MIRA INFORM REPORT
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Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
MECADINA DISTRIBUTORS CC |
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Registered Office : |
9 Falcon Street Ext 1, Lenasia, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
29.06.1988 |
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Com. Reg. No.: |
1988/017373/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Retail and wholesale of linen |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Assessment:
This is an established family business,
meeting its payments within terms.
It was stated that during the World Cup Soccer
in 2010 they purchased up to R1 000 000 per month.
There is no adverse information on the subject
or principals.
Company Information
|
Registered
Name |
MECADINA DISTRIBUTORS CC |
|
Trading
as/ Division Name |
LINEN CABIN |
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Previous Name |
None |
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Date of Name
Change |
N/A |
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Registration
Number |
1988/017373/23 |
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Registration
Date |
1988-06-29 |
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Date Commenced
Trading |
1988 |
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History of
Business |
The subject commenced as a new business. |
|
Membersof
subject and % holding |
33.3% I MOTALA 33.3% M MOTALA 33.3% IMTIAAZ MOTALA All the members are reported to be brothers. |
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Members
Contribution |
R100 |
|
Age of Company |
23 years 2 months |
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Status |
In Business |
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Operations
Assessment |
Retail and wholesale of linen |
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Industry/
Customers |
Public and stores |
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Export |
Neighbouring countries |
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Major Industry
Code / SICC |
61310 Wholesale Retail |
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Definition of
Code |
Wholesale trade in textiles clothing and
footwear. |
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Head Office
Physical Address |
9 Falcon Street Ext 1 LENASIA Gauteng |
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Head Office
Postal Address |
P O Box 245 LENASIA 1820 |
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Current Tel
Number |
011 8522890 |
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Current Fax
Number |
011 8526517 |
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Current Email
Address |
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Web Site Address |
None |
Auditors Information
|
Sole Proprietor |
HAROON TAKOLIA |
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Trading Name |
HAROON TAKOLIA |
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Registration
Number |
Trading for 30 years |
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Physical Address |
9-13 Quinn Street NEWTOWN Johannesburg |
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Postal Address |
P O Box 257 CROWN MINES 2025 |
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Contact Person |
Yusuf Kolia |
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Contact Number |
011 8321271 |
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Email |
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Principals |
1 |
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Subject Verified
as Client |
Yes |
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SAICA number |
9331304 |
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Financial Year
End |
February |
|
Years With
Auditors |
Since inception 1988 |
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Website |
None |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
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None |
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Tax Information
|
Vat Number |
4480116856 |
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Status |
Active |
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Vat Liable Date |
Oct 2011 |
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Tax Number |
939245840 |
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Tax Clearance
Expire Date |
February |
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Financial Year
End |
February |
Black Economic Empowerment
|
Status |
None |
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Score |
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|
Expire Date |
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BEE Certificate
Available |
Yes/No |
ISO Status
|
Type of ISO
Grade |
None |
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ISO Certificate |
Yes/No |
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ISO Certificate
Available |
Yes/No |
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Certified by
anAccredited Agent |
Yes/No |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes no:06757171540 |
Company Structure
|
Branches |
1 |
|
Branches Name |
Country |
Province |
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Norwood |
SOUTH AFRICA |
Gauteng |
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Subsidiary
Company |
None |
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Shareholding |
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Registration
Number |
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Import / Export |
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Number of
Employees |
2 |
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1.
Salaried
employees |
2 |
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2.
Waged
employees |
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3.
Permanent
employees |
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4.
Casual
employees |
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5.
Contracted
employees |
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Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
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Fleet Operations |
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The Fleet is
made up of |
1 |
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1.
Cars |
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2.
Light
Delivery Vehicles |
1 |
Owned |
R106 000 |
None |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head
OfficeOwned/ Rented |
Owned |
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Rental Company |
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Owned by |
Mr Imraan Motala |
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Value |
R2 000 000 |
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Bond |
None |
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Bank |
N/A |
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Lease Agreement |
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Lease Expire
Date |
|
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Type of Premises |
Home and Office |
Branches Owned/
Rented |
Rented |
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Rental Company |
PRO DIRECT INVESTMENST (PTY) LTD |
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Owned |
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Value |
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Bank |
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Bond |
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Lease Agreement |
5 years |
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Lease Expire
Date |
2014 |
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Type of Premises |
Retail shop |
Trade References
|
Supplier |
Contact |
|
1)
COLIBRI
TOWELING |
041 9953462 (PE) Ref:4251/ 5828 |
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2)
DANO
TEXTILES |
031 7367600
(DBN) Ref:37406 |
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3)
LIFSON
PRODUCTS |
021 6912300 (CT) Ref:MEC001 |
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4)
LINEN
HOUSE |
021 5521060 (CT) Ref:0033 |
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5)
HOUSE
OF LINEN |
011 8381000/
4920794 Ref:098026 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
3) 2000 |
R120 000 |
Declined |
60 days |
Declined |
60 days |
Good |
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4) 5 years |
Declined |
R20 000 |
30 days |
R10 000-
R20 000 |
30 days |
Very Good |
|
5) 6 years |
Open |
R1 000 000 |
30 days |
R100 000- R150 000 |
30 days |
Excellent |
Adverse
Information on Subject
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Deeds Information
|
Property Interest |
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Property Type: |
None |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Bank Information
|
Bank |
FIRST NATIONAL BANK |
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Branch |
LENASIA |
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Bank Account
Number |
55280006170 |
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Type of Account |
Current |
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Branch Code |
250737 |
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Account Name |
MECADINA DISTRIBUTORS CC |
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Overdraft
Facilities |
None |
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Date Opened |
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Bank Code |
Awaiting a bank code |
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Bank Comment |
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Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Financial Information
Financial
Estimates
|
CURRENT ASSETS |
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Stock |
R1 200 000 |
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Debtors |
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Cash on Hand |
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FIXED ASSETS |
R200 000 |
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Plant,
Equipment, Vehicles |
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Property |
None |
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CURRENT
LIABILITIES |
None |
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Creditors |
|
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Loans/ From? |
None |
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LONG TERM
LIABILITIES |
None |
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Morgage Bonds |
None |
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ANNUAL Turnover |
R6 000 000 |
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Previous Year
Turnover |
R6 900 000 |
|
Estimated
Current Year Turnover |
R5 000 000 |
Principals
|
Number of
Principals |
3 |
|
Average Age of
Active Principals |
44 |
Active Principals
Principal 1 of 3
|
Surname |
MOTALA |
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First Names |
IMTIAAZ |
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Marital Status |
Married |
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ID Number |
6911235206085 |
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Verified ID
Number |
Yes |
|
Current Age |
42 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on record |
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Address (at time
of Appointment) |
4 Nikkel Street Extension 5 LENASIA 1820 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
BAMFAM
INVESTMENTS CC |
2005/170130/23 |
In Business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
N/A |
|
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Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
T78665/2002 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
4 NIKKEL STREET LENASIA |
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Property Type |
Feehold/ Ervin |
Extent / Size |
644.0SQM |
|
Purchase Date |
2002-07-20 |
Purchase price |
200000.00 |
|
% Ownership |
0.00 |
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
0.00 |
Principal 2 of 3
|
Surname |
MOTALA |
|
First Names |
MUHSIN |
|
Marital Status |
Married |
|
ID Number |
6501255077050 |
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Verified ID
Number |
Yes |
|
Current Age |
46 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on record |
|
Address (at time of
Appointment) |
9 Falcon Street Extension 1 LENASIA 1820 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information
on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
BAMFAM
INVESTMENTS CC |
2005/170130/23 |
In Business |
0 |
No |
|
JANNE GLOBAL
DEFENCE INSTITUTE SOUTH AFRICA (PTY) LTD |
1998/018632/07 |
Deregistration
Process |
0 |
No |
|
WILLIAM AND
RICHARD CONSTRUCTION (PTY) LTD |
1998/020200/07 |
Deregistration
Process |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
7 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
MAGALIESBURG
HEALTH CENTRE |
2004/006687/08 |
In Business |
0 |
No |
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
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|
Deeds Office |
|
Physical Address |
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|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
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Principal 3 of 3
|
Surname |
MOTALA |
|
First Names |
IMRAN |
|
Marital Status |
Married |
|
ID Number |
6608025244058 |
|
Verified ID
Number |
Yes |
|
Current Age |
45 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on record |
|
Address (at time of
Appointment) |
9 Falcon Street Extension 1 LENASIA 1820 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business
Information on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None on record |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
N/A |
|
|
|
|
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
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|
Deeds Office |
|
Physical Address |
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Property Type |
|
Extent / Size |
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|
Purchase Date |
|
Purchase price |
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|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.