MIRA INFORM REPORT

 

 

Report Date :

31.03.2011

 

IDENTIFICATION DETAILS

 

Name :

LEE TRADING (PTY) LTD

 

 

Registered Office :

11 Adcock Street Chamdor Krugersdorp Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.11.2010

 

 

Com. Reg. No.:

2010/022505/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Retailer of fabrics

 

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 :

New Company

 

 

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 – 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

 

COMPANY NAME

 

LEE TRADING (PTY) LTD

 

TRADING NAME:          CHAMDOR FACTORY SALES

 

 

Address

 

PHYSICAL ADDRESS: 

11 Adcock Street

Chamdor

KRUGERSDORP

Gauteng

 

POSTAL ADDRESS:    

P O Box 4142

LUIPAARDSVLEI

1743

 

TELEPHONE NUMBER: 011 279 5910/11/12

 

FAX NUMBER:              011 279 5913

 

 

SHAREHOLDERS

 

35%      E LIMBADA                  

35%      M LIMBADA                 

17,5%   F A DAWOODJEE        

12,5%   J LIMBADA                  

 

It was stated by the respondent that the shareholding is in the process of change.

 

 

ASSOCIATE COMPANIES

 

NORTHLANDS DECOR PARK FABRICS CC

EAST RAND FABRICS CC

SCOTT STREET FABRICS CC

BARBA PROPERTIES (PTY) LTD

 

 

SHAREHOLDERS

 

M LIMBADA                  ID No. 6408285143086

 

 

BANKERS

 

FIRST NATIONAL BANK, Key-West Branch, branch code 256-955, account number 62044083301. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the Bank.

 

                                                                                   

DATE REGISTERED

 

15 November 2010

Registration Certificate Number: 2010/022505/07

 

It was stated by the respondent that the subject converted from a close corporation that was established on 15 May 1996 (Registration Certificate Number: 1996/022225/23)

 

 

VAT NUMBER    

 

4620158842

 

 

MAJOR OPERATION

 

Retailer of fabrics

 

 

MAJOR SUPPLIERS

 

The subject imports from Japan, China and India and deals locally with:

 

STUART GRAHAM FABRICS

NETTEX (PTY) LTD

MAISON DE TEXTILE

OCEAN SIDE LOGISTICS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public

 

AREA OF DISTRIBUTION AND SELLING   

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

93

 

 

OTHER PREMISES   

 

None    

 

 

OWNED OR LEASED

 

The premises are reported to be owned by an associate company.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R100

 

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

 

 

AUDITORS

 

MOOLA & ASSOCIATES

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

SANTAM INSURANCE BROKERS

 

 

TRADE REFERENCES – MARCH 2008

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         2000                 R750 000          R  17 000 -        30 days             30 days             Excellent

                                                            R120 000

 

2.         02/1998 declined            declined            30 days             30 days             Excellent

 

3.         Old acc             R200 000          R  10 000          30 days             30 days             Very good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old                   undisclosed       R100 000+        30 days             30 days             Very Good

 

2.         1 year               undisclosed       R1 000 000        7 days              7 days              Very Good

 

3.         Do not give trade references

 

 

COMMENTS

 

This is a new business that converted from a well established close corporation.  The subject is meeting its commitments timeously.  However, we have not traced dealings to an extent of US$1 000 000 DA and suggest that dealings to a lesser figure be undertaken.  The lack of financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.71.69

Euro

1

Rs.63.02

 

 

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.