MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SMILEY’S FOOTWEAR CC |
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Registered Office : |
38 Brooklyn Road, JACOBS,
Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
15.08.2006 |
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Com. Reg. No.: |
2006/025126/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and
Distribution of 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 : |
Usually Correct |
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Litigation : |
Clear |
COMPANY NAME
SMILEY’S FOOTWEAR CC
PHYSICAL ADDRESS
38 Brooklyn Road
JACOBS
Kwazulu Natal
POSTAL ADDRESS
P O Box 33268
MONTCLAIR
4061
TELEPHONE NUMBER: 031 468 5586
FAX NUMBER:
031 468 5594
SHAREHOLDRS
100% V RISHIDAW
ASSOCIATE COMPANIES
None
DIRECTORS
V RISHIDAW ID No. 7106215129089
BANKERS
ABSA BANK, Jacobs
branch, account number 4051428877. It was stated that the subject enjoys
overdraft facilities to an extent of R500 000, secured by the personal guarantee
of the Member. Utilisation is stated to be full.
DATE REGISTERED
15 August 2006
Registration
Certificate Number 2006/025126/07
V RISHIDAW is
reported to have taken over his father’s business, which was started in 1990.
In 1996, V RISHIDAW took over the sole proprietorship and converted it to a
close corporation in 1999 and in 2006 converted to a private company
VAT NUMBER
4110187095
MAJOR OPERATION
Manufacturing and
distribution of footwear.
MAJOR SUPPLIERS
JOHN WITTEL Durban
ACE SHOE COMPONENTS
Durban
A GREENAWAYS
A L S
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Chain stores
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
160
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported
to be owned by the Member, valued at R3 million, bonded in favour of ITHALA
BANK.
AUTHORISED SHARE CAPITAL
R1000 divided into 1000 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
GOVIND & GARACH,
031 309 1617
YEAR END
FEBRUARY
INSURANCE BROKERS
G D I BROKERS
TRADE REFERENCES – SEPTEMBER 2002
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 4 yrs R200
000 R 60 000 60 days 60 days Excellent
2. 6 - 7 yrs R300 000 R 50 000- 60
days 60 days Very good
R100 000
3. ±5 yrs R200
000 R150 000 60 days 60 days Very
good
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 7 yrs R600
000 R80 000 60 days 30 days Excellent
2. declined R250 000 declined 60 days 60 days Good
3. 8 yrs R300
000 R18 000 30 days 30 days Excellent
COMMENTS
This is a
comparatively established business which converted from a close
corporation. The subject is meeting its
commitments timeously. We have not
traced dealings to an extent of $1 000 000 over DA terms and suggest that
dealings be to a far lesser amount spread and secured.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)