MIRA INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
FRINETTE CC |
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Registered Office : |
Suite 103, Sir Lowry Studios, 95 Sir Lowry Road, WOODSTOCK, Western Cape
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Country : |
South Africa |
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Date of Incorporation : |
13.10.2009 |
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Com. Reg. No.: |
2009/191133/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
The designing and wholesaling of children’s
clothing. |
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No. of Employees
: |
6 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 1 500 000 |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Africa |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 |
Company summary
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Subject Name |
STICKY FUDGE |
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Country |
South Africa |
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Requested Credit Limit |
US$1 500 000 |
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Enquiry Terms |
Every Six Months |
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Account Review |
Every Six Months |
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Subject Contact person |
Vannessa Van As – Accountant |
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Assessment |
It was established that the correct registered name of subject is FRINETTE CC – registration certificate number: 2009/191133/23 trading as STICKY FUDGE. |
Company details
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Subject Name |
FRINETTE CC |
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Country |
South Africa |
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Requested Credit Limit |
US$ 1 500 000 |
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Enquiry Terms |
D/A |
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Account Review |
Every Six Months |
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Subject Contact person |
Vannessa Van As - Accountant |
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Assessment |
Total Credit Limit Exposure: Total Suretyship: This is comparatively new business. The subject is meeting its commitments timeously. We have not traced dealings to an extent of US$1 500 000. The lack of financial information and a bank code should be borne in mind when credit dealings are being contemplated. |
Company Information
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Registered Name |
FRINETTE CC |
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Trading as/ Division Name |
STICKY FUDGE |
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Registration Number |
2009/191133/23 |
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Registration Date |
2009-10-13 |
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Date Commenced Trading |
The STICKY FUDGE brand was launched in 2009 by the member. |
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Age of Business |
2 years 2 months |
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History of Business |
The subject was commenced as a new business. |
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History of Principals |
The member was previously employed as a designer at NAARTJIE, which is
involved in the designing and retailing of children’s clothing. |
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Members of subject and % holding |
100% MS. FRINETTE TOLKEN |
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Members Contribution |
R100 |
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Status |
This Business is Active |
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Operations Assessment |
The designing and wholesaling of
children’s clothing. |
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Industry/ Customers |
Retailers |
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Area of Distribution |
South Africa |
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Export |
Italy, Ireland and Ghana |
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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 |
Suite 103 Sir Lowry Studios 95 Sir Lowry Road WOODSTOCK Western Cape |
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Head Office Postal Address |
As above
mentioned |
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Current Tel Number |
087 151 4883 |
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Current Fax Number |
None |
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Current Email Address |
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Web Site Address |
Auditors Information
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Trading Name |
Bryan Bernfield ID No: 5907265093089
trading as BERNFIELD FINANCIAL SERVICES |
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Registration Number |
Sole Proprietorship |
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Physical Address |
4 Bergroos Close PLATTEKLOOF 7500 |
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Postal Address |
As above mentioned |
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Contact Person |
Bryan Bernfield |
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Contact Number |
021 930 2077 |
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Email |
bernfield@telkomsa.net |
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Judgements Against Principals |
None on record |
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Subject Verified as Client |
Yes |
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SAICA number |
109969 |
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BEE Status |
Non-compliant |
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Financial Year End |
February |
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Years With Auditors |
Since 2009 |
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Website |
None |
Previous Auditors
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Company Name |
Time with previous auditors |
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JACQUES EDWARDS
CONSULTING |
2 years |
Tax Information
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Vat Number |
4440258152 |
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Status |
Active |
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Tax Number |
9254801179 |
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Financial Year End |
February |
Black Economic Empowerment
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Status |
Non-compliant |
ISO Status
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Type of ISO Grade |
None |
Workman’s compensation
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Registered |
No |
Company Structure
Subsidiaries
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Subsidiary Company |
None |
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Number of
Employees |
6 |
Company Fleet |
No of vehicles: |
Owned/ Leased |
Outstanding Balance |
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Fleet Operations |
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The Fleet is made up of |
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1. Cars |
1 |
Owned by the
subject |
Nil as the
vehicle is fully paid |
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Offices |
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Head Office Owned/ Rented |
The heading premises are leased from a 3rd party. |
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Rental Company |
DIAMOND PROPERTY MANAGEMENT |
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Lease Agreement |
3 year lease agreement |
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Lease Expire Date |
2014 |
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Type of Premises |
The premises comprise of administration offices and warehousing
facilities. |
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Branches |
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None |
Trade
References
The subject imported its first container of finished garments from India
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Trade Reference nr |
Supplier |
Contact |
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1 |
ROTEX |
021 577
1640 |
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2 |
SILVER SOLUTIONS |
021 510
5077 |
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3 |
DHL |
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The subject pays most of its suppliers on a C.O.D. basis.
Trade References
Detail
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Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
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1 |
2010 |
R104 000 |
Confidential |
60 |
Confidential |
60 |
Good |
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2 |
1 year |
R100 000 |
R50 000 |
60 |
R50 000 |
60 |
Good |
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3 |
Do |
Not |
Give |
Trade |
References |
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Adverse
Information on Subject
Judgements
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Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Business Rescue
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Date registered |
Business rescue practitioner |
Contact Information |
Details |
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None on record |
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Default Listings
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Date |
Details |
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None on record |
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Notarial Bonds
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Date |
Details |
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None on record |
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Bank Information
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Bank |
NEDBANK |
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Branch |
Salt River |
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Type of Account |
Current |
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Account Name |
FRINETTE CC |
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Overdraft Facilities |
It was stated that the subject enjoys an overdraft facility. Further information regarding the subject’s banking details was
declined by the respondent. |
Bank Codes History
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Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
Years with bank |
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None on record |
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Previous Bank
Accounts
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Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None on record |
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Deeds Information
Property Interestsfor Company
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Title Deed No. |
None on record |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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Financial Information
Financial Estimates
The respondent declined to assist with financial information and outside authorities were unable to assist in this regard. It was stated that the subject is a seasonal business and therefore its turnover fluctuates accordingly.
It was stated that the subject’s stock value fluctuates depending on orders.
Please note the
following:
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Turnover and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
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Turnover and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
Principals
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Number of Principals |
1 |
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Average Age of Active Principals |
38 |
Active Principals
Principal 1 of 1: TOLKEN FRINETTE
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Surname |
TOLKEN |
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First Name |
FRINETTE |
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Marital Status |
Unmarried |
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ID Number |
7305280058088 |
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Verified ID Number |
Yes |
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Current Age |
38 |
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Designation |
Director |
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Status |
Active |
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Appointment Date |
2009-10-13 |
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Physical Address (at time of Appointment) |
Casa Mia No 6 Hibuscus Street DURBANVILLE 7550 |
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Postal Address |
Casa Mia No 6 Hibuscus Street DURBANVILLE 7550 |
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Current Tel Number |
011 5112929 |
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Work Tel Number |
021 9300491 |
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Cell number |
082 8855353 |
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Shareholding |
(if the principal owns shares) |
Adverse Information for: TOLKEN FRINETTE
Judgement
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Number of
Judgements |
None on record |
Debt Review
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Debt review |
None on record |
Other
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Default data |
None on record |
Business Information for: TOLKEN FRINETTE
Current
Business Interests
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Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
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No additional business interests |
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Previous Business Interests
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Average Age of
Previous Business Interests |
None |
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Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
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None on record |
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Deeds Information
Property Interestsfor: TOLKEN FRINETTE
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Title Deed No. |
None on record |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.67 |
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UK Pound |
1 |
Rs.82.53 |
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Euro |
1 |
Rs.69.13 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.