MIRA
INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ROWMOOR INVESTMENTS 543 (PTY) LTD |
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Registered Office : |
North Office Block, |
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Country : |
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Date of Incorporation : |
28 October 2004 |
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Com. Reg. No.: |
2004/031563/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Retailer of footwear,
general merchandise and household goods |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
ROWMOOR INVESTMENTS 543 (PTY) LTD
TRADING NAME
SNIP DISCOUNT STORES
PHYSICAL ADDRESS
North Office Block
Alrode
ALBERTON
POSTAL ADDRESS
Private Bag X02
RANDHART
1457
TELEPHONE NUMBER: 011 617 0000
FAX NUMBER: 011 617 0200
SHAREHOLDERS
100% SNIP HOLDCO (PTY) LTD
The Shareholding was previously A C HERMAN and J J DE GOUVEIA as well as other Shareholders.
SUBSIDIARY COMPANIES
SNIP
SNIP
SNIP
M H M GENERAL
DEALERS (
DIRECTORS
A C HERMAN ID No. 5706305072081
J J DE GOVEIA ID No. 6405015166080
G REUBEN
BANKERS
ABSA BANK, Sandton,
account number 4063135957. It was stated
that the subject does not require overdraft facilities as credit balances are
maintained.
DATE REGISTERED
28 October 2004
Registration
Certificate Number 2004/031563/07
The subject
commenced trading in September 2005 when it took over assets and operations of
SNIP TRADING (PTY) LTD which was liquidated.
It was stated that
prior to commencing the subject, A C HERMAN was the managing director of Game
in the MASSTORE (PTY) LTD GROUP. J J DE
GOUVEIA was an executive director of METCASH INTERNATIONAL (PTY) LTD.
VAT NUMBER
4520224280
MAJOR OPERATION
Retailer of
footwear, general merchandise and household goods
MAJOR SUPPLIERS
MAGIC BEAUTY SPOT
J & A
KITCHENWARE
GLOCELL
CENTILLION TRADING
MAJOR CUSTOMERS OR
BUSINESS SECTORS
General public
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
The subject exports
to subsidiary companies.
TOTAL EMPLOYEES
1 200 salaried in
the group
OTHER PREMISES
The subject is reported
to have 205 branches throughout
OWNED OR LEASED
The premises are
reported to be leased
AUTHORISED SHARE
CAPITAL
R1 000 divided into
1 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R100
The following
estimated consolidated financial situation was submitted:
STOCK R 90 000 000
DEBTORS COD
CASH R 6 000 000
FIXED ASSETS R 20 000 000
CREDITORS R 50 000 000
LOANS to Investec
Bank R 15 000 000
TURNOVER per annum R400
000 000
AUDITORS
P K F (Jhb) Inc
YEAR END
JUNE
INSURANCE BROKERS
SHIELD
TRADE REFERENCES –
SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs R600 000 R300 000 45 days 45 days Very good
2. 1 yr R500 000 R300 000 35 days 35 days Good
c/l
3. 1 yr R500 000 R500 000 60 days 60 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs open R 80 000 - 90 days 90 days Very good
R600 000
2. 1 yrs R500 000 R500 000± 40 days 40 days Good
3. 2 yrs R500 000 R200 000± 60 days 60 days Very good
COMMENTS
This is a new
company meeting its commitments as arranged.
We have not traced dealings to an extent of US$1 000 00, however, the
subject is considered equal to such an amount spread over 90 days.
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)