MIRA INFORM REPORT

 

 

 

Report Date :

13.11.2008

 

IDENTIFICATION DETAILS

 

Name :

CECILE & BOYD’S CC

 

 

Registered Office :

253 Florida Road, Morningside, Durban, KwaZulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.06.1989

 

 

Com. Reg. No.:

1989/018757/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Retailers of Interior Design Furnishings.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

CECILE & BOYD’S CC

 

 

PHYSICAL ADDRESS    

 

253 Florida Road

Morningside

DURBAN

KwaZulu Natal

 

 

POSTAL ADDRESS   

 

253 Florida Road

Morningside

DURBAN

4001

TELEPHONE NUMBER: 031 303 1005

FAX NUMBER:  031 312 3581

 

 

MEMBERS

 

50%      B G FERGUSON           ID. No.  6510145179000

50%      M T C TILLEY                ID. No.  2503160056009

 

 

ASSOCIATE COMPANIES

 

CECILE & BOYD’S INTERIOR DESIGN CC

CECILE & BOYD’S RETAIL CC (Property Owning Company)

 

 

BANKERS

 

FIRST NATIONAL BANK Florida Road Branch Acc. No. not forthcoming.

Subject does not require overdraft facility as credit balances are maintained.

 

 

DATE REGISTERED

 

15 June 1989

Registration Certificate Number: 1989/018757/23

 

VAT NUMBER          

 

4600109864

 

 

MAJOR OPERATION

 

Retailers of interior design furnishings.

 

 

MAJOR SUPPLIERS

 

The subject uses import suppliers. Deals locally with:

CASTLE SEA, Durban

GRINROD and other local suppliers on COD basis.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public and Designers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

13

 

 

OTHER PREMISES   

 

None

 

OWNED OR LEASED

 

Premises are reported to be owned by the subject but further information wasn’t forthcoming.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         R4 500 000

DEBTORS                     R560 000

PROPERTY                  R2 400 000

CREDITORS                  R330 000

TURNOVER per annum  R6 200 000

 

 

AUDITORS    

 

FOUCHE HODKINSON & McLOUGHLIN

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

GLENRAND

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         3yrs                  Unlimited           R2 000 000        30 days             30 days             Excellent

 

2.         C.O.D.

 

COMMENTS

 

This is an established business that imports most of its supplies. The subject is meeting its local commitments timeously however we have not been able to trace dealings to an extent of US$1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.79

UK Pound

1

Rs.75.41

Euro

1

Rs.61.48

 

 

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