MIRA
INFORM REPORT
|
Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
GOOD HOPE SALES |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
7 November 2003 |
|
|
|
|
Com. Reg. No.: |
2003/028280/07 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Import, retail and wholesale of clothing and footwear. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
GOOD HOPE SALES
Formerly
SILVER RUBY TRADING 65 (PTY) LTD the name having been changed on 23 June 2004
TRADING NAME
RITE WEAR
CHOICE CLOTHING
KNOCK DOWN
PHYSICAL ADDRESS
LANSDOWNE
POSTAL ADDRESS
8000
TELEPHONE NUMBER: 021 763 4000
FAX NUMBER: 021 761 3078
SHAREHOLDERS
All of the shareholders hold equal shares through family trusts
R H PACHTER
L M FOX
S L FOX
H D HESSEN
ASSOCIATE COMPANIES
TRADERS WAREHOUSE CC
PRICE BEATERS CC
MOVE ON UP 121 (PTY) LTD (property owning company)
CARBON TRUST
DIRECTORS
R H PACHTER ID No. 4709085095005
L M FOX ID No. 5405315091005
S L FOX (brother) ID No. 6210045250080
H D HESSEN ID No. 5508725156088
BANKERS
NEDBANK Buitenkant Street, Cape Town account number 1028236530 It was stated that the subject enjoys overdraft facilities to an extent of R8 000 000 secured by a property owning company . Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
7 November 2003
Registration certificate number 2003/028280/07.
The subject was originally a close corporation that had been trading since 1992 and was originally started by Mr Fox senior in the 1940’s.
VAT NUMBER
4180212682
MAJOR OPERATION
Import, retail and wholesale of clothing and footwear.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
TWIN CLOTHING Dbn
BACKUP FASHION Dbn
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Clothing retailers and wholesalers, e.g. Mr Price, Checkers, etc.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
500
OTHER PREMISES
The subject has 38 branches mainly in the
OWNED OR LEASED
The head office premises are reported to be owned by the property owning company and the Athlone premises are reported to be owned by CARBON TRUST, while the remainder of the branches are leased
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R50 000 000
DEBTORS the subject also has cash customers R20 000 000
CREDITORS due to importing
R25 000 000 – R30 000 000
TURNOVER per annum R300 000 000
AUDITORS
PKF
YEAR END
FEBRUARY
INSURANCE BROKERS
KATZ BRESKAL
TRADE REFERENCES
APRIL 1998
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old Acc R 40 000 R 40 000 30 days 30 days Good
2. 8 yrs R2 000 000 R 900 000 30 days 30 days Very Good
R 1 000 000
3. Old Acc R 60 000 R 50 000 30/60 30/60 Good
R 60 000 days days
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs open acc R350 000 90 days 90 days Good
2. 10 yrs R200 000 declined 60 days 60 days Very Good
c/l
3. 10/2006 R60 000 varies 30 days 30 days Good
c/l
COMMENTS
This is an established business which is meeting commitments timeously. No adverse comments have been heard and the subject is considered equal to £30 000 over 30 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%)