MIRA INFORM REPORT

 

 

Report Date :

24th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

GALAXY JEWELLERS (PTY) LTD

 

 

Registered Office :

55 Loop Street, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

19.08.2003

 

 

Com. Reg. No.:

2003/019954/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture and retail of fine jewellery and watches.

 

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

GALAXY AND CO MFG JEWELLERY

 

 

PHYSICAL ADDRESS

 

55 Loop Street

CAPE TOWN

Western Cape

 

On investigation it was established that GALAXY AND CO MANUFACTURING JEWELLERY is a trading name of GALAXY JEWELLERS (PTY) LTD, which report should be consulted.

 

 

COMPANY NAME

 

GALAXY JEWELLERS (PTY) LTD

 

 

TRADING NAME

 

GALAXY AND CO MANUFACTURING JEWELLERY

 

 

PHYSICAL ADDRESS

 

55 Loop Street

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 3282

CAPE TOWN

8000

 

 

TELEPHONE NUMBER

 

021 423 0760

 

 

FAX NUMBER

 

021 424 8730

 

 

SHAREHOLDERS

 

G R BLIGNAUT

R BUTTERFIELD

S J OLIVIER

M C SMITH

H L STOOP

K J WALL

 

The shareholders are reported to hold equal shares.

 

 

 

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

G R BLIGNAUT              ID No. 7002115263088

R BUTTERFIELD           ID No. 5012305072100

S J OLIVIER                  ID No. 6109045011080

M C SMITH                   ID No. 5703075220081

H L STOOP                   ID No. 6104195070085

K J WALL                     ID No. 6911060185081

 

 

BANKERS

 

ABSA BANK, Corporate Branch.  The subject is reported to enjoy overdraft facilities, secured by Shareholders’ guarantees and a cession of debtors.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

19 August 2003

Registration Certificate Number 2003/019954/07

 

It was stated that the subject was established in 1930 and was a division of MR PRICE HOME.  In 2005 there was a management buyout and the division was incorporated into the subject with new shareholders.

 

 

VAT NUMBER

 

4010221671

 

 

MAJOR OPERATION

 

Manufacture and retail of fine jewellery and watches.

 

 

MAJOR SUPPLIERS

 

D BACHER

ORO AFRICA

SOUTH AFRICAN JELLEWER MANUFACTURERS

SILPLAT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The general public.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

500

 

 

OTHER PREMISES

 

The subject is reported to have 111 branches in South Africa and 3 in Namibia.

 

 

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

 

R60

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                       R  50 000 000

DEBTORS                                                                                                  R  25 000 000

FIXED ASSETS                                                                                           R  20 000 000

CREDITORS                                                                                               R    6 000 000

 

TURNOVER per annum                                                                                R200 000 000

 

 

AUDITORS

 

KPMG

 

 

YEAR END

 

MARCH

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    10 yrs           R   200 000    R   200 000     30 days    30/50 days    Good

 

3.    10 yrs           R6 000 000    R1 500 000 -    30 days    30 days        Excellent

                                               R2 200 000

 

4.    2 – 3 yrs       R   200 000    R   100 000     30 days     30 days        Good

 

 

COMMENTS

 

This is an established company meeting one of its commitments over terms at times.  We would prefer to see a figure of US$1 000 000 spread over 90 days.

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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