MIRA INFORM REPORT

 

 

Report Date :

12.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SALIGNA TRADING (PTY) LTD

 

 

Registered Office :

1360 South Coast Road, Mobeni, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.04.2002

 

 

Com. Reg. No.:

2002/008502/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesaler of homeware and general merchandise

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

SALIGNA TRADING (PTY) LTD

 

 

TRADING NAME 

 

S J WHOLESALERS

 

 

PHYSICAL ADDRESS    

 

1360 South Coast Road

Mobeni

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 32329

Mobeni

4060

Telephone Number:                  031 462-5141 / 8592

Fax Number:                             031 462 8592 / 8547

 

 

SHAREHOLDERS

 

52%      M PILLAY

45%      G P NAIKER

  1%      B RAMBATCHAN

  1%      M GOVENDER

  1%      V NAIDOO

 

It was stated by respondents that M GOVENDER resigned on 1 December 2010, however, his shareholding has still not been allocated and it is expected that G P NAIKER will take over his 1% shareholding.

 

 

ASSOCIATE COMPANIES

 

CHERRI TREE (PTY) LTD

 

 

DIRECTORS

 

M PILLAY                                 ID No: 6210245090088

 

 

BANKERS

 

ABSA BANK. Business Centre Branch, Umgeni. Main bank. Account Number: 4075752981. The subject is reported to factor its book with ABSA BANK. The subject utilises on occasion STANDARD BANK.  Jacobs Branch, Account Number 051741032.  The subject is reported to factor its book with STANDARD BANK.

 

 

DATE REGISTERED

 

15 April 2002

Registration Certificate Number 2002/008502/07

 

The subject was originally owned by M PILLAY and had been trading as S J Wholesalers for a number of years.  Further details were not forthcoming.

 

 

VAT NUMBER    

 

4340204611

 

 

TAX NUMBER    

 

9196505144

 

 

MAJOR OPERATION

 

Wholesale of homeware and general merchandise

 

 

MAJOR SUPPLIERS

 

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


·         SWIFT AIR, Durban

·         CEVA LOGISTICS, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retail chain stores, e.g. Mr Price Home, Sheet Street and Game, etc.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±40 and 70-100 staff are recruited from labour brokers

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by CHERRI TREE (PTY) LTD, bonded for an amount of R14 000 000 in favour of First National Bank.

 

 

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 as at 10 January 2011:

 

STOCK                                                                              R  25 000 000

DEBTORS                                                   R10 000 000 – R  15 000 000

FOREIGN CREDITORS                                                       R  20 000 000

LOANS                                                                                              Nil

TURNOVER per annum                                                       R100 000 000

 

Respondents requested that an email questionnaire be forwarded in order to supply further financial information. We await a reply.

 

 

AUDITORS    

 

SAB & T INC, Durban 031 275 9421

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ANGO SAMINATHAN

 

 

TRADE REFERENCES –MARCH 2006

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                                              PATTERN

 

1.                8 yrs            R4 000 000    R3 000 000-     30 days    30 days        Very good

                                                           R4 000 000

2.                Do not give trade references

 

TRADE REFERENCES – MAY 2007

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                                              PATTERN

 

1.                9 yrs            R4 000 000    R3 000 000      30 days    30 days        Very good

2.       Do not give trade references

 

 

TRADE REFERENCES – JULY 2008

 

      PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                                              PATTERN

 

1.    Old acc        R1 800 000    R1 500 000 -    30 days    30 days        Good

                                               R1 800 000

 

2.    05/20 08       R2 000 000    R   400 000     30 days    Too new to comment

                          c/l

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not deal with them

 

2.    Do not give trade references

 

 

COMMENTS

 

This is an established company, which imports most of its supplies  A payment pattern could not be established with suppliers and we have not traced dealings to an extent of US$1 000 000 over DA terms.  It is suggested that dealings be on a letter of credit basis only.  The fact that the subject factors its book should be borne in mind as well as the downturn in the annual turnover per annum.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.32

UK Pound

1

Rs.70.54

Euro

1

Rs.58.70

 

 

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%)

 

 

 

 

 

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.