MIRA INFORM REPORT

 

 

Report Date :           

21.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ORACLE X TRADING CC

 

 

Formerly Known As :

MAVERICK TRADING 239 CC

 

 

Registered Office :

229 Umbilo Road, Umbilo, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.09.2001

 

 

Com. Reg. No.:

2001/066408/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Wholesalers of ready made garments such as children, men’s and ladies 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 :

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

ORACLE X TRADING CC

 

Formerly MAVERICK TRADING 239 CC, the name having been changed on 27 October 2010.

 

 

TRADING NAME 

 

MAVERICK TRADING

 

 

PHYSICAL ADDRESS

 

229 Umbilo Road

Umbilo

Durban

KwaZulu Natal

 

 

POSTAL ADDRESS   

 

229 Umbilo Road

Umbilo

Durban

Kwazulu Natal

Telephone Number:                  031 301 8128 / 8169

Fax Number:                             031 301 8102

Cell Number:                            083 778 8526

 

 

MEMBERS

 

100%    A MULLA                     ID No: 6805016161180

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Durban branch, account number 2505929181.

           

It was stated that the subject enjoys overdraft facilities to an extent of R8 000 000, secured by the personal guarantee of the member as well as a bond over the property.  The respondent stated that the overdraft is utilised for working capital purposes.

 

 

DATE REGISTERED

 

25 September 2001

Registration Certificate Number: 2001/066408/23

 

The subject commenced operations on 23 July 2002.

 

 

VAT NUMBER

 

4100202748

 

 

MAJOR OPERATION

 

Wholesalers of ready made garments such as children, men’s and ladies clothing.

 

 

MAJOR SUPPLIERS

 

The subject imports materials from India, China, Bangladesh and deals with the following South African company:

 

ORIENTAL SHIPPING 031 332 3513

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Clothing industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±50 permanent employees

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are stated to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject, nevertheless, it was stated that the turnover per month is ±R13 000 000 and per annum it is stated to be R150 000 000.

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

M I CASSIM

 

 

TRADE REFERENCES – JULY 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                5 years         declined         R500 000        30 days    30 days        Very good

 

2.    1.5 years      R2 000 000    R370 000        30 days    30 days        Very good

                          c/l

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.       5 years+       open              R200 000 -      COD on delivery

                                      R1 000 000    R1 000 000

 

 

COMMENTS

 

This is an established business which imports most of its supplies.  The subject is meeting its only local commitments on a C.O.D. basis.  The subject is considered equal to its normal business engagements.  The lack of financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.09

UK Pound

1

Rs.72.82

Euro

1

Rs.63.43

 

 

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.