MIRA INFORM REPORT

 

 

Report Date :

29.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GARMENT FINISHING SUPPLIES CC

 

 

Formerly Known As :

MUSCAT CIVILS CC

 

 

Registered Office :

17 Wareing Park, Wareing Road, Pinetown, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

03.07.1997

 

 

Com. Reg. No.:

1997/034906/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Import and export of chemicals used in garment finishing and the importing of machinery and industrial laundry equipment

 

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 :

Slow

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):

 

Numerous messages have since been left for Mrs. N Ker to contact the investigator; however, there has been no response. It would appear the respondent is reluctant to supply any information.

 

On investigation contact was made with a respondent who stated that the only person who would be able to assist us with updating our information is the member, MRS N KER, who is currently away on leave, and is due back on 19 January 2011.  Nevertheless, the respondent requested that an email questionnaire be forwarded, which was duly sent and it was stated by the respondent that she will duly forward the information to Mrs Ker, and we currently await a response. 

 

Nevertheless, please see historical information obtained in September 2006:

 

 

COMPANY NAME     

 

GARMENT FINISHING SUPPLIES CC

 

Formerly MUSCAT CIVILS CC, the name having been changed on 8th August 1998.

 

 

PHYSICAL ADDRESS    

 

17 Wareing Park

Wareing Road

Pinetown

Kwazulu Natal

 

 

POSTAL ADDRESS        

 

P O Box 1284

PINETOWN

3600

Telephone Number:     (031) 701 7217

Fax Number:                (031) 701 7861

 

 

MEMBERS

 

·         50%  MRS N KER

·         50%  B STRINGER

 

 

ASSOCIATE COMPANIES    

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Pinetown.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

3rd July 1997

Registration Certificate Number 1997/034906/23

 

It was stated that both the members were previously involved in a similar industry.

 

 

MAJOR OPERATION

 

Import and export of chemicals used in garment finishing and the importing of machinery and industrial laundry equipment.

 

 

MAJOR SUPPLIERS

 

·               TAILORED FREIGHT Durban

·               ACTICHEM  Durban

·               PROTEA INDUSTRIAL CHEMICALS Durban

·               DYNACHEM  Durban

·               225 PLASTICS Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Laundries and clothing manufacturers.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Neighbouring countries, Mauritius, Malawi and Ghana.

 

 

TOTAL EMPLOYEES

 

8

 

 

OTHER PREMISES   

 

The subject is reported to have an office in Zimbabwe.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by Mrs. Ker in her personal capacity.

 

 

MEMBERS CONTRIBUTION

 

R3,00

 

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

 

           

AUDITORS    

 

SHAN ANDERSON

 

 

FINANCIAL YEAR END  

 

DECEMBER

 

INSURANCE BROKERS   

 

PETER MILLER & ASSOCIATES

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

                     ACCOUNT HIGHEST   AVERAGE    TERMS   PAYMENT    EXPERIENCE

                     OPENED    CREDIT      CREDIT                      PATTERN

 

1.                  11/1999      R200 000     R80 000 -      30 days   30 days        Good

                                                        R120 000

 

2.                         Unable to obtain trade reference

 

3.                  1996          R100 000     R100 000      30 days   30 days        Good

 

 

COMMENTS

 

This is an established business meeting commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a much lesser figure on a spread and secured basis.

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Nov 1999      R15 000         R4 000            30 days    90 days +     Problematic

                                                                                                                    /Slow

 

2.                Sept 1998     R30 000         fluctuates        30 days    30 days        Excellent

 

3.                      Deals on a cash basis

 

4.                Last purchased in August 2010

 

 

COMMENTS

 

This is an established business meeting one of its commitments well over terms.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see lesser figures on a letter of credit basis only.  The lack of updated information should be borne in mind.  As soon any further information is forthcoming the same will be compiled and forwarded to our client.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

 

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.