MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORO AFRICA (PTY) LTD |
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Registered Office : |
170 Buitengracht Street, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
23 April 1998 |
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Com. Reg. No.: |
1998/007629/07 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of jewellery. |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
ORO AFRICA (PTY) LTD
Formerly OROCOMIT (PTY) LTD, the name having been changed on 6 July 1998.
PHYSICAL ADDRESS
170 Buitengracht Street
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 16552
VLAEBERG
8018
TELEPHONE NUMBER: 021 480 9860
FAX NUMBER: 021 423 5506
SHAREHOLDERS
100% ORO GROUP (PTY) LTD, in which S J NATHAN is the majority shareholder and 25% is held by
ANGLOGOLD ASHANTI LTD (Quoted on the JSE Ltd).
ASSOCIATE COMPANIES
Subsidiary Companies:
ETERNITI JEWELLERY (PTY) LTD (formerly GOLD RING MANUFACTURING JEWELLERS (PTY) LTD)
ART CAVRAN (PTY) LTD (dormant)
CAPE JEWELLERY FAIR (PTY) LTD (formerly TRIGOLD (PTY) LTD)
ORO CHAINS (PTY) LTD (formerly FILKGOLD CHAINS OF SOUTH AFRICA (PTY) LTD)
OROPROPS (PTY) LTD
GOLD CATCH (PTY) LTD
DIRECTORS
S J NATHAN
G L NATHAN (brother)
D L DREDZEN
M STRUL
BANKERS
NEDBANK Parktown branch, account number 1944144870. It was stated that the subject enjoys group overdraft facilities to an extent of R100 million, secured by a cession of debtors and stock. Utilisation is stated to fluctuate to partial at times.
DATE REGISTERED
23 April 1998
Registration Certificate Number: 1998/007629/07
The subject was registered to take over a well established company namely, EFUNE BROTHERS INTERNATIONAL (PTY) LTD. It was stated that Mr Nathan was the Managing Director of that company for 9 years.
VAT NUMBER
4570173825
MAJOR OPERATION
Wholesale of jewellery. It was stated that the factory operations in Cape Town were incorporated into ORO CHAINS (PTY) LTD.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
MEGAFREIGHT Johannesburg
PROTEA DIAMONDS Johannesburg
RAM INTERNATIONAL TRANSPORT Johannesburg
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retail jewellers e.g. American Swiss, Sterns, Arthur Kaplan, NWJ and independent jewellers.
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Occasionally to Botswana, Namibia and Mauritius.
TOTAL EMPLOYEES
120 in the group
OTHER PREMISES
The subject has a branch in Johannesburg and Cape Town.
OWNED OR LEASED
The premises in Johannesburg are reported to be leased while the Cape Town premises are reported to be owned by OROPROPS (PTY) LTD, bonded in favour of NEDBANK.
AUTHORISED SHARE
CAPITAL
R100 000 divided into 10 000 000 ordinary shares of R0,01 cent each.
ISSUED SHARE CAPITAL
R971
The following estimated financial situation was submitted:
STOCK R 28 000 000
DEBTORS R 25 000 000
CREDITORS mainly on a C.O.D. basis R 7 000 000
SHAREHOLDERS’ LOANS Oro Group R 55 000 000
TURNOVER per annum R100 000 000
AUDITORS
P K F INC Johannesburg
YEAR END
MARCH
INSURANCE BROKERS
ASSOCIATED INSURANCE BROKERS
TRADE REFERENCES –
OCTOBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc Good for R70 000 30 days 30 days Excellent
2. Old acc R15 mill R15 mill C.O.D C.O.D. Very Good
30
days 30 days
3. June’91 R2 mill R1 mill 21 days 21 days Good
c/l
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R2 mill R1.5 mill 21 days 21 days Very good
c/l
2. 19 yrs R500 000 R100 000 30/60/90 30/60/90 Very good
days days
3. 10 yrs R120 000 R80 000 - 30 days 30 days Good
R100 000
COMMENTS
This is an established company meeting commitments timeously. The subject is regarded as equal to US$1 000 000 DA but the heavy reliance on shareholders loans should be borne in mind.
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/normal. |
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%)