MIRA INFORM REPORT

 

 

Report Date :

09.06.2011

 

IDENTIFICATION DETAILS

 

Name :

CAPE OFFSHORE TRADING CC

 

 

Registered Office :

403 Buiten Kloof Studios, 8 Kloof Street, Gardens, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.03.2002

 

 

Com. Reg. No.:

2002/021789/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Designing, Facilitating, Ordering and Importing of men’s quality clothing

 

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 :

No Complaints

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

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

 

CAPE OFFSHORE TRADING CC

 

 

PHYSICAL ADDRESS

 

403 Buiten Kloof Studios

8 Kloof Street

Gardens

Cape Town

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 21624

Kloof Street

8008

Telephone Number:                  021 422 3649

Fax Number:                             021 422 0701

Cellular Number:                      082 451 6878

 

It was stated by the respondent that SEAGULL ASSOCIATES is reported to be a major supplier in India.  It was also stated that 76 Molteno Road, Higgovale, Cape Town is an office of the subject which is situated at the home premises of the member.

 

 

MEMBERS

 

100%    G B SANSON    ID No.5101025090086

 

 

ASSOCIATE COMPANIES

 

PURPLE MOSS CC (property owning company)

BANKERS

 

NEDBANK, Gardens Centre branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the Member.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

15 March 2002

Registration Certificate Number: 2002/021789/23

 

 

VAT NUMBER    

 

4900202245

 

 

MAJOR OPERATION

 

Designing, facilitating, ordering and importing of men’s quality clothing

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

UTI (do not give trade references)

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Blue chip companies i.e. Truworths, Cape Union Mart, Foschini Group

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

6

 

 

OTHER PREMISES

 

It was stated that the subject has an administration office at the home premises of member at 76 Molteno Road, Higgovale, Cape Town.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property owning company

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the average annual turnover is R28 million

 

 

AUDITORS

 

MKD CHARTERED ACCOUNTANTS (SA)

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

UNISON RISK MANAGEMENT

 

TRADE REFERENCES – OCTOBER 2008

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.               3 years         R11 000 000   R2 500 000      30 days    30 days        Excellent

 

 

TRADE REFERENCES – JUNE 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.               3+ years       R11 000 000   R2 500 000      30 days    30 days        Excellent

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

 

COMMENTS

 

This is an established business which imports most of its supplies, however, in view of the lack of financial information and payment pattern, it is suggested that dealings be to a far lesser amount than US$1 000 000 over DA terms spread and secured.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.61

UK Pound

1

Rs.73.28

Euro

1

Rs.65.47

 

 

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.