|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW LIMITS APPAREL CC |
|
|
|
|
Registered Office : |
31 Sycamore
Crescent Unit-2, Atlas Gardens, Table View , 7441, Cape Town |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
12.03.2010 |
|
|
|
|
Com. Reg. No.: |
B2010/031294/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Wholesale
trade in textiles, clothing and footwear |
|
|
|
|
No. of Employees : |
02 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Africa - ECONOMIC OVERVIEW
south Africa is a middle-income, emerging market
with an abundant supply of natural resources; well-developed financial, legal,
communications, energy, and transport sectors; a stock exchange that is the
18th largest in the world; and modern infrastructure supporting a relatively
efficient distribution of goods to major urban centers throughout the region.
Growth was robust from 2004 to 2007 as South Africa reaped the benefits of
macroeconomic stability and a global commodities boom but began to slow in the second
half of 2007 due to an electricity crisis and the subsequent global financial
crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but
recovered in 2010-11. Unemployment remains high and outdated infrastructure has
constrained growth. State power supplier Eskom encountered problems with aging
plants and meeting electricity demand necessitating "load-shedding"
cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting
economic problems remain from the apartheid era - especially poverty, lack of
economic empowerment among the disadvantaged groups, and a shortage of public
transportation. South Africa''s economic policy is fiscally conservative
focusing on controlling inflation and attaining a budget surplus. The current
government largely follows these prudent policies but must contend with the
impact of the global crisis and is facing growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
|
Source : CIA |
Subject
Name |
NEW
LIMITS APPAREL CC |
|
Country |
South
Africa |
|
Subject
Contact Person |
HESTER
- Assistant |
|
Assessment |
This is an
established business. On investigation contact was made with the assistant
HESTER who assisted with the information, as the principal of the subject is
unavailable to assist until next week. The
subject is not a credit seeker locally but meets its one local commitment
timeously. A bank
code E was obtained for the enquiry amount of R100 000 over 30 days. No
adverse information was revealed. Please see the available information
obtained below. |
|
Registered
Name |
NEW
LIMITS APPAREL CC |
|
Trading
as/ Division Name |
NONE |
|
Previous
Name |
NONE |
|
Date
of Name Change |
NONE |
|
Registration
Number |
B2010/031294/23 |
|
Registration
Date |
2010/03/12 |
|
Date
Commenced Trading |
March
2010 |
|
Age
of Business |
2
Years 7 Months |
|
History
of Business |
NEW LIMITS
APPAREL CC was registered in March 2010 and operations commenced immediately |
|
History
of Principals |
Unavailable |
|
Shareholders/Members/Partners
of subject and % holding |
100
% - TERESA ANN FARLEY-NEL |
|
Authorised
Share Capital |
R1000.00 |
|
Issued
Share Capital/Members Contribution |
R
100.00 |
|
Status |
In
Business |
|
Operations
Assessment |
The business is
involved in the retail of clothing and corporate clothing |
|
Industry/
Customers |
Corporate |
|
Export |
None |
|
Import |
Yes |
|
Import
Countries |
India |
|
Major
Industry Code / SICC |
61310 |
|
Definition
of Code |
Wholesale
trade in textiles, clothing and footwear |
|
Head
Office Physical Address |
31 Sycamore Crescent
Unit-2, Atlas Gardens, Table View , 7441, Cape Town |
|
Head
Office Postal Address |
P
0 BOX 3311, CAPE TOWN, 8000 |
|
Current
Tel Number |
0215569804 |
|
Cell
Number |
0834070341 |
|
Current
Fax Number |
0215569977 |
|
Current
Email Address |
None |
|
Web
Site Address |
None |
|
Company
Registered Name |
TSHIRELETSO
HOLDINGS CC |
|
Trading
Name |
GREENWOODS
CHARTERED ACCOUNTANTS |
|
Registration
Number |
B1994/001753/23 |
|
Physical
Address |
24th
Floor, ABSA Centre, 2 Riebeeck Street, Cape Town, 8001 |
|
Postal
Address |
PO
BOX 3311, CAPE TOWN, 8000 |
|
Contact
Number |
0214108500 |
|
Email |
|
|
Principals |
8 |
|
Judgements
Against Subject |
No
information on file |
|
Judgements
Against Principals |
1 |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
933171E |
|
VAT
Number |
4620254260 |
|
Tax
Number |
9330123036 |
|
BEE
Status |
Yes |
|
Financial
Year End |
February |
|
No
of years in Business |
18
Years |
|
Website |
Previous Auditors Information - No Information on Record
|
Vat
Number |
The
company is not VAT registered |
|
Black Economic Empowerment |
|
|
Status |
No |
|
ISO
Status |
|
|
Type
of ISO Grade |
Not
applicable |
|
ISO
Certificate |
No |
|
ISO
Certificate Available |
No |
|
Workman's
compensation |
|
|
Registered |
No |
|
Compliance
Certified |
No |
Subsidiaries
|
Subsidiary
Company |
None |
|
Employees |
|
|
Number
of Employees |
2 |
|
1.
Salaried employees |
2 |
Company fleet
|
Company
Fleet |
No
of vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
|
|||
|
Comment |
Undisclosed |
|||
|
|
|
|
|
|
Offices
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Rental
Company |
Undisclosed |
|
Type
of Premises |
Store |
Branch Information - No Information on Record
Organisation Chartered Accountants
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Managing Member |
TERESA FARLEY-NEL |
|
Company Structure (Ownership)
Note: One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
100 % - TERESA
FARLEY-NEL |
NEW LIMITS
APPAREL CC |
|
|
Key Deals - No Information on Record
|
Trade Reference
nr |
Supplier |
Contact |
Surety Value |
Notarial
Bonds |
Comment |
|
1 |
MASON |
021 530 4100 |
|
|
|
Trade References Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average |
Terms Taken |
Comment |
|
|
|
|
|
|
Purchases |
|
|
|
1 |
2 years |
R1500.00 |
R2700 |
30 days |
R 1000 |
30 days |
Good account |
Adverse Information on Subject
|
Judgements |
None |
||||
|
Possible
Judgements |
None |
||||
|
Civil
Court |
None |
||||
|
RDs |
None |
||||
|
Comment |
No
Information on Record |
||||
|
Business
Rescue |
|||||
|
Date registered |
Business rescue
practitioner |
Contact
Information |
Details |
Comment |
|
|
|
None |
No Information on
Record |
No Information on Record |
No Information on
Record |
|
Default Listings
|
Date |
Details |
Comment |
|
|
None |
No Information on
Record |
|
Notarial
Bonds |
||
|
Date |
Details |
Comment |
|
|
None |
No Information on
Record |
|
Bank |
STANDARD
BANK |
|
Branch |
BAYSIDE |
|
Brach
Code |
022209 |
|
Bank
Account Number |
272199311 |
|
Type
of Account |
CHEQUE |
|
Account
Name |
NEW
LIMITS APPAREL CC |
|
Overdraft
Facilities |
Undisclosed |
|
Bank
Code |
E |
|
Bank
Comment |
The
subject's bankers consider the amount of your enquiry to be too high |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on Record
Deeds Information - No information on record
Financial Estimates
|
Comment |
All
financial information is considered confidential |
|
Please
note the following: |
|
|
Turnover and
assets less than R 1,000,000.00 |
The
subject falls within the National Credit Act |
|
Turnover and
assets less than R 2,000,000.00 |
The
subject falls within the Consumer Protection Act |
|
Number
of Principals |
1 |
|
Average
Age of Active Principals |
37 |
|
Active
Principals Principal - 1of 1 TERESA FARLEY-NEL |
|
|
Surname |
FARLEY-NEL |
|
First
Name |
TERESA |
|
Other
Names |
Ann |
|
Marital
Status |
Married |
|
ID
Number |
7512210136088 |
|
Verified
ID Number |
Yes |
|
Current
Age |
37 |
|
Designation |
Managing
Member |
|
Status |
Active |
|
Appointment
Date |
2010/03/12 |
|
Physical
Address (at time of Appointment) |
54
STERLINGWAY, ATLANTIC BEACH, MELKBOSSTRAND, 7441 |
|
Postal
Address |
PO
BOX 60997, TABLEVIEW, 7439 |
|
Current
Tel Number |
0214486366 |
|
Cell
number |
0834070341 |
|
Shareholding/Membership |
100.0000 |
Principal's Adverse - No information on record
Business Information for T ERESA FARLEY-NEL
Principal Current Business Interests
|
Company
Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
NEW LIMITS APPAREL
CC |
B2010/031294/23 |
In Business |
2 Years 2 Months |
0 |
No |
|
Principal's Previous Business Interests - No information on record
Principal's Deeds Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.