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MIRA INFORM REPORT

 

 

Report Date :            

21.04.2011

 

IDENTIFICATION DETAILS

 

Name :

WILLTEX CC

 

 

Registered Office :

Unit 20, Industrial Park, Sunnyrock Close, Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.08.1997

 

 

Com. Reg. No.:

1997/042622/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers, wholesalers and manufacturers of curtaining fabric

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME          

 

WILLTEX CC

 

 

PHYSICAL ADDRESs

 

Unit 20

Industrial Park

Sunnyrock Close

GERMISTON

Gauteng

 

 

POSTAL ADDRESS             

 

P O Box 9123

EDENGLEN

1613

Telephone Number:                  (011) 455 5353

Fax Number:                            (011) 455 2148

 

           

MEMBERS

 

50% S R WILLIAMS                               ID No.   6109135020108

50% MRS N L WILLIAMS (Wife)             ID No.   6912110388089

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

NEDBANK Edenvale, where it was stated that the subject enjoys overdraft facilities to an extent of R1 000 000, unsecured.  Utilisation is stated to be partial.

 

DATE REGISTERED

 

7 August 1997

Registration Certificate Number 1997/042622/23

 

The subject converted from a company namely, Willtex (Pty) Ltd,,

Registration Certificate Number 1979/003905/07.

 

 

VAT NUMBER    

 

4130110549

 

 

TAX NUMBER

 

9660034845

 

 

MAJOR OPERATION

 

Importers, wholesalers and manufacturers of curtaining fabrics.

 

 

MAJOR SUPPLIERS

 

The subject imports 90% of its supplies from India and deals locally with:

 

1.     PRO ACTIVE, Johannesburg

2.     COTTON RANGE, Johannesburg

3.     VOGUE INDUSTRIALS, Johannesburg

4.     LOOM CRAFT, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Stockists of curtains.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

8

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION 

 

R100

 

The following estimated financial situation was submitted as at 14 April 2011:

 

STOCK R1 500 000 – R2 000 000

DEBTORS (over 60/90 days)      R   560 000

FIXED ASSETS            R                      900 000

CREDITORS                             ±R   800 000

OVERDRAFT                            ±R1 000 000

LOANS                                     nil

TURNOVER per month              ±R   600 000

 

 

AUDITORS    

 

D J MEYER & CO (Tel No. 011 425 2691)

 

 

YEAR ENd    

 

FEBRUARY

 

INSURANCE BROKERS 

 

BETA COVER INSURANCE BROKERS

 

 

TRADE REFERENCES – SEPTEMBER 2002

 

                     PERIOD     HIGHEST    AVERAGE    TERMS   PAYMENT                 EXPERIENCE

                                      CREDIT      CREDIT        PATTERN

 

1.                  2002          R100 000+   R50 000  30  30                                                 Very good

 

2.                  10 yrs        R500 000     R100 000 30  30                                                 Very good

 

3.                     COD account

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2 years         R250 000±     R100 000±       C.O.D                          Very Good

 

2.    2 years         R228 000       R  5 000-         60 days    60 days        Good

                          c/l CGIC         R40 000

 

3.    1 year           R150 000       R150 000-       60 days    60 days        Very Good

                          c/l                 R200 000

 

4.    Aug 2008      R50 000         R10 000-         90 days    90 days        Very Good

                          c/l  CGIC        R20 000

 

 

COMMENTS

 

This is an established business that converted from a well established company. The subject is meeting its local commitments timeously on extended terms as arranged and is considered equal to its normal business engagements, preferably secured.  The relatively high creditors figure and the heavy reliance on bank finances should be borne in mind.

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.56

Euro

1

Rs.63.92

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.