MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FIRST CHOICE FABRIC CC

 

 

Registered Office :

Unit 26/28, Flamingo Industrial Park, 91 Intersite Avenue, Umgeni Business Park, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

13.07.1994

 

 

Com. Reg. No.:

1994/020844/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Import, wholesale and retail of textiles and curtains.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Regular

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

 

Note:

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

 

 

COMPANY NAME     

 

FIRST CHOICE FABRIC CC

 

 

TRADING NAME      

 

·         MULTIFABRICS

·         BOND FABRICS

·         WESTSIDE FABRICS EXT 1

·         WESTSIDE FABRICS EXT 2

·         FABRIC CITY

·         ZIZEMELE FABRICS

 

 

PHYSICAL ADDRESS          

 

Unit 26/28

Flamingo Industrial Park

91 Intersite Avenue

Umgeni Business Park

Durban

Kwazulu Natal

 

 

POSTAL ADDRESS        

 

P O Box 1670

Wandsbeck

3631

Telephone Number:    (031) 263-9700

Fax Number:               (031 263-1780

 

The address of:  First Floor, 202 Brickfield Road, Overport, 4001, is reported to be the subject’s registered address and is also the address of the auditors, DESAI JADWAT INCORPORATED, telephone number:  (031) 207-7707.

 

MEMBERS

 

331/3%   A SOLWA         Identity number:  7312185208081

331/3%   M H SOLWA     Identity number:  6603235247058

331/3%   Y H SOLWA      Identity number:  6703245166056

 

The members are reported to be brothers.

 

 

BANKERS

 

NEDBANK, Corporate branch, Durban, account number 1355114179.  The subject is reported to have overdraft facilities available, secured by the personal guarantees of the members.  Further details were not forthcoming.

 

The subject also banks with HABIB OVERSEAS BANK (444 Smith Street, Durban, Kwazulu-Natal).  Further information was not forthcoming from the respondent.

 

 

DATE REGISTERED

 

13 July 1994

Registration Certificate Number:  1994/020844/23

 

 

VAT NUMBER

 

4130145727

 

 

MAJOR OPERATION

 

Import, wholesale and retail of textiles and curtains.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with

 

·         ORIENTAL SHIPPING

·         UNITED SHIPPING

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public, interior designers, retailers, etc.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Botswana, Namibia and Lesotho.

 

 

TOTAL EMPLOYEES

 

Salaried:  80  Waged:  100

 

 

OTHER PREMISES   

 

The subject is reported to have 6 branches situated throughout Durban/Kwazulu Natal.

 

 

OWNED OR LEASED 

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

 

 

AUDITORS    

 

DESAI JADWAT INC

 

REGISTERED ADDRESS

 

First Floor

202 Brickfield Road

OVERPORT

Durban

Kwazulu Natal

 

Telephone Number:     (031) 207-7070  

 

 

FINANCIAL YEAR END

 

FEBRUARY                 

 

 

INSURANCE BROKERS 

 

PETER CHRISTIE

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

            ACCOUNT    HIGHEST    AVERAGE    TERMS     PAYMENT EXPERIENCE

            OPENED      CREDIT       CREDIT                       PATTERN

 

1.         7 yrs            R200 000     R160 000      60 days    60 days     Very good

 

2.         01/2006        R500 000     R500 000      7 days      7 days       Good

 

3.         5 yrs            R500 000     R500 000      7 days      7 days       Good

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years         undisclosed    R   500 000-    7 days      7 days          Average

                                               R1 000 000

 

2.    Old               Have not traded in a while

 

COMMENTS

 

This is an established business meeting its local commitment reasonably.  We have not traced dealings to an extent of US$1 000 000 over DA terms and suggest that dealings should be to a lesser amount spread and secured in view of the lack of financial information and the current payment pattern.

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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.