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MIRA INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SALIGNA TRADING (PTY) LTD |
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Registered Office : |
1360 South Coast Road, Mobeni, Durban |
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Country : |
South Africa |
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Date of Incorporation : |
15.04.2002 |
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Com. Reg. No.: |
2002/008502/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesale trade in textiles, clothing and footwear |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Africa |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Assessment:
This is an established company that imports most of its supplies.
Local commitments are being paid within terms.
There are no adverse detailson the subject or principal.
A bank code C was obtained for an amount of R1 000 000 over 30 days.
Your figure is considered as too high.
Company Information
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Registered
Name |
SALIGNA TRADING (PTY) LTD |
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Trading
as/ Division Name |
S J WHOLESALERS |
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Previous Name |
None |
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Date of Name
Change |
N/A |
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Registration
Number |
2002/008502/07 |
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Registration
Date |
2002-04-15 |
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Date Commenced
Trading |
2002 |
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History of
Business |
The business commenced prior to 2002 |
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Shareholders/Members/Partners
of subject and % holding |
52% M PILLAY 45% G P NAIKER 1% V NAIDOO 1% M GOVENDER 1% B RAMBATCHAN |
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Authorised Share
Capital |
R1000 |
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Issued Share
Capital |
R100 |
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Age of Company |
9 years 7 months |
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Status |
In Business |
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Operations
Assessment |
Import and wholesale and retail of
housewares and textiles. |
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Industry/
Customers |
Chain stores and the Massmart group. |
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Export |
None |
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Major Industry
Code / SICC |
61310 Wholesale Retail |
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Definition of
Code |
Wholesale trade in textiles, clothing and
footwear. |
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Head Office
Physical Address |
1360 South Coast Road MOBENI Durban |
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Head Office
Postal Address |
P O Box 32329 MOBENI 4060 |
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Current Tel
Number |
031 4625141 |
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Current Fax
Number |
031 4625147 |
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Current Email
Address |
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Web Site Address |
None |
Auditors Information
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Company
Registered Name |
SAB AND T DURBAN |
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Trading Name |
None |
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Registration
Number |
2009, originally from 1990’s |
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Physical Address |
15 Summit Road SHERWOOD Durban |
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Postal Address |
P O Box 4058 SHERWOOD 4058 |
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Contact Person |
KAVESHEN MOODLY |
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Contact Number |
031 2759400 |
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Email |
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Principals |
2 |
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Subject Verified
as Client |
Yes |
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SAICA number |
903773 |
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BEE Status |
Yes, Level 1 |
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Financial Year
End |
February |
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Years With
Auditors |
Many |
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Website |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
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None |
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Tax Information
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Vat Number |
4340204611 |
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Status |
Active |
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Vat Liable Date |
Monthly |
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Tax Number |
9196505144 |
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Tax Clearance
Expire Date |
February and August |
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Financial Year
End |
February |
Black Economic
Empowerment
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Status |
Yes |
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Score |
Level 4 |
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Expire Date |
December 2011 |
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BEE Certificate
Available |
No, busy renewing at present |
ISO Status
|
Type of ISO
Grade |
None |
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ISO Certificate |
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ISO Certificate
Available |
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Certified by an Accredited Agent |
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Workman’s
compensation
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Registered |
Yes |
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Compliance
Certified |
Yes |
Company Structure
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Branches |
None |
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Branches Names |
Country |
Province |
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None |
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Subsidiary
Company |
None |
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Shareholding |
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Registration
Number |
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Import / Export |
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Number of
Employees |
100 |
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1.
Salaried
employees |
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2.
Waged
employees |
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3.
Permanent
employees |
30 |
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4.
Casual
employees |
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5.
Contracted
employees |
70 outsourced |
Company Fleet |
No of vehicles: |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
2 |
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2.
Light
Delivery Vehicles |
2 |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
2 |
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1.
Fork
Lifts |
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2.
Other |
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Head
OfficeOwned/ Rented |
Owned |
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Rental Company |
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Owned by |
An associate company: CHERRI TREE INVESTMENTS SIX (PTY) LTD |
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Value |
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Bond |
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Bank |
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Lease Agreement |
None |
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Lease Expire
Date |
None |
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Type of Premises |
Office, warehouse and retail store |
Trade References
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Supplier |
Contact |
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1)CEVA LOGISTICS |
011 396940 |
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2)PROSCAN MEDIA |
031 5692574 |
Trade References
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Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1)Old |
Covered by CGIC |
Declined |
60 days |
Declined |
60 days |
Good |
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2)2 years |
R30 000 |
R25 000 |
30days |
R20 000 Fluctuates |
30 days |
Very Good |
Adverse
Information on Subject
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Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
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Date |
Details |
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None |
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Notarial Bonds
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Date |
Details |
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None |
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Deeds Information
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Property Interest |
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Title Deed No. |
None |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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Bank Information
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Bank |
ABSA |
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Branch |
Business Centre Durban |
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Bank Account
Number |
4075752981 |
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Type of Account |
Current |
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Account Name |
SALIGNA TRADING (PTY) LTD |
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Overdraft
Facilities |
International trade facility and debtors financing facility |
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Bank Code |
C for R1 000 000 |
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Bank Comment |
The subject is considered as equal to its normal business engagements. |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
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None |
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Previous Bank
Accounts
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Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Financial Information
Financial Estimates
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CURRENT ASSETS |
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Stock |
R20 000 000 |
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Debtors |
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Cash on Hand |
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FIXED ASSETS |
R1 500 000 |
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Plant,
Equipment, Vehicles |
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Property |
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CURRENT
LIABILITIES |
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Creditors |
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Loans/ From? |
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LONG TERM
LIABILITIES |
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Morgage Bonds |
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ANNUAL Turnover |
R100 000 000 |
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Previous Year
Turnover |
R88 000 000 |
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Estimated
Current Year Turnover |
R100 000 000 |
Principals
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Number of
Principals |
1 |
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Average Age of
Active Principals |
49 |
Active Principals
Principal 1 of 1
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Surname |
PILLAY |
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First Names |
M |
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Marital Status |
Married |
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ID Number |
6210245090088 |
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Verified ID
Number |
Yes |
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Current Age |
49 |
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Designation |
Businessman |
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Status |
Active |
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Appointment Date |
Not on Record |
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Address (at time
of Appointment) |
58 Hollyhill Place HILLGROVE NEWLANDS WEST Durban |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
INDAS IMPEX CC |
1996/008030/23 |
Deregistration
Process |
0 |
No |
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THRU AFRICA
WHOLESALE (PTY) LTD |
1998/008263/07 |
Deregistration
Process |
0 |
No |
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CHERRI TREE
INVESTMENTS SIX (PTY LTD |
2001/025880/07 |
In Business |
0 |
No |
|
TAW INVESTMENTS
(PTY) LTD |
2006/023750/07 |
Deregistration
Process |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
12 years |
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Company Name |
Registration No |
Status |
Judgements |
Liquidation |
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EVERGREEN
SHIPPING CC |
1990/027837/23 |
In Business |
0 |
No |
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CLASSIC AUTO
TRIMMERS AND GLASS FITTERS CC |
1994/019496/23 |
Deregistration
Final |
0 |
No |
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S J WHOLESALERS
CC |
1994/022975/23 |
Deregistration
Final |
0 |
No |
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QUIXIE
INVESTMENTS TWENTY (PTY) LTD |
2001/013680/07 |
In Business |
0 |
No |
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ACACIA WAY
TRADING 12 CC |
2006/025748/23 |
Deregistration
Final |
0 |
No |
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BRIGHT IDEA
PROJECTS 1158 CC |
2006/036032/23 |
Deregistration
Final |
0 |
No |
Property Interests of
Principle
|
Property Interest |
|||
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Title Deed No. |
ST1868/2008 |
Erf/Site No. |
169523,0 |
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Deeds Office |
CAPE TOWN |
Physical Address |
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Property Type |
Sectional Title/ Unit |
Extent / Size |
50.0SQM |
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Purchase Date |
2007-09-30 |
Purchase price |
R550 000.00 |
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% Ownership |
0.0000 |
Bond Holder |
STANDARD BANK |
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Bond Number |
SB 12332008 |
Bond Amount |
R550 000.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
UK Pound |
1 |
Rs.80.11 |
|
Euro |
1 |
Rs.68.82 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.