX AND COIR
CREATIONS CC
PHYSICAL ADDRESS
29 Basil Road
Plumstead
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 2441
CAPE TOWN
8000
TELEPHONE NUMBER: 0861 264 7839
FAX NUMBER: 021 726 2231
It was stated that the
subject’s auditors previous address was in Cumberwood, Durban/
MEMBERS
100% R OSMAN ID
No.5208225090087
ASSOCIATE COMPANIES
None
BANKERS
STANDARD BANK, Cape Town
branch, account number: 272109770. It was
stated that the subject enjoys overdraft facilities, secured by the personal
guarantee of the Member. Utilisation is stated to fluctuate.
DATE REGISTERED
9 February 1999
Registration Certificate
Number: 1999/051654/23
VAT NUMBER
4380188500
MAJOR OPERATION
Importing and sale of
carpets, rugs, etc.
MAJOR SUPPLIERS
The subject imports all
of its supplies and deals locally with:
CARRIE FREIGHT Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers, general
public and interior designers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
5
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be the home premises owned by G B CRAWFORD-OSMAN, the wife of R
OSMAN in her personal capacity and valued in the region of R2.6 million, bonded
in favour of ABSA BANK to an extent of R1.6 million.
MEMBERS CONTRIBUTION
R100
The following estimated
financial situation was submitted:
STOCK R2 000 000
DEBTORS COD and accounts fluctuates
FIXED ASSETS R10 000 000
TURNOVER per month R300 000 – R500 000
AUDITORS
STENEKAMP &
MOHAMMED, Cape Town 021 685 0786
YEAR END
FEBRUARY
INSURANCE BROKERS
SANLAM
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1˝ yrs R300 000 R200 000 - 30
days 30 days Very good
c/l R250 000
COMMENTS
This is an
established business meeting its local commitments timeously. We have not traced dealings to an extent of
US$1 000 000 over DA terms and would prefer to see a lesser figure on a well
spread and secured basis. The lack of
full financial information should be borne in mind.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
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%)