MIRA INFORM REPORT

 

 

 

Report Date :

09.09.2008

 

IDENTIFICATION DETAILS

 

Name :

NAVADA CLOTHING MANUFACTURERS (PTY) LTD

 

 

Registered Office :

9 – 15 Guy Gibson Avenue, Aeroton Extension 5, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.05.1995

 

 

Com. Reg. No.:

1995/003836/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of Men’s Clothing

 

 

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 :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

NAVADA CLOTHING MANUFACTURERS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

9 – 15 Guy Gibson Avenue

AEROTON EXTENSION 5

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 90970

BERTSHAM

2013

TELEPHONE NUMBER: 011 494 3470

FAX NUMBER:  011 494 3017

 

 

SHAREHOLDERS

 

50%      I NANA

50%      S NANA

 

The Shareholding was previously 100% I NANA having changed

 

 

ASSOCIATE COMPANIES

 

DAVISH (PTY) LTD

 

 

DIRECTORS

 

I NANA             ID No. 4103305032052

S NANA            ID No. 6502155109084

 

 

BANKERS

 

NEDBANK, Fordsburg branch, account number 1953219411.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate.

 

DATE REGISTERED

 

4 May 1995

Registration certificate number 1995/003836/07

 

The subject was originally a close corporation that originated in 1987 (Reg. No. 1987/004324/23) and converted to a private company in 1995.

 

It was stated that the subject was originally commenced in 1969 and that I NANA a has always been involved in the subject, however, it was stated that he became the sole shareholder in 1993.

 

 

VAT NUMBER

 

4370103162

 

 

MAJOR OPERATION

 

Manufacturers of men’s clothing

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

SAFCOR PANELPINA

HEXTEX Worcester

BMI AGENCIES

TOGA LININGS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia, Botswana and Swaziland

 

TOTAL EMPLOYEES

 

250

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the company and valued in the region of R5 million, free of bond

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                     R  9 000 000

DEBTORS 90-120 days              R15 000 000

CREDITORS                              R  1 000 000

OVERDRAFT                            Fluctuates

LOANS                                     R  3 500 000

TURNOVER per month               R  4 000 000

 

 

AUDITORS    

 

SEEDAT & CO, Johannesburg

 

 

YEAR END

 

DECEMBER

 

INSURANCE BROKERS 

 

SALEY’S AGENCIES

 

 

TRADE REFERENCES – JULY 2004

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN        

 

1.         +10 yrs             R250 000          R200 000          30 days             30 days             Good

                                    c/l                     pm

 

2.         25 yrs               R250 000          R130 000±         60 days             60 days             Very good

                                    c/l                                                                                             - Insured

 

3.         20 yrs               R250 000          R230 000          60 days             60 days             Very good

                                    c/l                     pm

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN        

 

1.         10 yrs               R250 000          R50 000            90 days             90 days             Average

 

2.         Do not give trade references

 

3.         Do not give trade references

 

4.         10 yrs               R  40 000          R40 000            30 days             30 days             Good

 

 

COMMENTS

 

This is an established company meeting commitments as arranged.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a well spread and secured basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.78.86

Euro

1

Rs.63.33

 

 

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