MIRA INFORM REPORT

 

 

Report No. :

309681.2

Report Date :

13.04.2015

 

IDENTIFICATION DETAILS

 

Name :

XCO SPORT AND TEAMWEAR (PTY) LTD

 

 

Formerly Known As :

SILVER FALCON TRADING 350 (PTY) LTD

 

 

Registered Office :

Route 21 Corporate Park Business Park 101 Sovereign Drive IRENE Centurion, PO Box 29620 SUNNYSIDE 0132

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.08.2005

 

 

Com. Reg. No.:

2005/028338/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers and suppliers of school and university sports equipment and corporate clothing.

 

 

No. of Employee :

60

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 and a stock exchange that is the 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced COMMODITY PRICEShttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces 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

 

 

COMPANY NAME

 

 XCO SPORT AND TEAMWEAR (PTY) LTD

 

 

Formerly

 

SILVER FALCON TRADING 350 (PTY) LTD, the name having been changed on 23 November 2005.         

 

 

Address

 

PHYSICAL ADDRESS

Route 21

Corporate Park Business Park

101 Sovereign Drive

IRENE

Centurion

Gauteng

 

POSTAL ADDRESS     

P O Box 29620

SUNNYSIDE

0132    

             

 

TELEPHONE NUMBER

 

+27 12 481 9260           

 

 

FAX NUMBER

 

+27 861 926 776

 

It was established that the physical address 807 Park Street, Arcadia, Pretoria, was the previous physical address of the subject. The subject reportedly moved premises in 2014.           

 

 

SHAREHOLDERS

 

33.33% M S J MAZIBUKO

33.33% H M MAREE

33.33% M I FERREIRA

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

M S J MAZIBUKO                                             ID No.   6012185785085

H M MAREE                                                     ID No.   6611155170085

M I FERREIRA                                                  ID No.   7403085175080

 

 

BANKERS

 

FIRST NATIONAL BANK, Hatfield branch. It was stated that the subject does not require an overdraft facility as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

16 August 2005

Registration Certificate Number: 2005/028338/07

 

The shelf company SILVER FALCON TRADING 350 (PTY) LTD was utilised for registration purposes. The company underwent a name change on 23 November 2005 when the operations began.

 

 

VAT NUMBER:              4340225079      

                                               

TAX NUMBER:              9332756155

 

BBBEE STATUS:          Level 3 contributor                    

 

 

MAJOR OPERATION

 

Manufacturers and suppliers of school and university sports equipment and corporate clothing.

 

 

MAJOR SUPPLIERS

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

                       

Schools, universities, corporates and industry in general

           

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa                 

 

 

EXPORTS

 

African countries                      

 

 

TOTAL EMPLOYEES

 

60        

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 25 February 2015:

 

STOCK             R  8 000 000

DEBTORS        R 10 000 000

CREDITORS     R  4 000 000

TURNOVER per annum  R80 000 000

 

AUDITORS:      J M OOSTHUIZEN                                

YEAR END:      DECEMBER                

INSURANCE BROKERS:    MUTUAL AND FEDERAL INSURANCE BROKERS    

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS PAYMENT   EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         2006     R5 000 000        R1 000 000        60 days            60 days            Good

           

2.         2009     R200 000          R200 000          30 days            30 days            Good

 

3.         +5 years           Declined           Declined           60 days            60 days            Good

 

4.         Do not give trade references

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.         Corporate clothing

                       

2.         Corporate clothing

 

3.         Sport clothing  

 

 

COMMENTS

 

This is an established company which is meeting its commitments as per arranged terms. Suppliers regard the subject well. The subject is considered equal to its normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.37

UK Pound

1

Rs.91.60

Euro

1

Rs.66.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.